Bitcoin is the first successful cryptocurrency with the latest and most advanced computer code. The bitcoin network ha been operational for 99.998% of the time with no hacks. Other cryptocurrencies try to replicate its success, however, they are often controlled by a person or company. This makes them much less secure, because people and companies often get corrupted. In addition, the programming code is new, thus vulnerable to exploits and hacks.
Here are several reasons how Bitcoin is better than other cryptocurrencies:
- Bitcoin has the biggest network of users
This means it has the best security. The more users a cryptocurrency has, the harder it is to be brought down. Other cryptocurrencies are backed by fewer users and that makes them easier to be hacked. Basically, alternative cryptocurrencies have a higher risk to be hacked or manipulated.
- Bitcoin is truly decentralized
Bitcoin doesn’t need human assistance to run. No one can control it. Even Satoshi Nakamoto, the creator of Bitcoin, cannot control it. In fact, he disappeared in 2010. Other cryptocurrencies have founders, CEOs, and other central points of control. For example, XRP Ripple’s leadership or Ethereum’s Vitalik Buterin. This is a risk, as people with power tend to get corrupted.
- Bitcoin is the most technologically advanced cryptocurrency
Bitcoin is the first cryptocurrency project. It has the highest number of active developers (more than 825). They make sure the programming code is optimized to perfection and uses the latest technological advancements. Furthermore, the development of Bitcoin is open to everyone and follows the highest standards of programming.
Why Bitcoin has a much higher price compared to other cryptocurrencies?
- Bitcoin is very safe
The biggest mining network which assures Bitcoin can’t be hacked even by countries or corporations. This makes it an attractive investment for less risk-averse individuals and institutions
- Limited amount of Bitcoins available
The number of Bitcoin users has been constantly increasing in the last 12 years. This has drained the available supply of available coins, thus making their value higher
- Instant and nearly free payments possible
The Bitcoin lightning network allows for instant and nearly free payments. The country of El Salvador is using the lightning network to enable instant and nearly free payments.
To sum up, Bitcoin is faster, more secure, and cheaper cryptocurrency to use than the rest of cryptocurrencies. Bitcoin has withstood the test of time while newer cryptocurrency projects pose a technical, security and fraud risks.