The virtual currency business is at its peak, and investors are interested in investing in building their own cryptocurrency. The stats show that not all cryptocurrencies manage to win the support of people, like bitcoin and ETH. Many digital currencies launch but fail to succeed in the virtual currency market.
Bitcoin is a virtual currency that is prominent is in the cryptocurrency market as a trendsetter. It was the first digital currency that changed the means of transactions. Most of the people in the world rely on banks and other financial service providers in order to make payments across the world. The emergence of bitcoin has challenged the traditional payment methods, the technology behind bitcoin is blockchain, which is the key player in escalating bitcoin to its peak.
Blockchain technology is a newly emerged system that enables the recording of information in such a way that it becomes impossible to hack, manipulate or breach the system. The blockchain network records transactions digitally, it is a type of spreadsheet that holds information of multiple transactions. There are blocks that contain information and each block is connected to the previous block, the chain on various blocks makes a blockchain.
Advantages of bitcoin
The most obvious and apparent advantage is blockchain decentralized infrastructure and ensures the privacy of information to its maximum extent. The way blockchain process and secure transactions, it is hard to find an alternative that works as well as blockchain. Bitcoin was the first cryptocurrency ever introduced in the digital currency market in 2008. The legacy of bitcoin over more than ten years makes it a special cryptocurrency. People consider bitcoin as a more reliable digital currency as compared to altcoins.
Secondly, bitcoin makes it possible for almost everyone to send and receive payments all across the world with no time constraints. There is no Government, no centralized body, no middleman involved in transactions. The people involved in transactions are direct to each other. The threat to identity theft is minimized to its maximum level. The transaction fee charged on transactions really bothers the businesses and individual, the traditional payment method charge high transaction fee, but bitcoin-only charge a very little amount of fee, which is not even much considerable.
Bitcoin serves as the most secure network as compared to banks and other financial service providers, as the control of the transactions is in the user’s hand. There is no trick through which traders can charge extra fees to consumers. Plus, it is not important to reveal personal information while using bitcoin as a payment method. Another interesting fact about bitcoin is that no one can see personal information while dealing in bitcoin, only completed transactions would be visible and accessible.
Advantages of bitcoin over altcoins
Bitcoin as a cryptocurrency is considered a money-making machine due to its high volatile nature. There are many altcoins that are volatile like ETH, Binance coin, Ethereum classic, NEO but, bitcoin price volatility is far ahead of the other virtual currencies. The pace at which it has grown over the last few years, making thousands of people rich in its way to success is remarkable and incomparable.
The accessibility element of bitcoin makes it different from other digital currencies. Bitcoin is available in almost all well-reputed trading platforms like “bitqt official site”. The demand for bitcoin is not comparable with other altcoins, it would take years for some altcoins to get as much popular as bitcoin. Both software and hardware support.
Bitcoin influence the whole crypto market, when there is a price movement. Bitcoin is used to exchange other cryptocurrencies, as a result, bitcoin dominates the virtual currency market, as the US dollars dominate the trade market. The market cap of bitcoin is not even near to any altcoin, recently the bitcoin market cap crossed $ 1 trillion.
There are many virtual currency traders that prefer altcoins over bitcoin, but the fact remains the fact that bitcoin is the most used, most traded, popular, and profitable digital currency. Investors are more interested in bitcoin as compared to altcoins when it comes to earning returns. Tesla and Square both invested millions of dollars in bitcoin, not in altcoins.