When Bitcoin (BTC) was launched in the year 2009, people were not familiar with this new digital currency which was named as cryptocurrency, a worldwide virtual currency that could be transacted on an internet platform without involvement of the central banking system. It was just considered as a method for underworld and illegitimate transactions. This is true from the perspective when banks are not involved in some money transactions, but no one had ever though that this could be one of the investment options.
The value of Bitcoin was basically negligible in initial years of its launch and it was $0.003 in March 2010, but reached all-time high over $19,000 just below touching mark of $20,000 in December 2017. So, someone can assess this remarkable increase in Bitcoin’s market price in just over eight years of its existence. There is hardly any currency or stock that can attain this level in such a short span and that’s why Bitcoin mining became the best way to invest in contemporary time.
Bitcoin is the popular cryptocurrency
Bitcoin was not the only coin the market price of which was mounted. There were some altcoins that followed the trend of rising prices. There was, however, setback for crypto markets when cryptocurrency capitalization was made. Which is the best coin to mine in the present? Bitcoin, even as today, is the most popular cryptocurrency which is used in crypto payment system. It is a good alternative to fiat currencies such as USD, EUR, GBP and many others.
Bitcoin is not the only coin to invest
There are many benefits of Bitcoin mining because it is the largest and oldest cryptocurrency, the leader of altcoins. Bitcoin has support from all leading cryptocurrency exchanges and digital wallet and thus, easy to buy, but its price is too high and its transfer fee is also high. Its transaction is also slow. The best recourse for investors would be to look for growing altcoins.