Bitcoin (BTC) remains the number one cryptocurrency in the market and has the largest market capitalization of any crypto.
Since the inception of Bitcoin, several other promising cryptocurrencies have been created, leading to debates.
A prominent argument is the question of Bitcoin being the best cryptocurrency to invest in.
Despite their promising potential, no other cryptocurrency has been able to beat Bitcoin in terms of price and market capitalization.
So, I will discuss what makes Bitcoin the primary cryptocurrency to bet on and the factors contributing to that.
What is Bitcoin?
Bitcoin is a cryptocurrency designed to create another form of payment that removes the need for third-party intermediaries.
Bitcoin developed on the need to disrupt the financial ecosystem by providing a payment option that wasn't under the control of the government.
An anonymous developer named Satoshi Nakamoto developed Bitcoin and introduced it to the public in 2009.
The creation of Bitcoin led to the usage of blockchain; it can only be traded, distributed, and stored using the blockchain.
A blockchain is a decentralized ledger system or a shared database where data is stored.
Bitcoin uses an SHA-256 hashing algorithm to encrypt its data on the blockchain; its data is stored in blocks.
Factors That Make Bitcoin The Best Cryptocurrency In the Market
Bitcoin has many reasons for being arguably the best cryptocurrency one can invest in. They are
Large User Base
Despite Bitcoin's price today, the cryptocurrency still has the industry's largest community and user base.
More companies accept Bitcoin as one of their payment methods than any other cryptocurrency.
Regarding wallets, Bitcoin has more wallet addresses than other cryptocurrencies, with more than 60 million wallets.
In a nutshell, Bitcoin has more people using it daily than any other cryptocurrency. With more people using crypto, you should buy Bitcoin today as many investors are increasing their portfolios.
Highest Adoption Rate
One of the things that makes Bitcoin a better cryptocurrency to invest in is that many companies are adopting it more than any other virtual currency.
Microsoft, a tech giant, is among the companies that adopted Bitcoin as early as 2014. Other companies allowing users to pay with Bitcoin include Overstock, Tesla, Virgin Airlines, Twitch, and many others.
The adoption Bitcoin enjoys makes it a more viable cryptocurrency to invest in, as many big companies trust its potential.
Because of adoption, Bitcoin enjoys more stability than most other altcoins. If you check Bitcoin's price today, it still needs to be equaled by another cryptocurrency.
Less Volatility than Altcoins
Especially for beginners, Bitcoin is more viable to invest in than other cryptocurrencies because it is less volatile than most altcoins.
A primary argument that those who prefer altcoins make is that altcoins allow you to make more profit whenever they moon.
When evaluated, such an argument is only valid by a small percentage.
Most of the altcoins in the market increase in value whenever Bitcoin increases and decrease whenever Bitcoin has a slight decrease.
Whenever Bitcoin rises, some cryptocurrencies even moon by a higher percentage, the same with when Bitcoin decreases.
Assuming you check the price of Bitcoin today and see that it is on a negative 2.5%, most altcoins will probably be on the negative of more than 25%.
This is just an analysis of how the price of Bitcoin can significantly affect other cryptocurrencies, making it a better investment.
If you are a beginner or long-term investor and want to buy Bitcoin today, it is a better option than other cryptocurrencies.
Bitcoin is arguably the most popular cryptocurrency in the world, and more people use it than other cryptos.
The coin has more market capitalization than other cryptocurrencies, more users, and less volatility than most altcoins.
This doesn't mean altcoins are not profitable, but Bitcoin investment is mainly for beginners and those investing long-term.