6 Reasons Why Bitcoin is Better
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It’s not all about money. Blockchain world is literally huge. There are so many possible applications, and you can simply get lost in it. This ever-growing technology is not only a revolution, but it’s getting so popular that many projects use it not because it’s needed but for the visibility granted by saying you are into it. It may sound exaggerated but it’s a reality: even if a project would need a simple database to claim it’s using DLT automatically, it means it will get more attention.
So, Blockchain is not only money transactions but let’s face it: new ways of moving money and new possibilities related to it, it is not just the core business but with no doubt the most sought-after of the possibilities given by it. Smart Contracts, simpler and more efficient insurances, better traceability for food and beverage industry, every single application of Blockchain backs off in front of cryptocurrencies, a discussion topic in constant turmoil, never failing to attract newcomers and always keeping Facebook and Telegram groups interesting and active. Money talks, so they say, and in this case, it seems to have a lot to talk about!
As a matter of fact, Bitcoin is present from day one of Blockchain’s history, we can say it’s literally written in its DNA as, in Satoshi Nakamoto’s idea, the whole technology was built around this peer to peer cash protocol, developing its full and wide range potential only later. Well, as a matter of fact, the developmental process is still going, fast, strong and steady, but Bitcoin still is the main focus for many. Why am I saying Bitcoin and not, for example, Ethereum, Litecoin or any other cryptocurrency?
The answer is simple: because so far Bitcoin is the best around. It was there at the beginning and it looks like it’s committed to be there to stay. As said before, Blockchain was built around it, subsequently being an ideal environment for its usage and growth. Despite the reputation damage suffered for being used for illegal transactions and the efforts of other cryptocurrencies to constantly improve and add new features and functionalities to their protocols, Bitcoin remains, so far, the value of choice for most of the transactions effectuated in the Blockchain world. Here are a few reasons why:
1 – It’s the most used cryptocurrency around
Let’s face it: nowadays Bitcoin has, beyond every reasonable doubt, the largest users base among the cryptocurrencies. In sheer numbers, we’re talking about at least ten million wallets. Being around from day one, this could not be different in an eight years old technology developed around this very concept. When it all started, people started using Bitcoins for their investments and for their transactions. Bitcoin planted the seed and it is now picking up the fruits. Its value skyrocketed to the top since its appearance, it’s the most trusted cryptocurrency around and the very first newcomers learn to know and appreciate when entering Blockchain world. And you know, nothing grows old for no reason.
2 – It’s the most accepted cryptocurrency around
Being the elder of the village sure has its advantages. And being the most used, the most trusted and the most valuable cryptocurrency in town means being the first being accepted by a traditional market operator. In this precise moment, while you’re reading this article, top players like Amazon and Mc Donald’s are seriously considering to adopt Bitcoin as one of the possible currencies in their payment system, following the example of small, independent realities such as the Italian publisher Safarà Editore. A direct consequence of this will be the increase in the practical application of a token that becomes more and more recognizable in a world where being recognized is critically important if you want to be trusted.
3 – First come, first served
As said before, Bitcoin is not the oldest currency around but it’s the first to be seen. Its name is one of the first heard by Blockchain newcomers and it’s the first currency used for transactions. Sure, there are other cryptocurrencies and they are not hidden, but more often than not people will learn about them later, adding visibility, trust, and traffic to Bitcoin, literally waiting for them at the gates of the town and collecting a sort of informal tax that makes it grow above the others.
4 – The right environment
While other cryptocurrencies were born in the Blockchain environment, Bitcoin literally originated it, being the fittest, the most entitled protocol to thrive in such a biosphere. While rival tokens can be questioned for their security or any other possible problem, questioning Bitcoin means questioning Blockchain in its entirety.
5 – Not only theory
Rival cryptocurrencies are often full of potential but let’s face it, it seldom goes beyond pure theory. Its connection to Smart Contracts makes Ethereum, and its effective exploitation of their potential, an extremely valuable token but when it comes to practical applications as a real proof of efficiency, so far no one can even nearly rival Bitcoin, the only cryptocurrency that is progressively becoming similar, in terms of value and usability, to fiat currencies.
6 – What is yours is mine
For better or worse, there is no characteristic of any cryptocurrency that is foreclosed to Bitcoin. This is true when speaking of both improvements features and problems. A lot of niche functionality that makes this or that cryptocurrency cannot easily be directly integrated into Bitcoin protocol, but there’s no reason why it cannot effectively be imitated by a Bitcoin-based service, increasing the divide between Bitcoin itself and rival tokens, adding a new application to the first one and making the second one even more limited to a niche. Speaking of a problem, it’s often said that Bitcoin is susceptible to security problems and to value fluctuations. Although it’s being more exposed due to its being more diffused, this doesn’t make rival cryptocurrencies less susceptible to the very same risks.
In the end, although cryptocurrencies are growing in numbers and often in quality, with Ethereum leading the way, Bitcoin remains, so far, the most solid asset when it comes to Blockchain money transaction, partly for historical reason, partly for built-in features that cannot be taken away from it. This does not mean you have to be blind to any other option, but knowing where solid ground lays is always useful.
By Stefano Tevini