5 Reasons Why Bitcoin is King Cryptocurrency

in #bitcoin7 years ago (edited)

bitcoin is king

Many wonder why bitcoin is the best cryptocurrency. Besides it being the first, what else makes bitcoin such an important crypto?

Here we will take a look at the top 5 reasons why bitcoin is still king of the cryptocurrencies.

Of course, these are my own personal opinions and not financial advice. With that said, I do personally feel that bitcoin is the best crypto to store value for me and here are 5 reasons why. 

5 Reasons Why Bitcoin is King

1. Bitcoin Has the Most Hash Power

The Bitcoin Network has the most hash power. As you may know, a Blockchain’s hash power is based on the amount of computations it can complete per second. These computations are how the network creates blocks and confirms transactions on the network. 

bitcoin blockchian hash rate

A Blockchain with low hash power is more susceptible to a 51% attack. This type of attack could occur if a centralized source were to control 51% of a Blockchain network.

Theoretically, a 51% attack would allow the attacker to verify transactions that were illegitimate. Due to the Bitcoin Blockchain's enormous hash power, it is very unlikely for the bitcoin network to fall prey to such an attack.

2. Bitcoin's Brand Recognition

Bitcoin’s brand recognition may seem trivial on the surface, but it is more important to its success than some may recognize. People that know nothing about cryptocurrency know about bitcoin. Bitcoin’s brand power makes it the Coca-Cola of cryptos. 

bitcoin and Coca-Cola

As the world enters the cryptocurrency market, they will seek out bitcoin first because that is the crypto they know.

It’s the crypto they’ve heard about on T.V., in the paper, or from the Internet. Brand recognition is the reason why we ask for a Band-aid and not an adhesive bandage. 

Moreover, brand recognition produces nostalgia. We long for things that we associated with a particular feeling or stage of our lives, and bitcoin is no different.

Years from now when cryptos are normalized more so than today, bitcoin will still be the most cherished because it’s the one we will remember as starting it all. 

3. Bitcoin is Widely Available

Bitcoin is available pretty much everywhere at this point. No matter where you are in the world, if you try hard enough you can probably buy some bitcoin.

Of course cryptocurrency exchanges are the most obvious places to buy bitcoin. Some less obvious places are Craigslist, Ebay, and bitcoin ATMs.

 

As you can see, bitcoin ATMs are popping up all over the world with no signs of slowing. This means that if you have bitcoin and you want to trade it for the local currency of the country you are in, it’s high likely you will be able to. 

4. Bitcoin is the Industry Standard

Bitcoin is the industry standard cryptocurrency. This my not seem important, but it is when you consider the amount of technical expertise that is currently developing the cryptocurrency infrastructure. Cryptos have acquired the attention of Silicon Valley and tech experts around the world. 

The hardware and software that is being developed which utilizes cryptocurrencies is predominantly being developed with the Bitcoin Blockchain in mind.

For example, businesses that accept crypto will almost always accept bitcoin first. If you buy a hardware wallet, you can be sure it will work with bitcoin.

If there is a new app that hits the market and has some sort of cryptocurrency payment integration, it will probably be bitcoin.

5. Bitcoin Has High Demand and Low Supply

The maximum bitcoin circulating supply is 21,000,000, and there are around 7,632,819,325 people currently in the world. The number of people will increase, and so will the percentage of them that want to buy bitcoin. 

The number of bitcoins however will not increase the maximum bitcoin circulating supply will only decrease.

There are many ways in which the amount of bitcoin in circulation will be reduced, For example, people will lose access to their wallets for various reason thereby all but destroying the the bitcoin within. Of course you can own fractions of bitcoin, but even that is limited. 

What Do You Think?

I personally feel that bitcoin is the king of cryptocurrencies for all the reasons I’ve listed and more. My cryptocurrency portfolio reflects my believe in the future of bitcoin. 

What do you think of bitcoin? is it your preferred crypto, or are Altcoins the cryptos you choose? Share your thoughts in the comments below.

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Bitcoin will always be around but Ethereum is going to take the throne soon. You see, Chaos is a ladder. Many who try to climb it fail and never get to try again. The fall breaks them. And some are given a chance to climb, but they refuse. They cling to the realm or the gods or love. Illusions. Only the ladder is real. The climb is all there is.

Although, it might happen I do not think so. The main reason is a philosophical one. Right now there are crypto's that surpass the tech of BTC, yet they don't even come close to BTC. BTC has become a symbol. Before Ethereum or even Litecoin when you hear crypto currency the first thing that pops into your head is bitcoin. Bitcoin will represent all of it and will always be valued as such. It started the movement and out of respect for it people will value it even more. It is a reason why it is considered the gold of the industry.

In the crypto space BTC is the currency of choice. Despite some ETH pairs, most times, if you want to get into any alt coins you have to buy BTC first. That demand is huge and will continue. BTC will also improve as it has a lot of development commitment. If, or rather when big players will come into this space in numbers, they will need large denomination players to enter, and BTC is the largest. BTC is here to stay and thrive.

You've got a good point that BTC has the brand recognition going for it. Whenever someone who knows I'm into crypto pokes fun at the market they don't say "hey how much money did you lose on Cardano?"

Also it is the fundemental crypto for exchanges with altcoins and I guess safest.

I think this is all true. I also think that as long as bitcoin is king that litecoin will continue to have utility. Sending bitcoin takes a long time and is expensive, and most exchanges have litecoin readily available with cheaper and quicker transactions.

Thanks for the post, I fully agree :)

I love technology and I have the feeling that Bitcoin is getting to old.. And the lightning network might save him... But very expensive transactions slow transactions... And a lot of things that should be improved at this point makes me fill unease with Bitcoin... ETH for me is much better and I think the future might bring better solutions... Bitcoin is now some sort of value storage, but not usable coin in the world of crypto 2018.

Agree with all of these David! When bitcoin fix their issues that it is having at the moment, Then it will the absolute king!

Agreed on all points. I love to see how many Youtubers start to slowly switch from ICOs and hot content to actually reporting on solid projects.

I think that Lightning Network can be huge positive for Bitcoin, because can reduce the transaction cost and give to Bitcoin scalability.

+1! I really can't wait for this to happen. Even if it's out since almost 10 years we're not even halfway down, development wise. Still a lot of room for improvement :) great read, @davidhay