Finances

6 Reasons Why Bitcoin Is Still the King of Cryptocurrency

Source: bbc.com
Written by Quentin Hack

Bitcoin is the king of the jungle; it is known. The cryptocurrency industry revolves around it, and it’s no wonder many consider it one true ruler of this financial sphere. One digital currency to rule them all. You may disagree with this assessment, but it’s true. Bitcoin is one step ahead of every crypto that tries to challenge it. It doesn’t even need to be ahead; no one is strong enough to face it on the financial battlefield. After all, it was BTC, the one who started it all. Today we have a whole new industry, thanks to it. It is a world full of rivalries, and all smaller cryptocurrencies dream about one thing – to go one inch above Bitcoin.

By now, you probably heard about cryptos such as Ripple, Ethereum, and Litecoin. All of them combined aren’t a match for BTC, but this doesn’t mean they don’t try to overcome it. The cryptocurrency market is a volatile one, and sometimes in the future, one digital currency could overthrow BTC as the king of the jungle. You become the best when you beat the bets – a simple logic. But, that moment hasn’t come yet. We can tell you it will not come any time soon, as this is not an easy task to have. Here are six reasons why Bitcoin is still the king of cryptocurrency. Please read, and see what we have to tell you on this subject.

1. Age

Source: 4smt.rs

Bitcoin is the oldest cryptocurrency, and this is the primary reason it is the most powerful one. When it was first created, BTC has all this beautiful crypto world all for itself. We can say that compared to other digital currencies, it has a home-field advantage. It was here from the start, and it is because of this it holds the closest relationship to blockchain technology. Besides, it has a reputation, which attracted millions of users. While some of them still hold prejudice to new cryptocurrencies, all of them know and trust Bitcoin. When you compare BTC and other cryptocurrencies, it is like comparing wines, where Bitcoin is that old and precious kind. This is the reputation that follows it as at the moment when it got its first competitor; there were already eight million of these coins in circulation.

2. Recognition

When BTC first gained traction, it wasn’t a fluke. Instead, it was backed by many investors, some of which also had quite a reputation and were mainstream companies. When people saw this, it became a focus of their interest. As you know, this crypto is very volatile, but this didn’t turn away the small investors. Instead, they saw it as an opportunity to earn money, as the value of BTC was sometimes changing even on a daily basis. For years, people didn’t believe there were other cryptocurrencies, with their only focus being on BTC as the only available option. With time, it became quite common to use this currency as a means of paying. Many individuals and companies adopted this practice early. Today, you have thousands of companies working with BTC, some of them accepting payment exclusively in this digital currency. This all shows you how powerful it has become. It wasn’t an easy path, but one that was proved to be worth it. There’s so much to learn about this crypto, and you can start by visiting Profit Secret to learn as much you can learn about BTC if you’re eager to follow the king of digital currencies.

3. Hash Power

Source: pymnts.com

If you are not familiar with the term, it is also known as the hash rate, and it refers to the speed at which particular crypto is mined. It all comes down to the seconds in which computations can happen within a blockchain generating its hash power. When these computations happen, blocks are created, and transactions can go forward on the network. We don’t have to tell you that Bitcoin has enormous hash power, unparalleled by any other crypto. Because of the energy it possesses, it can’t be attacked by a 51% attack. These are great news for anyone who wants to get involved with this digital currency.

4. Brand Name

While the world of crypto is new to some, it has a massive following. BTC is a name that everyone recognizes, similar to McDonald’s in the real world. Even those who are not familiar with crypto tech have heard of Bitcoin. Yes, it has a mighty brand name, which is recognized by many even outside of the community. Those who are new to the world will turn their heads towards the item and name they recognize. These days you can hear about it wherever you turn, on the TV, on the news, on the web. Even if this crypto lives to see its downfall, its name will be remembered for ages as the one that started it all.

5. Liquidity

Source: independent.co.uk

Cryptocurrencies can’t function on their own; they need a liquid market. We are talking about the liquidity that miners need to cover their costs and earn money in the process. Healthy markets! They’re essential if you want to mine BTC and then sell it or trade it for fiat currencies. At the moment, BTC has it all. The volumes of trading of this crypto are as high as ever, and it can’t be compared to anything else. Despite being volatile, BTC holds all traders’ trust, some of which are even thrilled by this trait of its as it is perfect for daily trades.

6. Availability

Once you set your mind on working with BTC, you won’t have any issues finding it – it’s everywhere. In most parts of the world, you don’t even need to work hard in order to obtain it. But, if you’re serious about involving yourself with this crypto, the best place to start would be a fair exchange. But, if you are a true rookie, even an attempt on Craigslist could do the trick.

About the author

Quentin Hack