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Why other cryptocurrencies might never beat bitcoin

The reason you’re reading this article is to find out why the other cryptocurrencies might never beat Bitcoin. Well, here are the main reasons why Bitcoin is a sustainable digital currency.

bitcoin cryptocurrency on table
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Many people describe Bitcoin’s rise as monumental in most countries. This digital currency continues to drive transactions in different human endeavor’s facets. Today, cryptocurrencies enjoy an expanding influence sphere. And this is exhibited in the numbers of their daily transactions.

Since its emergence back in 2009, Bitcoin has over 1,500 coins and tokens in circulation. The Ethereum network issued a significant percentage of Altcoins ERC-20 tokens. Bitcoin forks form a substantial portion of the others, such as Bitcoin Cash.

The reason you’re reading this article is to find out why the other cryptocurrencies might never beat Bitcoin. Well, here are the main reasons why Bitcoin is a sustainable digital currency.

Bitcoin Community Base 

Bitcoin doesn’t have a central authority to oversee how people mine, trade, or distribute it. Currently, Bitcoin has a community of enthusiasts. And these take several steps towards advancing Bitcoin’s fortunes. Among the factors that motivate the Bitcoin community include:

Volatility

Bitcoin price volatility is an aspect that draws the attention of most traders. Essentially, all cryptocurrencies are volatile. But, Bitcoin’s fortunes affect all the other cryptocurrencies. The Bitcoin community is mainly fighting off false information and misrepresentation of this cryptocurrency.

Tech Improvements 

The Bitcoin network is undergoing technical improvement continuously. And this network has aggregated contributors that include coin enthusiasts, users, reviewers, block producers, and developers. Platforms like https://immediate-edge.co are also part of these tech improvements. They allow Bitcoin users to access and trade this digital currency. What’s more, the Bitcoin community can’t control Bitcoin’s price in the crypto market.

Information

Information is among the forces that influence Bitcoin’s price. And Bitcoin community members continue to share information about this cryptocurrency. Currently, finding information about Bitcoin on the internet is more straightforward than getting details of other cryptocurrencies. And this information includes references and clarifications that people seek when they want to buy, sell, trade, or invest in Bitcoin need.

Bitcoin’s Transparency

Blockchain is a transparent network. And this attribute contributes to its increasing adoption in many organizational and economic segments. With this technology, Bitcoin users can track how people mine coins and evaluate transactions at any time. Ideally, users can access and track transactions to understand their nature.

For this reason, Bitcoin is suitable for different uses. The practical blockchain use makes it more attractive to many entities across the world. What’s more, new apps are showing that more innovations can work with blockchain transparency. And this indicates that transaction processing on this network is not opaque.

Real-World Uses

The real-world uses of Bitcoin are increasing. Bitcoin is among the most traded cryptocurrencies today, and merchants in different parts of the world also accept it. What’s more, people are storing this cryptocurrency in various wallets. And most tokens are ERC-20 compliant, and people are keeping them in Ethereum wallet.

Since Bitcoin was among the first cryptocurrencies, it provided a template that other blockchains now want to adopt. People see most emerging blockchain as improvements to the original design of the Bitcoin blockchain. And due to its transparency, blockchain is adaptable for verifying processes.

Supportive Technologies

A primary reason why Bitcoin is unlikely to disappear is the emerging supportive technologies. Some people see Bitcoin as a passing cloud. However, some are optimistic about it. That’s because more technologies that integrate Bitcoin are emerging. The focus of these technologies is on making this cryptocurrency safer, efficient, and scalable. Some companies have even come up with technologies that enable customers to complete Bitcoin transactions faster and safer.

Final Thoughts 

Bitcoin is among the pioneer cryptocurrencies. And it’s come a long way to become the most popular digital currency globally. The fact that it’s continually developing and its adoption is increasing makes it hard for the other cryptocurrencies to beat.

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