Why We Will Never See Another Cryptocurrency Like Bitcoin
Why BTC Claims The Number One Crypto Title
You have to say that the past decade has been one hell of a ride for Bitcoin. Well, it was actually 2009 when the world's first cryptocurrency was created. Satoshi Nakamoto, the anonymous male or female creator of Bitcoin, must sit somewhere smiling from ear to ear considering what he or she has achieved in the world of finance.
Fast forward 11 years and that creation has grown to become bigger than ever. It has led to thousands of other cryptocurrencies being created hoping to replicate the success of Bitcoin or being even better. Unfortunately for them, the latter has not yet happened and it will not happen. Why? Because Bitcoin is unique, a one-off, and a cryptocurrency that will never be replicated.
This article will explain why that is the case but first, let's look at some quick key points about the world’s leading cryptocurrency:
● Bitcoin (BTC) is a cryptocurrency
● It has a total supply cap of 21 million
● It is impossible to forge Bitcoin
● Not all of the 21 million coins are yet in circulation
● It is a decentralized currency, meaning nobody controls it
● It is transferred on a peer-to-peer basis
● Anybody can purchase and use Bitcoin
● The supply of Bitcoin decreases every 4 years
So What Makes Bitcoin Different to Other Cryptocurrencies?
As mentioned, thousands of other cryptocurrencies have been created since Bitcoin first burst on the scene, so what makes Bitcoin so different to them?
Upon the creation of Bitcoin, it was only a few people that knew about it and shared it about. Over time, it grew organically as word spread about the advantages of this cryptocurrency. As its exposure increased and more learned that Bitcoin would only increase in value because of its fixed supply, adoption of Bitcoin increased at a faster pace.
Today, Bitcoin is the phenomenon it is. The Bitcoin blockchain has expanded across hundreds of thousands of computers across the globe. Governments cannot control it, Satoshi Nakamoto has disappeared and the cryptocurrency now runs autonomously.
Bitcoin is unique because it is owned by the network and not a single entity. Any upgrades or changes to Bitcoin has to be agreed by the entire network. There is not one person at the top in control and therefore it is unlikely we will see another cryptocurrency come close to Bitcoin.
You can even earn free Bitcoin if you have the right knowledge. Now you may be thinking that you can do this by mining BTC, but investing in IT equipment to mine BTC is actually quite pricey these days especially since the network's block rewards halved recently.
Ethereum as an Example
While we could have chosen any other cryptocurrency to use as an example, Ethereum is probably the biggest competitor of Bitcoin right now. This is why we wanted to compare them side by side to show you how Bitcoin is unique.
Ethereum has been around since 2015. It was not created by an anonymous person. Vitalik Buterin was the creator of what has become another successful cryptocurrency. He has complete control over the network and nothing changes on the blockchain unless he has the final say.
Why is this a bad thing? Well, this theoretical example should explain it. It is far-fetched, but go with us for now.
Imagine if some country was funding a well-known terrorist group that was consistently attacking other countries. Now, if they used the USD fiat currency for their transactions, it would be easy to spot and stop. The US could easily freeze all transactions and they solve the problem.
If they used Ethereum again, while it might be a little more difficult to detect, once it was, it is easy to stop. The US knows who controls the Ethereum network, Vitalik Buterin. Find him, pressure him, and he will have no choice but to roll back the Ethereum blockchain to cancel those transactions.
Now, if they used Bitcoin, there is nobody to call, nobody in control. They could not be stopped.
Of course, we are not suggesting this should happen. We are just highlighting the fact that Bitcoin is the only totally decentralized cryptocurrency. All other cryptocurrencies are controlled by somebody or a company, so cannot be considered decentralized.
Bitcoin is, and that is why we will never see another cryptocurrency like it. It will only grow bigger too. Bitcoin will always be the biggest and best cryptocurrency, so if you haven't jumped on board yet, now might be the time to do so.