Although Bitcoin (BTC) has technically been in existence for less than a decade now, the cryptocurrency has had a profound effect upon the planet. But with 1,500 new coins now popping up in its wake, many new blockchain enthusiasts question whether or not they should start at the bottom with a new coin. Throughout all of its volatility, however, Bitcoin has still stood head and shoulders above its competitors. For those who are trying to equate the situation to something analogous in commodity-backed fiat currency, one could even say that Bitcoin is the gold standard of cryptocurrency.
Bitcoin Sets The Mood
Some economists like to say that when the United States sneezes, the world catches a cold. This saying reminds us of American economic dominance in the world, and it’s not a bad analogy for understanding how the crypto markets react when BTC loses some steam. If you look at the charts, you’ll often see a plethora of bad altcoins tanking as soon as Bitcoin wobbles even a tiny bit. Meanwhile, the performance of altcoins doesn’t seem to have much of an effect upon Bitcoin.
Dominates The Culture
Although the topic of crypto has a tendency to pop into the news whenever it’s crashing or rallying, this hysteria does not represent the true crypto market. However, Bitcoin is the one word that news viewers have been seeing in waves since 2009 or so. And if there’s one thing that the crypto community can agree upon, it’s that we will need mass adoption of crypto in order to take things to the next level. At this juncture, Bitcoin seems to be the only crypto that has reached a certain stage of name recognition with the public. In fact, many in the public are completely unaware that other cryptocurrencies even exist. There’s no doubt that this hurdle will need to be defeated before crypto finally takes its proper place in the world.
From Strong Code to High Hash Power
As far as decentralization goes, Bitcoin is where it’s at. And since decentralization is what makes cryptocurrency so radical and transformative, this is why so many in the community continue to HODL (hold their bitcoins) even when the market turns downward at times. As attractive as new coins can be, one rarely sees memes about EOS and ETH at this point. Although there are a lot of exciting new projects in the works, many will continue to fall back on Bitcoin simply because it is so durable and trustworthy. It’s a name that people associate with success, and in an emerging market, this is more important than it may seem at first. With an initiative to improve privacy in the works as well, it seems as if Bitcoin is definitely positioned to stay on the crypto throne for the foreseeable future. After all, when was the last time you saw a Dogecoin ATM in Las Vegas?
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