Analyzing the Bitcoin Phenomenon

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The popularity of Bitcoin has been increasing rapidly. It seems that the amount of people who become supporters of this cryptocurrency, or invest in it, is becoming bigger on a daily basis. However, the number of skeptical people has been increasing accordingly. Even though the story about Bitcoin provides many interesting and brilliant ideas, there are some things (like its mysterious creator, criticism regarding the unstable price, or the negative campaign in the media) which lead people to believe that the whole thing simply isn’t worth considering.

The following article will try to analyze this phenomenon. Therefore, it will provide possible answers to questions such as:

  • What is Bitcoin?
  • What makes people so engaged in the famous cryptocurrency?
  • How did it manage to develop, popularize, and thus create the worldwide phenomenon?

What is Bitcoin?

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The simple definition states that it is “a digital and global money system currency”. Furthermore, through this currency people use Internet in order to either receive or send money. The transaction can occur without the revealing of the true identity. The basis of the whole system is cryptography.

Created in 2009, it started to attract a great deal of attention, primarily because the inventor was unknown. All that was familiar about the creator of Bitcoin, was his/her name – Satoshi Nakamoto. It was also speculated that this person doesn’t even exist, and that the name is a pseudonym for a group of people. Therefore, who Satoshi Nakamoto really is, remains unknown to this day.

What makes people so engaged in the famous cryptocurrency?

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The opinions on this topic are divided. While some are passionately following the daily status of Bitcoin, others are completely rejecting it. Regardless of the strong affection or equally strong criticism, people seem to be highly engaged in the story. Why is it so?

Followed by a strong campaign, the new money system currency managed to shake the public opinion due to the modern and somewhat revolutionary ideas it proposed. Furthermore, the core of this system is related to the ideas which can potentially change the whole financial system we know today. As suggested on BitcoinTrader “No banks, no fees, no inflation”, the traditional banking system may not exist in the future.

It can be observed that people seem so engaged in this system due to the revolutionary and game-changing ideas it proposes.

How did it manage to develop, popularize, and thus create the worldwide phenomenon?

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The fact is that Bitcoin has reached a huge level of popularity, which led to it becoming a worldwide phenomenon. Since 2012, its presence in the media has been more and more prominent, and it doesn’t seem to stop anytime soon. Not only is it popular among the consumers, but it is also used by companies. Therefore, it can be concluded that the Bitcoin phenomenon, other than its creator and original idea, has been influenced by numerous factors such as the consumers, media, excellent campaign, etc.