Bitcoin Supremacy: Why is Bitcoin Better Than Altcoins?

Bitcoin-Supremacy

Bitcoin led to the advent of cryptocurrency. Before its advent, no one even thought of making money digitally. BTC has been here before all the other altcoins, and most alternative coins are forked from Bitcoin.

All cryptocurrencies operate on a blockchain network. The technology stores information per block; every block requires authentication and verification from other traders, and once verified, they are sealed. No one can make any changes or further alterations. It is a safe way of keeping the valuable assets of traders and is widely accepted across all cryptocurrency exchanges.

Why is Bitcoin superior to all if all cryptocurrencies work on the same system, technology, and methodology? Let’s find out.

The Demise of Low-Performing Altcoins

On the global level, cryptocurrency has a total market cap of approximately $996 Billion, updated on the 26th of July, 2022. Bitcoin, the most famous cryptocurrency, holds about 41.7% of that market share. Ethereum’s share totals 20%, while the other 38.3% is shared among the altcoins.

As crypto trading becomes increasingly competitive, altcoins need to perform better. Bitcoin has cemented its place in the crypto market. All the proceeding altcoins need to up their game to survive throughout the competition. There are about 12,000 altcoins in circulation right now. Most of them persist for a few months. Some of them have a market cap of billions of USD. 

Bitcoin has the Largest Audience

As it is the oldest cryptocurrency, Bitcoin seems a safe option for people starting their crypto journey. After hitting a massive $68,000 in 2021, Bitcoin has been the star of the trading market. Though, in mid-2022, it survived a huge crash which resulted in many people losing their money.

It still doesn’t stop people from investing in the currency. It has the highest value as of now, and it compels its investors to make more trade in it. Crypto enthusiasts have set up mining rigs that take up whole garages to mine crypto. They spend thousands on their venture, and the result is most fruitful. So, most traders’ first choice is BTC.

Bitcoin has the Most Update Ledger

As explained before, cryptocurrency is decentralized and operates through blockchain technology. The computer network responsible for the operation of Bitcoin is the fastest and the most accurate one. 

The network of computers which holds the copies of the blockchain is called a node. A Bitcoin node has the fastest speed as it periodically updates after every 10 minutes and maintains a record of every transaction that is publicly available. Bitcoin nodes implement the network’s unanimity rules while interacting with one another.

Most Secure Cryptocurrency

To wipe Bitcoin out of existence, you have to do the following:

  • Turn off the worldwide internet connection and the electricity grid system simultaneously.
  • Delete every single Bitcoin node that is assisting in circulation right now.

Of course, both tasks are impossible, making Bitcoin a highly secure digital asset. 

There is a term called “Hash Rate,” defined as “the unit of measure of the bitcoin network’s processing power.” A high hash rate is critical for bitcoin’s safety because it prevents 51% attacks, which occur when a single person controls more than 50% of the mining power, allowing it to double charge and freeze transactions. 

Conclusion

No matter how famous altcoins become, they can hardly surpass Bitcoin as it is the oldest one in the market. New technologies and systems are based on the functionalities of Bitcoin. Investing in altcoins is beneficial as you should diversify your portfolio and try more options. But, do your research before investing in other currencies, as not all have the same security system as Bitcoin. Not everyone can become a bitcoin billionaire, but it is still considered the safest option to start your trading journey,

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.