Digital currencies are becoming a norm as time passes. Soon, you will be living in a world where you will not have to carry plastic cards or paper money. More importantly you might not even have to deal with the middlemen who raise the costs of various services significantly just because they are helping you reach those services.
For example, just because you have to pay to an online casino through Paypal or some other credit card, you also have to pay to these processors for providing you the facility to transfer funds.
That won’t be the case once you have cryptocurrencies as the standard of the world. And at that time, you will still see Bitcoin as the leader of all digital currencies. Why so? Why is Bitcoin different than every other cryptocurrency? Why is that it remains the top one despite people having so many skeptical thoughts about it? Let’s find out.
Why Is Bitcoin So Different and Still the Best
It Is the First One
No matter what you say about this digital currency, you have to agree to the fact that it is the first one out there. Being the first earns this digital coin a lot of respect, reputation, and weight. You can’t get rid of it just like that. Even the developers of other cryptocurrencies fully understand the importance of Bitcoin.
They understand that Bitcoin is still the face of their industry. If you removed Bitcoin from the equation today, more than half of the people who have started to know about the cryptocurrency industry would know nothing about it anymore.
All around the world, people talk about Bitcoin as though they are talking about the blockchain or the cryptocurrency market as a whole. That’s the importance of this cryptocurrency. You cannot deny the fact that people still see the condition of the cryptocurrency market from Bitcoin.
If Bitcoin is going down, the entire cryptocurrency market is going down for them. In short, you can say that Bitcoin is different because it is just different. You cannot think of the cryptocurrency world without Bitcoin right now.
It Is the Easiest to Understand
Another factor that makes this digital currency the most different is the fact that it is just a currency. Yes, it is a digital currency in its truest definition. When people start reading about altcoins, they get to know a lot of different concepts. For example, you have Monero trying to make transactions safer and more private.
You have XRP or Ripple, coming up with a platform to simplify the payment transfer system of the world. You have many other cryptocurrencies that are serving different purposes. When people read about these cryptocurrencies, they get confused.
As of now, they can only wrap their head around the idea of a digital “currency”. They just want to know that there is a currency that they can use in the digital world without owning any physical currency at all. That’s where Bitcoin starts making sense to them.
It Is the Most Investable One Too
How can you ignore the fact that Bitcoin is the most investable cryptocurrency in the world right now? Yes, cryptocurrencies like Ethereum and Litecoin are also becoming the norm, but they are still way behind Bitcoin in terms of popularity, prevalence, penetration, etc.
You can literally find many online stores where you can use your Bitcoin to make a purchase. In addition to that, most of the online exchanges accept Bitcoin and provide you with bitcoin if you offer them some fiat currency.
In addition to that, you have the world’s biggest names investing in Bitcoin. Yes, when the big names of the world show their interest in something, the rest of the world has to take notice. Some of the big names that have their stakes in Bitcoin already include Michael Novogratz, Blythe Masters, Barry Silbert, etc. So, you have some big investors from around the world putting not only their money but trust in Bitcoin as well.
You will not see such people investing in any other cryptocurrency than Bitcoin. So, the rest of the world is bound to follow these leaders and invest their money in Bitcoin as well.
It Is the Mother of Many Cryptocurrencies
If you are new to the cryptocurrency market, you might not know that many cryptocurrencies are like the children of Bitcoin. Yes, they have used the same idea and only improved upon it. Take the example of Bitcoin Cash and Bitcoin SV – these two cryptocurrencies are exactly like bitcoin with only slight variations in the sizes of their blocks.
In a similar way, you have many cryptocurrencies in the market that came with the idea of improving on the idea of Bitcoin. In most cases, they are targeting the mining mechanism of Bitcoin and the speed of transaction confirmations.
For example, Bitcoin is a bit slow and allows only a small number of transactions per block because of the small 1MB size of its block. On the other hand, these cryptocurrencies use bigger blocks and more improved consensus mechanisms to be faster and more reliable than Bitcoin.
Despite the fact that they are the more improved versions of Bitcoin, you cannot find any of them ranked as high as Bitcoin. The mother of all cryptocurrencies still enjoys the first position and it is likely to stay on top for many years to come.
Yes, Bitcoin is different. More importantly, it is the best digital currency out there for not just the people who want to know more about cryptocurrencies but those who want to invest them. Even the slightest fluctuation in its price gives people huge gains on their investments. Of course, the same volatility can go against you but at least, you have some hope that you can make a lot of money in just a few hours. That’s not the case with any other cryptocurrency out there. If Bitcoin can improve its block size and consensus mechanism, even the rumors about it not existing in the future will not exist anymore.