Bitcoin has definitely provided us with a new way of making payments. As compared to fiat currencies, it has become a futuristic yet universal method of making payments that have great potential. Undoubtedly the potential of Bitcoin has been proved as it is revolutionized the industries by providing them with a better opportunity to expand their businesses and make decentralized transactions. Bitcoin is built on the blockchain network, and with each passing day, the blockchain is increasing with the increase in the number of bitcoin users. 

Crypto experts that it is the future of money and one-day cryptocurrencies will replace fiat currencies. The most crucial thing that has attracted the general public is its profitability. The crypto users and even experts were shocked to see the growth of the bitcoin market. Expert investors are taking the best possible advantage of the volatile market of Bitcoin and are entering the market at the right time, and are earning huge profits. You can make huge profits by trading bitcoin through https://bitqs.io.  

Why is Bitcoin considered the most lucrative cryptocurrency?

Due to the pandemic, bitcoin’s price has skyrocketed, which makes bitcoin the largest and most lucrative cryptocurrency across the world. People even think that bitcoin is the only cryptocurrency that can make you a millionaire overnight. If you are a newbie, you’ll be shocked to know the methods that bitcoin provides the general public to make money. There are plenty of methods that allow easy earning of bitcoins, including trading, investing, buying and HODLing and more. 

Mining is another method that Satoshi introduced and set a protocol that miners will do the work of verifying the bitcoin transactions. They will be rewarded for verifying the transactions. Once you have purchased or earned bitcoin from any method, now you have to sell it, which is a difficult part. Selling bitcoin isn’t a difficult process, but it becomes challenging because of wild fluctuations in the price of Bitcoin. As a trader or investor, or even miner, you must have complete knowledge of the bitcoin market to sell bitcoin at the right time to get the best and maximum profits out of it. 

Even though there are many benefits that cryptocurrencies like bitcoin offers, still some people prefer to use fiat currencies. 

Benefits of Bitcoin over regular money (Fiat Currencies)

Permissionless

Bitcoin is not like traditional currencies that require permission from government or financial institutions to be used or to complete the transactions. Bitcoin allows borderless transactions, and also, there are no limitations on sending or receiving the number of bitcoins. 

Decentralized

Bitcoin is decentralized in nature, which means it doesn’t involve or depend on governments or financial institutions to complete or approve the transactions. The bitcoin network is a global network distributed among thousands of computers, also known as nodes. It doesn’t rely on third-parties for completion, verification or validation of bitcoin transactions. 

Anonymity

One of the best features that bitcoin offers is anonymity to its users. Bitcoin allows its users to use bitcoin currency anonymously without any involvement of banks or governments. In order to verify and validate the transactions, the bitcoin users don’t have to provide any of their details, bank account number or email. Users can complete peer-to-peer transactions without the permission of the government. The anonymity of bitcoin must be used correctly and must never be used in the illegal trade of drugs or weapons.

Limited supply

There are only 21 million bitcoins that can ever exist, and out of 21 million, around 18.5 million bitcoins are in circulation. The bitcoins are mined through the mining process and are not printed like fiat currencies. The scarcity or limited supply of bitcoin makes it equal to gold, and bitcoin is also considered digital gold. Due to limited supply, bitcoin is deflationary, which means there can never be inflation that could affect its price. 

Fast and convenient

Bitcoin is a peer-to-peer designed to provide people with a fast, cheap and highly convenient method of making payments. But once you make a payment or transaction, it can never be recovered.  Bitcoin transactions are fast and low-cost because no intermediaries are involved in the completion of transactions.