Through this article, we will explain how Bitcoin was/is always a good option to use in this crypto industry and also it is unique from every perspective in the whole world.
Right now, at the time of writing this article price of Bitcoin is $33,500 and this price is 29,247% high from its launching. After the launching of Bitcoin, many crypto assets entered, obviously all of them were either copies of the Bitcoin open source code or followed the concept of Bitcoin with some new technology concept for example Ripple (XRP), Litecoin (LTC) etc.
In the present time, Bitcoin is still in a number position and no one coin can go against Bitcoin dominance in this crypto Industry. However, there is Ethereum, which is known for its unique feature of Smart-contract. Ethereum was the first crypto blockchain network in this crypto industry, which introduced the smart-contract concept, to allow other developers to create their own crypto assets easily. Here Bitcoin is available in this crypto industry without any smart contract, NFTs feature support but it is at the top because of the potential of the network, ease of access, simplicity, and decentralization Trust. Let’s discuss these factors one by one.
Potential of Bitcoin network
No matter what is scalability and rate of transaction confirmation speed of the Bitcoin network. But one better thing is the capacity of the Bitcoin network to handle unlimited numbers of transactions.
At present, Timme majority of the crypto blockchain networks are showing their potential with their ability to show support for third-party platforms like NFTs, Defi exchanges, etc. But the majority of them are failing because of the huge load. For example, Solana is the most highly scalable crypto blockchain network but still many times Solana Network went offline because of such increasing load on the network.
So here we can say the new technologies, which are trying to give a very big competition against Bitcoin or Ethereum like blockchain networks are still in the very initial phase and these are in the experimental phase and we can’t trust this new technology blindly.
On the other side, Bitcoin is/was always online in the internet world because of decentralized miners’ support. In history, Bitcoin faced a huge network load but never went offline for a while. For once, Bitcoin Network was facing a slow confirmation rate of the transactions but it never went offline against load. So the real potential is existing with bitcoin and Ethereum like blockchain Networks with Proof-of-work Consensus as the best choice.
Ease of Access to the bitcoin network
In the in-ground reality, if we will check the simplicity and use of Bitcoin then we will find that Bitcoin is the simplest Blockchain network.
No matter what the reason but real use case in practical life is everything.
The community of Bitcoin is very big, even Bitcoin is decentralized and out of the centralization of any company.
Due to its position at the first rank in the world, people are moving toward Bitcoin investment and also investment in other crypto assets on the exchanges directly.
But if in any situation, a person will try to hold his crypto in his wallet then it will be best for the Bitcoin buyers.
Here for a while, it may a confusing thing, but here the 100% ownership of your bitcoin will be possible in that case, where you will hold your Bitcoin on its private key, not on exchange.
Due to better community support, there are members of Bitcoin wallets available, where people can easily store Bitcoin with full safety. However, the same thing will generate a lot of tension to create wallet and store crypto assets in the private keys.
Here we can’t blame every crypto blockchain network that is not as simple as Bitcoin. There are still a few particular numbers of blockchain networks available, which are better in terms of easy access of private and holding assets. The best example of it, is Solana wallet, Sollet.io.
The simplicity of the Bitcoin ecosystem
No doubt that many blockchain Networks are available with unlimited numbers of abilities to unlock the features to use for the community. But in reality, these features are giving birth to new complexity to use the same network.
Due to better community support and limited numbers of reliable features, the Bitcoin ecosystem is much better to understand.
Here we can take an example of the Binance Smart Chain (BSC) network. Binance coin ( BNB coin) is the native token of the BSC network but its token is available on the Binance chain network and Binance Chain network. Both of these two things are owned and backed by the same project team of Binance exchange but still, these differences are creating a big headache for the new users to understand the ecosystem.
If a user will try to buy any coin on any of the decentralized platforms of the BSC network then that person needed to spend BSC network-based Binance coin, not Binance chain network-based Binance coin. So here simplicity of Bitcoin is making these types of annoying things away.
Decentralized Bitcoin Trust
Besides standing at the first position in the crypto industry, Bitcoin has top-ranked decentralized support in the world. On one side Bitcoin is decentralized to give trust to the world to use Bitcoin tension-free, then on another side, it is giving a blind trust to go with Bitcoin adoption without any overthinking. Here this fact sounds dramatic to consider but in actuality, it is most important.
The Trust of Bitcoin on the whole is at that level where no one country can think to adopt any crypto-asset except Bitcoin as a currency. The basic trust concept of Bitcoin is decentralization in the network. Higher the decentralization higher the trust.
Right now El Salvador is only the country, which adopted Bitcoin as legal tender (the official currency of the country). Even transactions fees in the non-bitcoin-lightning-network mode are high but still, Bitcoin goes under adoption as a currency.
Reportedly Charles Hoskinson, founder of Cardano blockchain Network, proposed his idea to push the adoption of Cardano as a payment option in El Salvador. However not many details are available on this matter but he failed to convince the government, even Cardano is much better over the Bitcoin network except in terms of decentralized support.
Better support and the high scale decentralized nature of Bitcoin is making Bitcoin number one. However, there can be a number of better blockchain Networks but here Bitcoin have more trust than any other crypto blockchain network in terms of decentralized blockchain network list and this is making Bitcoin the most unique crypto asset.