Why Bitcoin Is Different Than Other Cryptocurrencies

Bitcoin has been around for a while now, and it paved the way for most other cryptocurrencies known to many. Most digital currencies that came after had BTC as their role model. But, it still managed to remain on the top of the mountain, and it is not quite the same as anything else on the market. Yes, all of them swim in the same aquarium but these fish are not of the same kind. But, why Bitcoin is different than other cryptocurrencies? There are many reasons and we are going to stick to the principal ones, and in general, we’ll try and explain why things are as they are.

Most of all, BTC differs from their crypto due to its longevity. This is what gives it the network effect it has, and of course the higher level of security it carries. When you look at these things, the advantage over other crypto looks like one that can’t be overcome. Over time, people have started believing in BTC and because of this, it has given it storage value which is unprecedented to date. This trait of BTC is precisely what other virtual currencies try to mimic. But, it is not an easy task. Other coins go this way, and with time they only achieve to differentiate from BTC a little bit, but regardless of the attempts remain mostly anonymous tied to a decentralized server. The value just isn’t there to be found for most new altcoins.

Source: WRAL TechWire

The principal reason why Bitcoin is still king of the mountain is simple – longevity. No other altcoin can parry it; after all this currency was the one that started the whole frenzy. With more than a decade of being in existence, it managed to do so without having any real malfunction or failure. This is a true sign of its security and no other altcoin came anywhere near to this level. But, this is not all. You can use any other metric you’d like and you won’t find any altcoin close to BTC in any regard. With time, even if a new one worthy of your attention arises, BTC manages to exceed it in no time.

But, as we said, it doesn’t stop there. The coin created by Satoshi Nakamoto offers so much more. The pioneer of digital currencies didn’t only pave the way for others to pass, it continued doing so and it still leads the way by example. In addition to security, this coin is much more accessible than any counterpart on the market. What this means is that there are more software and hardware that supports it, more people dealing with it on a daily basis, traders and miners, more exchanges, and more people expressing interest in getting involved. In terms of liquidity, it’s there with any other fiat currency. Another stepping stone it’s the volume of its availability which currently pleases all users. In terms of living beings, BTC has an ecosystem of its own powered by massive software, aided by many new implementations that evolve each day.

Source: US News Money

Bitcoin is no longer only a trend, it is a crucial part of the economy and financial markets. Every day you have companies starting from the ground focusing their business on this currency. The intellect focused on this coin can parry any university in the world. With each passing day, BTC is one bit more useful than it was the day before. This circle has been going on for a while now. The creativity and dedication of the people involved with this coin remain unparalleled in the financial world. We can say this world is going through and revolution of its own, which isn’t talked bout nearly enough.

The creation of one Satoshi Nakamoto isn’t standing on its own. Instead, it has massive backing which grows every day. As we said, it managed to create an ecosystem that now rides, not on the back of the large elephant, like the island of Zou in One Piece, but on the back of entrepreneurs and open source projects focused on it. This is what makes it hard for other coins to come anywhere near. No other coin managed to come anywhere near in terms of logistics, software, and hardware used. We shouldn’t even go into the number of miners and various operations surrounding BTC during its whole existence.

Source: paymentsjournal.com

As you see, it is hard to emulate Bitcoin, and no other altcoin is going to manage it in the future. It’s like the One Ring from Lord of the Rings – it controls them all. For all investors out there BTC is the safe bet. Now, we don’t say you shouldn’t invest in other altcoins. Some of them possess value and can bring profit your way. It all comes down to managing risks, and if you’re fine with it, go for any investment you’d like. If a reward is there to be taken, go for it, do not hesitate. The one thing you should know is that no other coin plays great as a hedge against the fir iteration of digital currencies. If you try to pit any of it against BTC the chances are it’s going to get consumed. You all saw the spikes the BTC had in recent times, managing to top the value of $50,000 for a coin, which is something not seen before.

Of course, the digital currency market is an evolving one, and most of us do follow for development that would show an opponent that could take down the current segment leader. This could happen in the future, but most signs of it would have to be noticed in the present. It would have to start to parry it in most fields right now to be able to outgrow the ecosystem in which the BTC thrives. At the same time, it is hard to see this happening, considering the speed at which the original coin grows each day and it evolves in ways that couldn’t have been imagined in the past. It all comes down to technological development and Internet breach which won’t be stopped anytime soon. If you want a closer look at where Bitcoin is going please click here.

About Margharita Evanom

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