Why Bitcoin Is Valuable Than Other Cryptocurrencies
Bitcoin became the first successful cryptocurrency. After its popularity, other cryptocurrencies, including Ethereum and Litecoin, emerged. Altcoins is a general term used to describe all the other cryptocurrencies. But none of these digital currencies has beaten Bitcoin. This pioneer currency's price has dramatically increased since its introduction in 2009.
Despite the volatility of this digital money, Bitcoin is a perfect store of value for investors due to its long-term record of increasing and maintaining its weight. But no physical commodity backs this virtual currency. So, here is why this virtual asset is more valuable than other cryptocurrencies. So, if you are planning to trade Bitcoin, you may consider using a reputable trading platform like https://bit-indexprime.com/
Within the thirteen years, this digital currency has existed, it has had its share of highs and lows. In addition, since 2013, this digital currency has remained active and also highly accessible. As a result, this digital currency is the most reliable cryptocurrency because it has survived attempted bans from governments, external attacks, and internal disputes over the direction of the protocol.
Besides external and internal attacks, this digital currency has sustained volatility with massive price rises and drops. Therefore, the ability of this digital currency to withstand numerous threats within the short period it has been available has proven that it is a more reliable cryptocurrency than the other altcoins.
COPYRIGHT_WI: Published on https://washingtonindependent.com/w/why-bitcoin-is-valuable-than-other-cryptocurrencies/ by Kenzo Norman on 2022-08-12T07:58:40.593Z
Bitcoin has a hard limit supply whereby only 21 million Bitcoins will ever exist. However, this digital currency halves after miners produce 210,000 Bitcoins every four years. As a result of the scarcity of this electronic currency, the demand for Bitcoin continues to increase. In the end, an increase in demand also contributes to a rise in the value of these digital currencies.
So, unlike other cryptocurrencies, which do not have a limited supply, Bitcoin's scarcity contributes to this digital currency being more valuable than altcoins.
Established and huge businesses like Microsoft, Starbucks, McDonald’s, and Amazon have incorporated this digital currency into their payment system. Consequently, there's an increase in the number of businesses that accept Bitcoin payments which translates to an increase in demand.
In the end, the value of this virtual currency will continue to increase as more businesses globally consider incorporating a Bitcoin payment system. Along with that, clients will discover the significant benefits that come when you decide to transact using this virtual currency. Bitcoin transactions are fast, cheap, and less costly. And this has led to an increase in the adoption rate.
This digital currency is the world's most popular, leading, and most traded cryptocurrency. In addition, there are more than 10 million Bitcoin wallets worldwide, which shows that many people are investing in this virtual currency. Bitcoin transactions are safe and secure, which attracts people to transact using this digital money.
As a result, this virtual currency's more extensive user base has added to its credibility, therefore attracting more and more investors. Nevertheless, the more people get interested in this virtual asset, the more the demand for Bitcoin increases, increasing the price.
Bitcoin has an inbuilt infrastructure known as the blockchain, a public distributed ledger. Blockchain technology ensures that transactions are transparent and anonymous, and also fast. As a result, blockchain technology contributes to Bitcoin being a more valuable cryptocurrency than altcoins. Through blockchain, other cryptocurrencies like Ethereum have also emerged.
Currently, Bitcoin has the largest market cap and is the most valuable cryptocurrency in the world. Reliability and increased adoption of this digital currency are among the factors that make it worthwhile.