This post is for the people who do not understand, why Bitcoin still is the most valuable Crypt0 and why it will continue to be so.
Yes critics, you are right. Bitcoin is an old fart and your favourite Cryptocurrency is way better than Bitcoin.
In fact, Bitcoin is beaten in almost every aspect by other cryptocurrency. Some examples:
No problem sir. Here you go.
Bitcoin is the Crypt0 that has existed for the longest time, with the biggest user base, providing the biggest value to be stolen. As such, it is also the network that has been attacked and thus tested the most. No code is as safe as code that was tested in a productive system. Especially not if this system manages money worth 70 billion USD.
Bitcoin is a very simple protocol, which only provides you with a very limited set of functions. This is a good thing! Why? Because the less functionality a system provides, the easier it is to keep this system secure, respectively the smaller is the chance that a developer makes a mistake. That's also why paper wallets and hardware wallets are considered to be so secure. The less functionality provided, the less possibilities for a hacker to find a loophole in one of the functionalities. Ethereum for example has another strategy, providing a huge amount of functionalities. This is a cool thing and I love Ethereum, but this is also what results in things like the DAO Hack or the Multi-Sig Hack.
This is the most important of all the reasons. The network effect. It is what you experience with social media, when you want to change your messenger, but you cant because you would need all your friends to move to the new messenger with you. This is the fact that the value of a network increases exponentially with the amount of users using it. This is the reason why Microsoft fails to create a Smart Phone OS and why Linux fails to create a Desktop OS. (Developers don't develop Apps for them because the user base is not big enough, but the user base doesn't grow because there are not enough Apps for the OS). There are many examples like this.
For Bitcoin this means that if someone starts to accept Crypt0, it will start with BTC (Even Storj for example, accepted Bitcoin for payments even before they accepted the Storj-Token itself). Systems like bisq.io use Bitcoin as its base currency, Bitcoin ATMs are spread all over the world, there are even a satellites sending the bitcoin protocol to places where there is no internet. New applications like Open Bazaar use Bitcoin. Even Ransomware uses Bitcoin, although Monero would provide much more anonimity (just because they know it is easier for their victims to get BTC than any other Crypt0).
The network effect also makes Bitcoin more secure, attracting the most miners and thus achieving the biggest Hashrate of all Crypt0s.
Do you see the pattern? It's a never ending circle of adoption. New things are developed for Bitcoin before they're developed for any other crypt0, just because it has the biggest user base. Bitcoin's user base grows, just because people want to have the Crypt0 that new things are developed for. The network effect is something that is extremely hard to beat by any competency and is the reason why Bitcoin will keep being number 1 for the coming years.
Happy Hodling!
