Cryptocurrencies are a mishmash of technical and financial aspects, and the name of cryptocurrency is derived from two explicit terms. The foremost one is crypto which defines technology and security and the second one is a currency that determines coinage.
Undeniably the most popular cryptocurrency is bitcoin, as it introduced the cryptocurrency concept to mainstream market players. Beyond the shadow of a doubt, there was a life in the cryptocurrency before bitcoin, but Satoshi Nakamoto still utilized all these concepts and produced a hybrid currency named bitcoin.
Subsequently, there were tons of cryptocurrencies in the marketplace. After bitcoin’s popularity, the cryptocurrency industry was equipped with an exceeding extent of the crowd as ample cryptocurrencies followed the basic concept of bitcoin.
Crypto enthusiasts still wonder why bitcoin is the most popular cryptocurrency out of all. You can check NEXO for availing magnificent results in your bitcoin journey. Below mentioned are some of the factors demonstrating the fact why bitcoin is the most popular cryptocurrency of all, so what are you waiting for? Let’s have a glance.
Bitcoin Arrived First In The Game!
As established, Bitcoin introduced the concept of cryptocurrency to every possible tech-head, trader, investor, and mainstream market player. Bitcoin was invented in the year 2008, and undoubtedly there are few digitalized coinage models in the industry.
However, bitcoin was the foremost decentralized cryptocurrency equipped with decentralization and a fully peer-to-peer network aspect. Bitcoin utilized the concept of proof of work, smart contracts, and blockchain, which were already invented before bitcoin.
Bitcoin was released in the year 2009 as the foremost block of the bitcoin complex was mined in January 2009, and the second block was mined a few days after the mining of the foremost block, and the software of bitcoin was released somewhere in between that.
In a nutshell, bitcoin was the only cryptocurrency at that instance, and tech-heads or crypto enthusiasts had no other option rather than just accepting bitcoin. However, in a nominal time, bitcoin was the fan-favourite virtual asset as the cryptocurrency rendered an exceeding extent of profit in a nominal time.
Bitcoin Maximalists are the individuals who prefer bitcoin over any other digitized coinage. The fact might amaze you that there are more than 9000 cryptocurrencies in the industry at the instance. Still, the only likeable choice of these individuals is bitcoin; you might be wondering how bitcoin maximalists make bitcoin more popular than any other cryptocurrency.
This bitcoin maximalist put an extreme impact on the crypto enthusiast as they support bitcoin both in a bearish run and bullish run; all the more, these individuals keep passing statements in favour of bitcoin all day long. The fact might amaze you that bitcoin Maximalism is spreading like forest fire amongst the cryptocurrency industry, and there are millions of bitcoin maximalists across the globe.
Institutional involvement of bitcoin is correspondingly one of the prominent reasons why bitcoin is an extremely popular cryptocurrency in contrast to these altcoins; all the more, it is correspondingly possible for the valuable aspect of bitcoin.
Several multinational companies like tesla motors, galaxy trading, and micro strategy have invested a gigantic buck in bitcoin, and micro strategy is the leading public holder of bitcoin; following micro strategy, tesla motors and galaxy trading arrives at number 2 and three, respectively.
The institutional involvement and statement of significant market players regarding bitcoin have made bitcoin the most popular cryptocurrency of all time like no other cryptocurrency such as ethereum, finance, or any possible cryptocurrency is not equipped with that kind of institutional involvement of bitcoin. Not only bitcoin but technical aspects of bitcoin such as block are also correspondingly equipped with an extreme level of institutional involvement.
Flexibility and Acceptance
Bitcoin popularity has led to an extreme acceptance of bitcoin, which further leads to more popularity. Bitcoin is now considered as the hottest payment method at the moment; all the more, bitcoin is correspondingly accepted as a payment method through gigantic firms.
You might be familiar with the fact that Tesla did blaze the trail of accepting bitcoin as a payment method; all the more, Elon musk stated that tesla motors would retain bitcoin as bitcoin only.
These are some of the reasons why bitcoin is the most popular cryptocurrency of all.