3 Reasons Why Bitcoin Will Remain the King of Crypto
Bitcoin is still making news for being the king of the crypto industry. Regardless of the love and hate, you have for the coin, you will agree that it has dominated the world for a few years in the market. Experts believe that this will continue in the coming times as well. The advent of the coin has led to the birth of the crypto industry in the world. Within this domain, we see many more crypto-based projects are now dreaming of becoming one and then taking the king’s place to make a new king. According to bitcoins-trader.de, there are more than 15K types of coin in the world, and some of these coins include ETH, BTC Cash, Ripple, or Litecoin, which are now fighting daily to surpass this coin. However, they are far behind in beating the coin with their value. However, their fame as Bitcoin is a different issue to celebrate. Experts feel that the coins like these will remain on the top for the following three reasons.
1). BTC leveraging over its first-mover benefit
It came in 2009 by a man called Satoshi Nakamoto, the mystery man in the world. The coin can benefit the best with several benefits attached to the same. It has come like a true revolution giving birth to the entire industry and the crypto king’s right. It has remained in this domain by its self-creation in the market. And it gives the best benefit over its competitors. Over the past many years, the coin has maintained its edge in the market. Bitcoin can lead the market with a huge gap compared with other coins. The success of BTC has been in the market for more than 12 years, and it has given confidence to the people allowing it.
Owing to the ever-increasing number of users in the world when we compare it with the added number of users of another crypto, Bitcoin also has an edge compared with the benefits from other network effects. It is known as Metcalfe’s Law. It will help come along with stipulating over the network proportional to many more square as per the users. The law helps in assuming the homogeneity of the network nodes that carry the right kind of agents or objects in the market. The network utility is seen increasing as per the new users, and these remain greater while using Bitcoin as we see them entering the crypto world.
2). Bitcoin is Completely Decentralized without having any leader
Bitcoin remains the completely new digital coin in the market, and it has one decentralized option without any leader in it. Bitcoin comes without any permission or trustless Blockchain system. Bitcoin is the most popular crypto globally and is an entirely decentralized coin in the market with no one to follow. Bitcoin is for everyone, and everyone is there to decide how to make it a node to its network. One of the vital features of Bitcoin is that it remains resistant to censorship to many more competitors. Government in different parts of the world is away from keeping it from the advent of the coin.
3). Innovation with BTC remains permanent
The competitor of Bitcoin often slams the coin in a big way, calling it an outdated one. Bitcoin acts like a PoW that leads to electricity consumption like anything. Energy consumption is needed to produce new Bitcoin, making the coin very much valuable. Some also argued that Bitcoin would not support the transactions per second, and these people will never understand that BTC is one crypt with issues like scalability owing to big numbers and users of the coin coming under Blockchain. Crypto now claims that more than 100K to 1 M transactions are taking place in the market using BTC. So no one will be able to play with it when we talk about the features like support and functionality. The core thing is that the software of Bitcoin is too heavy, and it demands higher energy to process and mine the coin. However, the strong community supporting the coin has made it infallible in the market.