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What makes bitcoin different and more appealing than other cryptocurrencies?

What makes bitcoin different and more appealing than other cryptocurrencies?

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Asked by H.Donna, Last updated: Jul 01, 2020

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K. Keturah

K. Keturah

Answered Oct 21, 2019

Since the creation of bitcoin in 2009, a lot of cryptocurrencies that look very similar to bitcoin have also sprung up. Although they are designed to operate in a way that looks very similar to bitcoin, the fact still remains that bitcoin is different and more appealing than other cryptocurrencies. First, bitcoin is the first decentralized payment system that does not require a third party. It is not controlled by the government neither can it be regulated by any bank.

It gives you a chance to convert your money into bitcoin and store it, and at the same time, you can invest it. With this, you have total control over your money. The type of algorithm being used by bitcoin also makes it more appealing than other cryptocurrencies. There are only 21 million bitcoins; this means it can be easily managed and controlled. Bitcoin also ensures that your activities on the network are secretly done; no one has the right to your account. Although all cryptocurrencies are volatile, bitcoin is not as volatile as the rest.

 

h. George

Government employee and a part-time content writer.

H. George, Copywriter, MA in English, California

Answered Feb 26, 2018

Bitcoin is different and more appealing than other cryptocurrencies because it has been around for eight years without any failures so far and it has proven to be a secure network. Bitcoins are easier to buy, store, and sell because they are more recognizable than their competitors and there are more places to buy and sell Bitcoins. Often the only way to buy another cryptocurrency (or an altcoin) is to first buy Bitcoin and then exchange it.

A maximum of 21 million Bitcoins are available, much more than other altcoins. But, as Bitcoin keys get lost, less coins will be available over time and Bitcoins will be rare and therefore more valuable. And lastly, Bitcoin has a larger support team in terms of software and hardware.

 

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