In recent years, Bitcoin has gained a lot of popularity globally, not for that reason it is the most accepted and valuable cryptocurrency in the market after Bitcoin other cryptocurrencies have emerged, but none of them has managed to surpass the popularity of Bitcoin, following, we are going to discuss some possible reasons below:
The first cryptocurrency that emerged on the market was Bitcoin, although the identity of its creator is not yet known with certainty, Satoshi Nakamoto is credited with publishing a whitepaper or white paper (in 2008), which details how to use the “Peer to Peer” network to create a decentralized system for conducting electronic transactions, based on cryptographic techniques and an underlying technology called a blockchain.
Its value has increased in the long run
Since the mining of the first block of Blockchain and the first transaction carried out (where the Bitcoin still did not have a monetary value but were simple “tests” between Satoshi Nakamoto and Hal Finney) its value has been increasing over the years. Despite constant fluctuations, Bitcoin has greater stability compared to other cryptocurrencies, the problem is that many people focus only on its daily or weekly value and not on the variation of its prices in the long term (months or years ).
Greater guarantee regarding safety
Being the first cryptocurrency, this has allowed developers to create improvements over time, which includes security and cryptography issues. The fact that the Bitcoin blockchain has received attacks should not be considered as something negative, but on the contrary, as “improvement opportunities” for the network against the attacks of unscrupulous people who want to appropriate the crypto assets of other people. You may be interested in our article entitled Law of the State of Wyoming in the USA that allows banks to have an official banking license to safeguard cryptocurrencies and digital assets.
Boost to other cryptocurrencies
Blockchain technology globally, this recognition reached such a point that many still use the word “Bitcoin” as a generic way of referring to cryptocurrencies, without taking into account that there are thousands of different cryptocurrencies.
Has a limited number of units
Bitcoin has a limitation in terms of the number of units since there are only 21 million units, it is expected that by the year 2140 all units will have been created, this allows it to maintain its value compared to other cryptocurrencies (that do not have a limited number of units).
What do you think about this topic? For what other reason do you think Bitcoin is the most accepted cryptocurrency?
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