20th Oct2021

Why is Bitcoin the utmost valuable cryptocurrency of all time?

by James Smith

Cryptocurrencies are one of the utmost popular subjects of the mainstream marketplace. The market cap of the cryptocurrency marketplace nears around $2 trillion. There are more than 10000 cryptocurrencies in the entire market. Despite such facts, bitcoin is still the leading cryptocurrency and contributes almost half the market cap.

Bitcoin was the first-ever implementation of the cryptocurrency concept. Satoshi Nakamoto, the inventor of bitcoin as per bitcoin’s white paper, invented bitcoin to make transactions very flexible.

Since traditional banking systems have tons of third parties in the complex, the transactions are exceedingly choppy. Therefore, Bitcoin is the utmost valuable cryptocurrency ever to be existing even after gigantic competition in the industry.

All the more profit potential of bitcoin is also very huge. You can check authentic websites like BrexitMillionaire.org to turn your bitcoin trading venture into a profitable venture. Undeniably bitcoin is the most valuable cryptocurrency, but have you ever wondered why? Let’s jump straight to the facts of why bitcoin is the utmost valuable cryptocurrency of all time.

Cryptocurrencies: Bitcoin Vs. Altcoin

Bitcoin was the first-ever cryptocurrency. No other cryptocurrency except bitcoin is as popular as altcoins. Altcoins or alternative coins are exceeding in number. Every possible altcoin has the basic concept of bitcoin.

Undeniably altcoins have much-advanced technology as bitcoin, but the elegant design of bitcoin makes it more elating. Some of the popular altcoins are Ethereum, Binance coin, and bitcoin. Here are some of the reasons why bitcoin is more superior in contrast to altcoins.

Bitcoin was the first-ever cryptocurrency

As mentioned ahead, bitcoin was the first-ever cryptocurrency, and it arrived very early in the game. The early arrival of bitcoin gave the currency an exceeding time to settle in the mainstream market. Satoshi Nakamoto implemented the concept of cryptocurrency for the very first time.

All the more, he also implemented the concept of blockchain for the very first time. Satoshi Nakamoto invented bitcoin after getting inspired by several other models of digital currency present in the marketplace. Bitcoin was the first-ever decentralized digital currency having an entire peer-to-peer network.

The transaction cost of bitcoin transactions since the release of bitcoin was exceedingly low. The second prominent cryptocurrency arrived in 2015, and the store value of bitcoin reached $1000 by the end of 2015.

Every altcoin is a clone of bitcoin

Since bitcoin was the first-ever cryptocurrency, it gave everyone a basic idea of implementation. But, unfortunately, most of the altcoins in the marketplace are nothing but just clones of bitcoin. One of the prominent examples of this fact is the lite coin.

Lite coin is one of the leading cryptocurrencies, and the store value of a lite coin is gigantic. Lite coin is a clone of bitcoin, and the inventor of lite coin focused on the fact that lite coin should completely follow bitcoin.

Bitcoin levies similar transaction costs for gigantic and nominal transactions, and the inventor of the litecoin created a lite coin to charge a transaction accordingly. Since every altcoin is a clone of bitcoin, most of these cryptocurrencies follow bitcoin’s market trend. If the store value of bitcoin inclines, the store value of these altcoins also inclines.

Institutional adoption

Institutional adoption of bitcoin is one of the prominent reasons why bitcoin is the utmost valuable cryptocurrency. In contrast to any other altcoin, institutions are merely investing resources in bitcoin and accepting bitcoin payments.

Bitcoin is the leading trustable cryptocurrency. The leading public holder of bitcoin has invested billions of dollars in bitcoin. Recently El Salvador adopted bitcoin as the legal tender, which means bitcoin is now the national currency of El Salvador. No other altcoin has been the national currency of any region until now, demonstrating the significance of bitcoin.

Companies like Microsoft have been accepting bitcoin payments for a very long time. All the more recently, Starbucks also started to accept bitcoin payments. After the latest report of the bitcoin mining council, Elon Musk announced that Tesla Motors would accept bitcoin payment very soon.

The potion, as mentioned earlier, demonstrates some reasons why bitcoin is the utmost valuable cryptocurrency of all time.

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