Is Bitcoin the Best Cryptocurrency to Invest in?

Bitcoin has gained a lot of traction in the last few years, especially in 2020 despite the COVID- pandemic. However, while it may be the most popularly traded crypto, there are several other kinds of cryptocurrency. Bitcoin has grown to be popular not just because it was the first but also because of its track record over the years and how it has managed to maintain its authority in the industry. Most people would rather opt for bitcoin when they are just getting started with crypto to be on the safe side.

But then, is Bitcoin the best crypto, or is there a bias somewhere? This article seeks to highlight some of the key factors that make bitcoin stand out among many others.

Volatility

Bitcoin has a high volatile value compared to other cryptocurrencies, which makes it a high-risk asset. One would wonder why many people still opt for it regardless but the volatility has its pros and cons. You could benefit from it by buying when the price is low and selling when the price is high. Because of how the price changes over time, anyone would want to take advantage of it. However, on the flip side, you never can tell when the price would move in your favor. You could buy at a high price and it keeps dipping till you lose most of your money.

It usually takes a while to get a hang of the market but the high volatility encourages more people to buy bitcoin, which also increases its demand and in turn increases the volatility. A study published in January 2021 further explores the volatility of Bitcoin and its role as a medium of exchange and a store of value

User Autonomy

Using bitcoin allows you to have autonomy over your money, which means you are in charge of your money. Anyone anywhere would embrace this, as it saves a whole lot of stress and issues with the traditional banking system. You can control how you spend your money without the government prying into your business. While this is the same for other cryptocurrencies, buying bitcoin makes most people feel confident and safe with their investments.

Bitcoin Adoption

The adoption of bitcoin in recent times has contributed to the increase in demand for bitcoin and other cryptocurrencies generally. More businesses are now adopting bitcoin as a form of payment, thereby giving people more reasons to invest in it, since they can make regular purchases with it. Huge tech companies are also investing in bitcoin and the most recent company in the news is TESLA. As more companies continue to invest in it, the value of bitcoin will continue to increase over time.

There are also now improved platforms such as https://bitcoinprime.io/ to make investing and trading bitcoin easier and more effective than ever.

Bottom Line

Bitcoin has stayed relevant over the years and with its current status, it will continue to be relevant with an increase in demand and value over the next new years. This doesn't mean other cryptos do not stand a chance but if you're just getting started with the crypto market, start with Bitcoin.