Bitcoin has proven to be a useful store of value. Many coins try to differentiate themselves by defining themselves based on little-used uses, such as prediction markets, buying anonymously, or adding a decentralised name server.
Since Bitcoin has existed for eight years without fail, it has a large lead over every altcoin as a store of value. Bitcoin’s security has been proven many times over its much younger counterparts with usage exceeding that of altcoins in almost every metric. A Bitamp Bitcoin wallet could be considered the default option.
A number of exchanges, merchants, software and hardware support Bitcoin, making it more accessible. Bitcoin is far more liquid, with significantly higher volumes than all other cryptocurrencies combined. With more software and implementations than any alternative coin, Bitcoin has the largest developer ecosystem. It has the most entrepreneurs creating companies around it with a lot of intellect, dedication, and creativity focused on making it more useful.
Bitcoin not only has a much larger user base, development team, and mining operation, but also has a very large ecosystem of startups, open source projects, and entrepreneurs competing with it.
Bitcoin differs from other cryptocurrencies for several reasons. Below is a discussion of them.
- Network & Security
Due to its proven security and network effect, bitcoin is worthy of being modelled after by other cryptocurrencies. Compared to other crypto assets, Bitcoin has the largest developer ecosystem with more software and implementations.
Today, cryptocurrency security is one of the biggest issues. Despite this, bitcoin has proven its security over the past decade. Crypto investors love it because of this.
- Store Of Value
The bitcoin, known as ‘digital gold,’ can also be used as a store of value. Inflation can be hedged with both.
Bitcoin works as a store of value. Bitcoin is easy to buy with gift cards, credit cards, or cash, and you can hold it forever. Because of this, it’s been predicted as the future of money.
Cryptocurrencies like Bitcoin are the most accepted in the world today. It’s legal tender in places like El Salvador and CAR. Paying for things is possible with it.
Bitcoin is accepted by many companies and merchants all over the world. Its use case makes it more popular than other cryptocurrencies.
There aren’t many crypto assets as accessible as Bitcoin. More exchanges, merchants, software, and hardware support Bitcoin now.
Crypto exchanges like Binance, Coinbase, eToro, etc., allow you to buy and trade BTC. There are also P2P platforms where you can buy or sell Bitcoin. With digital exchange platforms like Prestmit, you can convert bitcoin to naira and get the best rate.
Today, Bitcoin is the biggest and most popular cryptocurrency. The fact that it’s different from other cryptocurrencies has made it top of investors’ lists.