Bitcoin’s elevated status within the crypto universe stems from the fact that it was the first cryptocurrency to enter the arena. Hence, many of the digital currencies that followed used Bitcoin’s blockchain technology to develop variations of the currency that got the entire market underway.
Therefore, you will find that a lot of these newer cryptocurrencies often solve problems that either failed to plan for, identify or address. However, despite this, Bitcoin still retains its status as the most important and high-profile coin within the entire digital currency space. It’s this brand recognition that is an important safety net for investors across the world.
In this blog, we will discuss a few things that make Bitcoin stand out within the crypto space.
What Makes Bitcoin Unique?
1) Being the bellwether
Pretty much every media organization bases its cryptocurrency predictions on Bitcoin. As such, Bitcoin can be considered the crypto equivalent of the S&P 500, and its performance will play a key role in determining the perception of the crypto sentiment. This unique status means that Bitcoin is always the center of attention, and a 15% dip in its price will have people wondering if it is the beginning of the end of the crypto bubble.
This attention also means that no other coin is subject to as many trades as Bitcoin, which has both its positive and negative side effects. Being the most traded cryptocurrency, Bitcoin will play a crucial role in deciding how your investments perform. An increase in price will certainly cause a rush in the Bitcoin markets, but a dip in performance will cause the price to fall lower than it should because of the negative momentum generated by that dip.
2) Being decentralized
Bitcoin has no startup behind its code that is trying to produce blockchain technology for a particular use, niche, or customer. Since Bitcoin is decentralized, its performance will not be determined by the performance of a specific startup.
Therefore, as a Bitcoin investor, you want to see the currency becoming more popular as a transaction tool. In other words, you want Bitcoin to become a vital tool for conducting business rather than becoming a vital tool for businesses.
Bitcoin is not the sole decentralized digital currency; it has several forks, which are currencies that were designed to address issues with the original Bitcoin code. These forks have gone on to become popular currencies themselves. Although the advent of other decentralized currencies might impair Bitcoin’s potential appeal, that is something that has not occurred yet.
3) Being synonymous with the cryptocurrency image
While every digital currency has a stake in the marketing and perception of digital currencies, no crypto has a better image and bigger fan-base than Bitcoin. In fact, it will not be wrong to say that Bitcoin has evolved into a fad. From t-shirts and merchandise to actual gold coins, Bitcoin now represents something far larger than itself: decentralization, liberty, freedom from a central government or authority, isolation, technical achievement, and, of course, riches. Far from a mere digital currency, Bitcoin has evolved to become a symbol of status – an evolution that helps protect its central position within the crypto universe since this imagery and following that surrounds Bitcoin helps sell the benefits and uses of this currency.
Final Word:
To conclude, this blog covered just some of the many factors that make Bitcoin unique – and, frankly, more desirable – than other digital currencies. If you want to enter the Bitcoin space and are looking for the perfect platform to help, get your trading journey underway, we strongly recommend checking out british-bitcoinprofit.org.
