Bitcoin, the first and most well-known cryptocurrency, has increased its penetration through a combination of factors.
1. Media coverage: Bitcoin received significant media coverage in its early days, which helped to raise awareness and interest in the currency. As more people became familiar with the concept of Bitcoin, it became more widely adopted. 2. Innovation: Bitcoin is built on blockchain technology, which offers several benefits over traditional financial systems, such as decentralization, security, and fast transactions. As more people became aware of these benefits, they began to adopt Bitcoin as a way to store and transfer value. 3. Merchant adoption: One of the key ways that Bitcoin has increased its penetration is by gaining acceptance as a form of payment by merchants. As more merchants began accepting Bitcoin as a form of payment, it became more convenient and practical for people to use it. 4. Education: There was an increase in educational resources such as articles, videos, and tutorials that helped people understand the technical aspects of Bitcoin, and how they can get started with it. 5. Investment: Bitcoin also gained attention as an investment, as its price has been highly volatile, reaching all-time highs in late 2017. This made it an attractive option for those looking to make a quick profit.
All these factors helped to promote bitcoin, increase its penetration and make it more widely adopted among the general population.
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Ryan Holmes
Cryptocurrency Investment Diary, 12 Mar 2019