There are over hundreds of cryptocurrencies, each praised by fans or their respective developers as being faster, more secure against possible attacks, with greater decentralization than Bitcoin. But which cryptocurrency is the most usable as Bitcoin? Well, this may not be surprising, the answer to this question is Bitcoin, simply because it is accepted as a payment more widely than any other cryptocurrency. But as it seems to be, retailers and business owners are increasingly accepting other cryptocurrencies, and because of their superior scalability, can end up beating the original cryptocurrency in the months and years to come. Bitcoin is the original archetype of the cryptocurrency movement for a good reason. Its trusted infrastructure, its mass ease of use and its large number of users have allowed it to achieve the superstar status.
Bitcoin is the most valuable cryptocurrency, for both price and market capitalization, for a variety of reasons, including:
1. First To Market
Bitcoin was the first digital currency to introduce not only the concept of cryptocurrency, but also the infrastructure that allows it to be so beneficial. This placed him as an authority figure over others. When new curious consumers want to join the cryptocurrency movement, they do so most of the time via Bitcoin because of its usefulness and media attention. The Bitcoin value is added when new users enter the blockchain, and since this is the most recognizable, most new users have Bitcoin.
2. Large User Network
According to recent estimates, there are more than 10 million Bitcoin wallets currently in use throughout the world. Bitcoin has the largest network and wins with the network effect, the other currencies are basically playing a catchup game. Bitcoin has the largest network and that means Bitcoin is growing because it has the largest number of users. It is much easier to get accessories for a popular phone than for an unpopular phone, for example. The ecosystem around Bitcoin makes obtaining and maintaining Bitcoin much easier than altcoins or ICO. This broad base of users increases bitcoin credibility and thereby attracting more and more investors and users. As more and more people are getting into this technology, the demand increased, which has resulted in the price acting in the same way.
3. Accepted By More Merchants
Bitcoin is the most acceptable cryptocurrency as a method of payment, for the simple reason that any merchant who accepts cryptocurrency is almost certain to accept Bitcoin, whereas it cannot be the same for other currencies.
Currently, 54 major companies accept cryptocurrencies, according to Virtual Coin Squad (although the actual number is much higher), and only two of them, MazeFit (sportswear) and Shiny Leaf (cosmetics), do not accept Bitcoin. The other 52, including Microsoft, Expedia, Mozilla and Shopify, all accept BTC, 25 accept litecoin, 15 accept Dash, 13 accept Ethereum, 14 accept Bitcoin Cash, 12 accept Monero and 15 accept Dogecoin. However, these alcoins are still in the minority, which indicates that if you want to make payment around the world using only cryptocurrency, your best bet is still Bitcoin.
4. Most Viable Infrastructure
Bitcoin has a solid infrastructure and therefore more value. That’s why many Bitcoin advocates / services only support Bitcoin. They understand that adding extra parts to the service dilutes the value. Bitcoin is credited with having invented the concept of blockchain or distributed ledger. Other platforms, such as Ethereum and Litecoin, have also built their currencies in this infrastructure because of their secure and private nature.The viable and reliable blockchain infrastructure has secured the assets of many people and their private Bitcoin transactions, demonstrating their viability and value to society. The main concerns about the loss of funds and the lack of security come from third-party platforms whose centralized servers have been compromised.
5. Store of Value
Bitcoin is a proven use case as a store of value. It is instructive that most currencies try to differentiate their users based on much narrower use cases, such as prediction markets, to buy completely anonymously or to add a decentralized name server.
Bitcoin has a great advantage as a store of value on every altcoin for having existed for 8 years without fail. The security of Bitcoin has been proven far more than its much younger counterparts with the use of almost all parameters that exceed those of altcoins.
When you compete with Bitcoin, you compete not only with its much larger user base, development team and mining activities, but also against the vast ecosystem of startups, open source projects and entrepreneurs. Bitcoin is not a business, but a protocol built into physical point-of-sale devices, mining equipment and in which thousands of companies have spent resources to integrate Bitcoin into their business model. Even if you prefer the other altcoins to bitcoin, the survival of the preferred coin is linked to the destiny of bitcoin, because it is the first, the most widespread, the safest and most accepted cryptocurrency, talk of the viability of any other cryptocurrency. Yes, it will be for justified reasons or not. Some cryptocurrency users realize this and others do not, but it’s a very important principle and one of the reasons to support Bitcoin and help it evolve if needed, while staying true to its fundamental principles.
There are many ways to generate wealth in cryptocurrency market. The major and well-known …