They claim bitcoin to be the best cryptocurrency of all time.
Even though tons of altcoins exist in the complex cryptocurrency industry.
Any other cryptocurrency except bitcoin is known as an altcoin.
And almost every other altcoin is the clone of bitcoin.
The fact might amaze you that the arrival of these altcoins might have impacted bitcoin’s market.
However, bitcoin is considered the greatest cryptocurrency; you might be wondering why.
Below mentioned are some of the reasons why bitcoin is the utmost potential cryptocurrency of all time.
Simplicity of Bitcoin and Why Bitcoin Is the Best Cryptocurrency
Bitcoin is the foremost cryptocurrency that was introduced in the industry.
An utterly anonymous group of Satoshi Nakamoto invented bitcoin.
After the invention of bitcoin, the creator just vanished.
There are no clear facts regarding the identity of the bitcoin creator.
Bitcoin did introduce innovative technologies in the industry.
However after the authorization of bitcoin, there were tons of other currencies with much more advanced features.
As mentioned ahead, we still do not know who the creator of bitcoin is.
So there were no actual hard forks in the bitcoin technology.
However, soft forks in the complexity of bitcoin made the utility of bitcoin exceedingly simple.
In a nutshell, bitcoin is the utmost simple cryptocurrency at the instance.
Altcoins Are Clones of Bitcoin
Any cryptocurrency except bitcoin is named altcoin.
And there are more than 9000 altcoins at the instance.
The fact might amaze you that almost every cryptocurrency is basing on the core notion of bitcoin.
This means most of the altcoins are just clones of bitcoin.
For example, ethereum is the second leading currency subjected with a market cap of more than $400 billion.
However, the technology and basic motive of ethereum come from bitcoin.
You can get ethereum units by the mining progression.
All the more, ethereum is correspondingly complexed on a proof of work mechanism.
This demonstrates that even the second leading cryptocurrency is similar to bitcoin.
Altcoins Follows the Path of Bitcoin Making Bitcoin the Best Cryptocurrency
Undoubtedly altcoins are subject to a more technical aspect in contrast to bitcoin.
However, still, these altcoins confers the Path defined by bitcoin; yes, you read it right.
In a nutshell, the instance bitcoin falls, these altcoins fall, and whenever bitcoin grows, these altcoins grows.
All the more, according to the study of economic times, there is a huge change in the ratio of bitcoin and ethereum.
When bitcoin falls, ethereum falls more when bitcoin surges ethereum correspondingly surges to an exceeding extent.
You might have witnessed the recent cryptocurrency crash as bitcoin plunged by 30%.
Whereas ethereum fell to more than 45%.
In a nutshell, every other cryptocurrency in the cryptocurrency industry is merely a clone of bitcoin.
This is nothing else but with few technical changes.
Acceptance of Bitcoin
Bitcoin was the first of its kind, and conferring bitcoin; there were ample other cryptocurrencies.
They invented the second leading cryptocurrency, ethereum, in 2013, and the network of ethereum went live in 2014.
However, till then, bitcoin was able to acquire an exceeding extent of popularity in the mainstream marketplace.
All the more, bitcoin grew to $1000 at that instance.
In other words, the existence of bitcoin in the cryptocurrency industry from the beginning has always rendered an upper hand to bitcoin.
The institutional involvement of bitcoin is exceeding in contrast to any other cryptocurrency.
You might be familiar with the fact that several renowned celebrities and significant market players have passed statements regarding bitcoin.
The co-founder of tesla motors and Twitter have correspondingly invested a significant amount of funding in the bitcoin complex.
Despite the value of bitcoin, several companies accept bitcoin as a payment method.
Whereas other cryptocurrencies still do not utilize bitcoin as payment.
All the more, EL Salvador has adopted bitcoin as a legal tender.
It demonstrated the potential of bitcoin in contrast to another cryptocurrency.
These are some of the reasons why bitcoin is the greatest currency.
Petr is a serial tech entrepreneur and the CEO of Apro Software, a machine learning company. Whenever he’s not blogging about technology for itechgyan.com or softwarebattle.com, Petr enjoys playing sports and going to the movies. He’s also deeply interested in mediation, Buddhism and biohacking.