Overview and history of Bitcoin
Bitcoin is the first of all cryptocurrencies and the king of cryptocurrencies. Satoshi Nakamoto invented Bitcoin in 2009 and authored the white paper on Bitcoin. In the white paper, he wrote that Bitcoin is decentralized, which means that it does not require a central authority or bank for its transfer, distribution, and storage. Powered by Blockchain technology, Bitcoin conducts transactions at top speed, and its erratic nature makes it the king of cryptocurrencies.
Is Bitcoin the king?
Even though there are hundreds of cryptocurrencies in the crypto market, Bitcoin is the king. Over its decade of existence in the crypto world, Bitcoin not only has the largest market capitalization, but also it is highly advanced in speed, technology, and usability. These factors have enthused the mainstream investors and traders to flock into the cryptocurrency market. The erratic volatility of Bitcoin that results in the moonshot style of price rise continued to allure more and more investors. With time, Bitcoin became a legit form of payment in several nations, and today, the biggest commercial giants like KFC, Expedia, etc. accept Bitcoin as payment.
Why is Bitcoin different?
Despite its volatility, Bitcoin is still more stable than other cryptocurrencies. Bitcoin is different from other cryptocurrencies because it has the largest network, and can thereby make the trader rake in substantial gains from the network effect. The debuggers’ community of Bitcoin is the biggest as well, which means that the Bitcoin network is more secure and free of errors and bugs. To top it all, Bitcoin is accepted all over the world, which makes it the king of cryptocurrencies.
The reasons why Bitcoin is the king
Bitcoin is the most valuable and profitable cryptocurrency of all. Here are the five reasons why Bitcoin is the king of cryptocurrencies.
1. Bitcoin has the highest hash power
The Bitcoin Network possesses the maximum hash power. The hash power depends on the number of computations that can be completed in every second. The network creates blocks and authenticates the transactions with these computations. A low hash power makes the Blockchain vulnerable to attacks. But, because of the high value of hash power, the Bitcoin Network is never prone to malicious attacks.
2. Bitcoin is the most widely available
Bitcoin is available in almost every nation of the world. You can always buy a fair share of Bitcoin no matter wherever you are. The most popular places for purchasing Bitcoin are cryptocurrency exchanges, although the lesser-known places are eBay, Craiglist, and ATMs of Bitcoin. Besides, Bitcoin ATMs are being established all over the world, and at a rapid pace too. As such, an individual can swap his share of Bitcoin with local currency at almost any part of the world.
3. The brand recognition of Bitcoin
Bitcoin’s brand recognition is one of the chief reasons behind its success in trading. People who know next to nothing about cryptocurrencies have heard about Bitcoin owing to its widely popular brand recognition. The brand power makes Bitcoin the king of cryptocurrencies. Bitcoin will be the most cherished cryptocurrency for years to come.
4. The demand for Bitcoin is high and its supply is low
There are 7,632,819,325 people currently trading in a limited supply of 21,000,000 Bitcoin. The number of investors is on the rise without any rise in the supply of Bitcoin, which creates an immense selling pressure in the market and thereby drives Bitcoin’s profitability.
5. Bitcoin meets the industry standards
Bitcoin sets the standard when it comes to the technical development of the cryptocurrency infrastructure. Every other cryptocurrency has to meet the standard of Bitcoin in order to be profitable.
How secure is Bitcoin?
Bitcoin is the most secure of all, and needless to say, its high degree of security makes it the king of cryptocurrencies.
l The advanced Blockchain technology encrypts the Bitcoin transactions, and thereby maintains strict confidentiality of sensitive information.
l Every Bitcoin transaction is transparent, and the general public can view the transaction for confirmation of its success, without getting any access to the confidential information. This means that there is no room for scam and fraud in Bitcoin.
l There are servers of Bitcoin all over the world, and more than ten thousand nodes that keep track of all the Bitcoin transactions, thereby maintaining top-notch security.
Can any other cryptocurrency beat Bitcoin?
Crypto experts are of the opinion that even though Bitcoin will continue to be the leader of the pack in terms of popularity, user base, and market cap, the other cryptocurrencies are striving hard to catch up or surpass in popularity and technology. These cryptocurrencies like Ether, Ripple, Litecoin, Bitcoin Cash, etc. possess a high market potential and are slowly gaining in popularity as well.
Bitcoin is the king and always will be. It will continue to dominate the crypto market owing to its brand recognition, popularity, wide availability, limited supply, and more. Investment and trading in Bitcoin is the most lucrative option, although the other cryptocurrencies are striving hard to catch up. It is believed that Bitcoin will continue to rule the roost in the coming years.