Why Bitcoin Has the Highest Influence on the Cryptocurrency Market
The recent Bull Run shows that Bitcoin’s market has revealed its ability to withstand the test of time to investors. For this reason, many people have regained trust in this cryptocurrency. And this explains why almost everybody wants to purchase Bitcoin. Today, most people see Bitcoin as a financial revolution.
Investors look for alternative investments with the potential for considerable profits. And Bitcoin has shown this potential with its ever-increasing prices. Today, investors and traders are flocking platforms Immediate Edge, for more you can click here to purchase and sell Bitcoin for profits. While the world has many cryptocurrencies, Bitcoin has remained the most influential digital currency. And this is not without reason.
What is Bitcoin?
Satoshi Nakamoto launched Bitcoin back in 2009 as a digital currency. Satoshi’s goal was to introduce a payment system that people would use online. That’s why there’s no physical Bitcoin. Essentially, Bitcoin resides online.
Satoshi disappeared shortly after introducing Bitcoin. Up to now, the identity of the entity that introduced Bitcoin remains a mystery. Nevertheless, Bitcoin’s popularity has continued to grow over the years. Some people argue that Bitcoin will eventually become a universal currency that will allow users to exchange value without intermediaries.
According to Satoshi, the traditional financial system will eventually fail because it depends on central banks and governments. Bitcoin uses peer-to-peer technology to facilitate transactions. It also has a limited supply that gives it a hedge against government-occasioned inflation. What’s more, Bitcoin’s decentralization opens the online economy to anybody in the world.
Today, Bitcoin has dozens of users and miners that have created a trillion-dollar system. Bitcoin has revolutionized finances, offering an alternative for governments and banks to some people. Here’s why it has the most significant influence on the crypto market.
It Was the First
Bitcoin was the pioneer digital currency. And this game it a lot of weight over the other cryptocurrencies. Essentially, being a pioneer enabled Bitcoin to establish strong roots in the industry. Early adopters saw Bitcoin as secure value storage. Its popularity began before developers could create some of the other cryptocurrencies.
Arguably, Bitcoin is the digital currency that introduced cryptocurrencies into the mainstream. The concept behind this digital currency appeared simple, but it has attracted attention from many people the world over. Some people love Bitcoin because of the potential that the technology behind it has.
Most Altcoins Copied Bitcoin
The increasing value and popularity of Bitcoin prompted developers to come up with their versions of electronic currencies. Today, many Bitcoin clones are competing with it. For instance, Litcoin was the second cryptocurrency to appear in the market after Bitcoin. This cryptocurrency uses Bitcoin code, and the developers want to make it faster and lighter. Other closes include Bitcoin Gold, Bitcoin Cash, and Bitcoin Diamond. All of these try to be better than Bitcoin. Unfortunately, Bitcoin always leads, and they follow.
A Secure Network
A proof-of-work mechanism that creates a secure Bitcoin network is also responsible for Bitcoin’s strong influence on the cryptocurrency market. This mechanism has ensured that over 18 million people are participating in Bitcoin mining. Essentially, blockchain technology creates a public ledger that records every transaction that the miners verify.
The high number of participants in Bitcoin’s decentralized network ensures flawless security of this payment system.
Being the first cryptocurrency makes Bitcoin a pioneer. And this has earned it a better position in the market than the other digital currencies. What’s more, Bitcoin has more miners and users than the other virtual currencies. The ever-increasing price and popularity of Bitcoin make it the leader, with traders and investors relying on its trend to make trading and investing decisions.