Bitcoin Popularity in New Zealand

Bitcoin is nowadays a globally renowned cryptocurrency that is supported by millions of retails, institutional investors, and businesses. Its latest bull cycle attracted media attention as Bitcoin topped $20,000 in December 2020 and continued to grow in 2021 by surprising eventually $60,000 in April 2021.

It has definitely sparked a newfound interest in the crypto market and Bitcoin. Actually, today there are over 6,000 cryptocurrencies available on the market, while Bitcoin is the greatest cryptocurrency, based on its market cap and global popularity. New Zealand is also one of the countries where Bitcoin has also achieved incredible success. With that in mind, we will provide an overview below of the main reasons why Bitcoin has become popular in New Zealand.

Attributes of BTC Transactions

One of the main factors that promoted the acceptance of BTC transactions in the business sector and also it increased the popularity among retail investors are in the attributes of Bitcoin. It is characterized by low processing fees, short processing time that can happen instantly or within 10 minutes on the blockchain network, and anonymity.

More specifically, it’s extremely useful for any user that wants to make purchases with BTC as the transaction fees will remain low regardless of their location. In addition, due to the nature of the blockchain, the users’ identities are not revealed. Only the data about the transaction is shared among the participants when it comes to the processing time, as this is a peer-to-peer, decentralized database – it’s also fairly short, which is another advantage for any business and any crypto user.

In a nutshell, due to the advantages of BTC transactions as well as the ever-increasing price of BTC, there is a huge number of famous businesses as well as small online and brick-and-mortar businesses that accept BTC transactions.

You will find famous brands like Subway, Bloomberg, PayPal, Tesla, OkCupid, Shopify, and many other brands that support BTC payments. This trend is also prevalent in the up-and-coming online gambling industry. So, much so that there are there is a surge in the number of online casinos that accept BTC transactions. For example, this reputable Bitcoin casino offers a wide range of casino games that users can play with their BTC funds, including slots, poker, blackjack, craps, and many other options in different versions.

Blockchain Technology

The blockchain network is a peer-to-peer-based, decentralized database that is created to operate without the supervision or control of a central authority. Actually, it was designed in a way that no single Bitcoin user can ever control the network or tamper with the data.

The network is unique because, due to its decentralized and peer-to-peer-based nature, it is based on thousands of computer servers worldwide that encompass a digital ledger of a block of transactions that are connected via cryptography and distributed throughout the blockchain system. In order to maintain the security of the network, every user can see the incoming data.

So, we can say that this is a fully decentralized, transparent, peer-to-peer network where every node has the ability to communicate with other nodes, and therefore there isn’t a single entity that can maintain supervision or control over the network’s operations.

Security

Another major factor that made Bitcoin popular is the security of the BTC transactions. Even though the network is completely decentralized and there isn’t a single entity that can vouch for its security, the technology is impeccable, and every BTC transaction is recorded with a cryptographic signature – the hash. In other words, it is virtually impossible for anyone to alter the data of the blocks of transactions.

Furthermore, as we mentioned, there is another block of transactions added approximately every 10 minutes. This means Bitcoin achieved major growth, and it’s becoming increasingly difficult for any entity to attack it. Moreover, for every transaction to be added to the network, first, it needs to be validated and processed by the miners, which adds another level layer of security in the blockchain system.

Safe-Haven Asset and Price of Bitcoin

Lastly, Bitcoin has been deemed a stable cryptocurrency due to its huge market cap of $835.428 billion. Moreover, due to the increasing price of Bitcoin in a state of uncertainty, Bitcoin has reached a status as a safe haven asset. Also, its supply is limited to 21 million tokens, which means afterward, there won’t be any chance for anyone to obtain BTC. This is one major factor that has a positive influence on Bitcoin’s value on the blockchain network.

Rowan Hewitt

“Beer enthusiast. Subtly charming alcohol junkie. Wannabe internet buff. Typical pop culture lover.”