Since Bitcoin’s launch in 2008, we have seen a plethora of alternative cryptos entering the market. We saw an enormous amount of interest towards the end of 2017 with the massive Bitcoin price increase.
The Bitcoin price subsequently dropped after manipulation on the CBOE futures market. The following are 4 reasons why Bitcoin is the best cryptocurrency for the world, and why this will be the case for the foreseeable future.
Any time that a central figure is given too much power, they invariably become corrupted or, at best, make poor decisions. This is the whole point of the checks and balances found in Western nations between the legislative, executive, and judicial branches of a government to maintain the balance of power. But pure decentralization goes one step further without needing a system of checks and balances – the balance of power is contained within the code. This is what Bitcoin has done.
No other cryptocurrency is decentralized like Bitcoin. Ethereum revolves around Vitalik Buterin. Tron revolves around Justin Sun. EOS has already undergone a complete governance crisis. Ripple has a corporate infrastructure and is owned by the company started by Jed McCaleb.
Bitcoin is the only truly decentralized cryptocurrency that cannot be taken over by governments, corporations, or hackers. It is the most democratic, decentralized, and egalitarian platform to build a new financial future for all planetary citizens.
In order to create a new world of fair finance, the global public needs to rally around a single cryptocurrency or, at least, a small number of core cryptos. If people keep switching their allegiance to the latest cryptocurrency that comes along, nothing will ever change. Bitcoin has the brand awareness that global citizens can rally around. It is the most known and adopted. It is easy to set up a wallet, to buy it on any of the major exchanges, and to sell it to other people. In other words, it is already the largest crypto with the biggest usage, and it makes little sense to prefer niche cryptocurrencies – there is strength in unity.
Many are claiming that Bitcoin is deprecated and that there are superior technologies available. But this is simply not true. Newer coins make a large number of claims in saying they are faster, cheaper, and more scalable. But most of these claims are based on test networks that haven’t experienced live traffic.
Bitcoin, on the other hand, is already working, supporting millions of wallet transactions. It has also survived over a decade of attacks by institutions and politicians who are heavily invested in the existing financial system. It is unlikely that any other coin would have survived this onslaught – to do so, the network needs to be completely decentralized so there are no weak points.
The Bitcoin Lightning Network is getting stronger and stronger. When widely adopted, transactions will be cheap and near-instantaneous. The TapRoot and Schorr upgrades will also assist in keeping the network private while also massively reducing transaction fees. These proposals will take a while to be implemented. But when they are implemented, Bitcoin will be fast, free, and fully private. In other words, there will be no need for other cryptos. The Bitcoin price is expected to increase following these upgrades, as well as the 2020 halving event.