How long will Bitcoin be a leader on CoinMarketCap?
Bitcoin has been considered the most recognizable cryptographer for years. He enjoys great popularity, which has allowed him to adopt the term “king of the cryptocurrencies”. Does he fully deserve it and does Bitcoin deserve it today?
A power struggle, or altcoin instead of BTC?
Bitcoin has a reputation in the industry that has given him an edge over other crypto players. Bitcoin’s leadership hasn’t been changed by any more projects based on this technology. Will altcoins manage to change anything about it? It’s unlikely, because of BTC’s popularity. Bitcoin is the longest on the market, which translates into its dominant position, which no altcoin can do so far. The crypto world is mainly based on Bitcoin, when most users learn about the world of virtual currency through BTC, and only later hear about other currencies. These, however, are not always as attractive as Bitcoin at first.
Although the crypto market also has other coins, which can outperform Bitcoin in terms of the possibilities offered (scalability or uniqueness of applications), they are not as recognizable as BTC itself, and this is prevalent when new investors appear on the crypto market. These investors often have not previously had to deal with the technology corresponding to the given currency and with the investment in cryptocurrencies itself. Their choice falls on Bitcoin, because it is the best known one.
The leader and all the rest
The role that Bitcoin has is unique. This is usually seen in the growing number of people joining to invest in cryptocurrencies. No other can enjoy the same recognition as Bitcoin, which only shows the importance of Bitcoin’s position in bringing into this world. This recognition also has a negative impact and often manifests itself in the inclusion of people who are only interested in quick profits.
Bitcoin is also a role that it has to play for itself. People often suggest themselves with the opinions of others, choose what most people choose, look for benefits where others do. They choose the best restaurants or exceptional services based on mass traffic. The same goes for Bitcoin. The more people talk about Bitcoin, the more recognizable it is. Everyone wants to make a profit this way.
Money without top-down control
In a closer examination of Bitcoin, its value as a decentralised currency should also be mentioned. It is not top-down managed by an entity or body, which makes it independent from the influence of financial institutions or governments. This is a unique plus in terms of freedom, privacy and currency independence, as shown by the example of Satoshi Nakamoto, the creator of Bitcoin, whose identity remains unknown.
At Bitcoin, your account defines your own crypto wallet. The wallet is blocked with two keys – public and private. The latter serves as the PIN. In this situation, only having a private key can decide on access to the funds, their temporary blocking or operations in the wallet. This works differently than in the case of banks, which through top-down management may have more or less influence on account operations.
Are altcoins equally intriguing? It depends on your currency strategy. The currencies using blockchain mechanics are based on trust, i.e. security, scalability and, like BTC, decentralization. However, it is not always possible to achieve this in a comprehensive manner. Ether, for example, is the most recognizable after Bitcon and supports decentralization and safety, and it loses its scalability at the moment.
Altcoins can be held to the detriment of those who are associated with their authors. The market would react negatively, as was the case with Bitcoin SV when Craig Wright said he was in possession of the keys to the fortune accumulated in Bitcoins, thus making BSV rates dependent on the mood that prevailed around the currency community at the time. Bitcoin does not have such a person who would be able to fluctuate the exchange rate. This feature is certainly missing from altcoins.
Is Bitcoin the best crypto available?
It’s influenced by several factors. Bitcoin gains more, but it does not have as much technology as other cryptocurrencies have, including altcoins. However, this does not affect the overall picture, which is the high recognition of Bitcoin and its main role in the further development of the crypto market.