There are a lot of reasons why Bitcoin has the largest market cap of all crypto currencies out there right now.
Some obvious ones being:
- It created the space
- It's been time tested, and the blockchain has been rock solid and unhacked since it's inception
- It has a finite supply of coins
- There are some of the best minds in the world continuously working to improve it
- Millions of dollars worth of man power and money have been used to launch ventures that aim to capitalize on the chain by working towards widespread adoption by solving real world problems.
- It's provided a way to deliver decentralized trustless truth
Thank you Captain Obvious!
We all know that Bitcoin isn't perfect and right now slow transaction times, high fees and the governance structure can make other solutions seem like better options at times. The thing is, whenever I hear how such and such coin will pass Bitcoin I have a hard time seeing it. At least at this point in time.
So what's my one more reason to add to the list? Well, it's the fact that Bitcoin now has it's ledger continuously being broadcast down to Earth from space. That's right, since August, anyone with the right setup can keep their bitcoin ledger up to date anywhere in North America, South America, Europe and Africa with the rest of the globe coming online soon. Blockstream, the company behind the initiative, is looking to make sure that the blockchain remains decentralized and available to anyone, anywhere.
Ultimately, the decentralized nature of Bitcoin will be what allows it to put fiat currencies into the ground. In order to survive the attempts to regulate and restrict it's use, that decentralization has to be unquestionable. What Blockstream is doing is taking that next step in not only spreading out the reach of Bitcoin so all can participate, but also, making the blockchain that much more powerful and resilient.
With the ability to access the blockchain anywhere in the world with equipment that you can round up for under $100, there just isn't anything that governments will be able to do to prevent it's use. It's another step down the path towards the inevitable.
It is important to note that you can only receive the blockchain through the satellite network at this point, you can't actually send transactions, but in time you will be able to. With the ability to initiate transactions on the blockchain via SMS and normal means it still makes adoption much easier for those places in the world that it can benefit. If you're interested in checking out what it would take to build your own, check out this post.
So, while it may be easy to point out the flaws in bitcoin and the virtues of coins that may perform better than it in certain areas, don't forget that this blockchain is backed by some really serious minds, man power and technology that have been vested in seeing it succeed and reshape the state of things for many years now.
Just something to always keep in mind as the space evolves.
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