Cryptocurrencies have brought a novel model of transacting that is changing the perceptions in the business. Bitcoin has single handedly impacted the Cryptocurrencies transactions with its volatility. In January 2017, Bitcoin traded at $ 800 and has hit a $ 17,900 as of December 2017. The fluctuation and increase in the value has made the Bitcoin stand out compared to the other cryptocurrencies. However, there are some factors that make Bitcoin stand out compared to other cryptocurrencies.
Secure Network
The one outstanding advantage of Bitcoin is that it has maintained an effective network that is secure. Utilizing the block chain phenomena, Bitcoin has been able to maintain a network that has seen the verification of its transactions remain steady, fast and reliable. The block chain strategy has enabled miners benefit from the transactions verification by retaining a percentage of the total transactions done.
Mining
Bitcoin mining has contributed hugely to its popularity and reliability. Miners, who are the transactions’ verifiers have led to a prolonged unintentional marketing of the coins. There are two ways to acquire Bitcoins; mining or buying/selling of services or Bitcoins. Miners get their share based on the number of transactions that have been verified. The consistency and reliability of the transactions can be attributed to the system in place that ensures that miners have to wait for 99 more blocks of transactions to be processed for them to get rewarded. This way, the participants are always keen to ensure that the rules are maintained. The rewards also ensure that the currency is ever in circulation, therefore increasing on the coins popularity.
Store Value
Bitcoin’s store value has maintained a proven usage case. Most coins try to carve out their usage to smaller use cases so that the differentiation ensures that the market is predictable. Having existed for over 8 years without failure, Bitcoin maintains the largest store value. Bitcoin, therefore, has retained a reputation of a secure coin compared to its much younger counterparts with higher metric usage. This has made it the most popular coin for completely anonymous transactions that require a centralized name server.
Accessibility
Its accessibility compared to competitors has given it an edge. There are more exchanges, more hardware for mining, more merchants and more software compared to other coins. The developer ecosystem for coin is the largest and has higher implementation compared to other coins, thereby giving it more liquidity and transactions that are of larger volumes. This has made it the most entrepreneurial coin in creating companies.
Skyrocketing Prices
As one of the oldest coin, Bitcoin has gained much popularity lately due to the skyrocketing prices. As a pace maker, Bitcoin is viewed as the ideal coin that will define cryptocurrencies. Its presence in the global market makes it unique as the traders are distributed around the world. This ensures that the prices are fluctuating around the clock, thereby making it an ideal coin for transactionsRegarded as the largest user base in the cryptocurrencies, the development and mining team of the coins have ensured its presence on the top of the cryptocurrencies.