Bitcoin is the informal legion of setting the standards for the cryptocurrency market. It was the first digital currency to be accepted globally. And, since then, it’s popularity is on the rise.
What is a cryptocurrency?
A digital form of tender, in simplest terms, is known as cryptocurrency. Using a peer-to-peer network, one can transfer, make exchange, purchase, or sell it as a commodity. It is not at all official to any country but has tender value in the international market.
A common misconception about Bitcoin is it is synonymous to cryptocurrency. This is absolutely not the true picture posing Bitcoin and cryptocurrency. Here are some of the characteristic features of Bitcoin.
It Is The Most Popular One
Bitcoin is, in fact, the most popular cryptocurrency amongst more than a population group of a million users. This is indeed the reason behind the misconception leading the synonymity.
Being the very first digital currency is another reason why there could be a misconception. But it is certainly not the only one. Other cryptocurrencies have also made their way to the mainstream commercial activities.
There Are Other Currencies Competing
As already mentioned, Bitcoin is not the only cryptocurrency. Over the decade, many other cryptocurrencies have already swept the market. Some of these include Ethereum, Dash, Ripple, and many more.
In fact, cryptocurrency as a whole is gaining popularity. And to prove the notion, many companies have started investing and making exchanges in cryptocurrency. Moreover, it is being used as a mode of exchange, sale, and purchase.
One example is the invitation from the Republic of Estonia, which introduced the concept of digital residence. The country offers ultra-modern technological assistance to the blockchain projects.
What is Blockchain?
Blockchain is the technology that allowed the exchanges to be made using cryptocurrency. In simple words, it is a digital record book that maintains every log for every transaction that has been made ever. This is the technology that allows for the cryptography to be used in the transactions as important and discreet as currency exchanges.
Bitcoin Allows For The Most Flexible Options
One of the concerns linked with Bitcoin is how to use it. As a matter of fact, Bitcoin is very flexible and can be used in any way possible with any other commodity. It can be purchased, sold, invested upon, used as a legal tender, and it is accepted all over the world.
This is not true for Bitcoin only. The notion holds good with almost all the cryptocurrencies. Depending upon the local laws and the purpose of commercial or personal assessment, cryptocurrency can be used whatever way, when needed.
Best Country To Start Bitcoin Business
When it comes to setting up a company, especially one that deals in Bitcoin and other Cryptocurrencies, choosing the right location is very important. Consider Estonia. The country offers the best environment, with low initial setup costs and, the much needed technical support.
To sum it up, when you are considering to start a company that deals in cryptocurrency, Bitcoin would be the best, to begin with. On the later stages, you can start investing in other cryptocurrencies as well.