Those of you who are interested in cryptocurrency will know we’ve come a long way from the days when Bitcoin was the only option on the market. Many coins have appeared since then – Statista shows we’ve gone from around 66 in 2013 to over 9,000 in the last ten years alone!
With so many new cryptocurrencies making themselves known, it’s a wonder that Bitcoin is still the king. It is easily the most valuable cryptocurrency on the market, working out at nearly 25 times more expensive than Ethereum down in second place. We’re keen to know why this is the case – what is it about Bitcoin that’s helped it remain at the top for so long?
Accepted At A Wider Range Of Retailers
As the original cryptocurrency, Bitcoin was made available at many retailers before any other cryptocurrency. Its sheer value means retailers are more likely to keep accepting it as it has the potential to be truly valuable.
Comparatively, not many sites will accept other cryptocurrencies. Some are allowed, but Bitcoin is accepted at huge online stores owned by massive brands. A few of the top companies accepting Bitcoin payments in 2024 include:
- Microsoft
- Shopify
- PayPal
- AT&T
- Twitch
These are huge names that everyone recognizes, which adds to the value and authenticity of Bitcoin. People see that you can use it at big places like these, so they’re more likely to buy it. The more people who buy, the more valuable the coin becomes and thus it will stick around at the top for longer.
Largely Accepted At Online Betting Sites
Another underappreciated point about Bitcoin is its role in online gambling. The gambling industry alone is worth billions and there’s been a rise in crypto betting. As you can imagine, not all sites will accept cryptocurrency – and most of the coins won’t be allowed. One thing you can guarantee is that Bitcoin will always be on the list of allowed crypto betting payments.
It’s accepted at thousands of betting sites without GamStop, American bookmakers and international casinos. Gamblers see it as a safe and secure way to move money – the connection to the blockchain means your payments and transactions are anonymous, so they’re not flagged as “gambling payments” as they might be on a debit card.
People love anonymity – and as gambling is such a huge industry, it stands to reason that the popularity of Bitcoin here impacts its overall popularity. Being such a big part of this new wave of crypto betting means Bitcoin will hold onto its crown for many years to come.
Bitcoin Can Be Traded Everywhere
Some cryptocurrency trading platforms will only let you buy or sell certain cryptocurrencies. Rare or newer coins aren’t always widely available – you may not be able to trade Dogecoin everywhere, for example.
Bitcoin, on the other hand, can be traded everywhere.
All crypto trading platforms will have it listed to buy or sell, which helps to maintain its huge value and significance. Think of it from this perspective; you’re new to crypto trading and create an account with a trading platform. The first thing you see is Bitcoin. It stands out, it’s right at the top, so you’re more inclined to trade it.
This happens all the time on every platform, so Bitcoin keeps getting bigger and bigger while many other coins are left in the dust.
Everyone Knows About Bitcoin
The main reason Bitcoin remains the king of cryptocurrency is simple: everyone knows about it.
If you asked a random person to name five cryptocurrencies, most of them would only be able to name Bitcoin. You might get Ethereum thrown in by a few people – and possibly a Litecoin or two too. The majority of people only know about Bitcoin; it’s the face of cryptocurrency.
In many ways, it’s clung to this title since the early days of crypto. Back when Bitcoin was alone flying the flag, and people first took notice of cryptocurrency and the blockchain. In these times, if you wanted to invest in crypto, Bitcoin was the only bet. It paid off for many people who became millionaires a decade or so later during the main Bitcoin boom.
Strangely, things like the Bitcoin boom help keep it at the top with a shiny crown lauding over all other crypto tokens. When there’s a market increase, Bitcoin is on the news. Nobody cares about the other coins as this is the one making headlines. We’re constantly fed loads of information about Bitcoin, so it becomes more well-known, more people trade it and it remains at the top.
Do we think there’ll ever be a time when Bitcoin isn’t the king of crypto? No. Another coin can’t get anywhere close to its value. It will always be the most expensive crypto asset, so it will always be the most talked about and covered coin. The crown remains firmly in place for now – and we don’t think it will ever come off.
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FAQs
Part of what makes bitcoin so valuable is its scarcity. Bitcoin's maximum supply is limited to 21 million coins. Currently, there are 19 million coins in circulation. To create supply, bitcoin rewards crypto miners with a set bitcoin amount.
Why is bitcoin the king? ›
Bitcoin's dominance as the king of assets stems from its unique properties: 1. Scarcity: With a fixed supply cap of 21 million bitcoins, Bitcoin's scarcity is hardwired into its protocol, ensuring its value is preserved and potentially enhanced over time as demand increases.
Why is Bitcoin the most valuable cryptocurrency? ›
Limited supply
The total number of BTC ever to be in existence is capped at 21 million. This scarcity creates a sense of value and exclusivity, similar to precious metals like gold. Insofar as the demand for Bitcoin increases over time, the limited supply acts as a catalyst, driving its price higher.
Why is Bitcoin superior to other cryptocurrency? ›
Bitcoin maintains several advantages over other cryptocurrencies. As the first mover, Bitcoin has the largest network, the most legitimacy in the eyes of retail and institutional investors, and is built on top of the most secure database in history.
Which coin will reach $1 in 2024? ›
Conclusion. In the dynamic landscape of cryptocurrency, these ten coins, including TRON, Shiba Inu, Astar, Kaspa, Dogecoin, Stellar, Kava, Polygon, Cronos, and VeChain, present diverse potentials for reaching the $1 milestone in 2024. Investors keen on penny cryptos have a spectrum of options to explore.
Is anything better than Bitcoin? ›
If you're looking for an asset that you can quickly move in and out of without losing value in a short time (like Bitcoin can), gold might be a better option. However, stablecoins like Tether (USDT) maintain their value over short periods because fiat currency and other cash-like instruments are held in reserve.
Why Bitcoin is so worthy? ›
Scarcity: As the supply of unrewarded coins diminishes, demand increases. There will only ever be 21 million bitcoins in existence. Divisibility: Bitcoin is much more divisible than fiat currencies. One bitcoin can be divided into up to eight decimal places, with constituent units called satoshis.
Who holds the most Bitcoin in the world? ›
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
Who is Bitcoin God? ›
About Bitcoin God
Bitcoin God (GOD) is a cryptocurrency . Bitcoin God has a current supply of 21,000,000 with 0 in circulation. The last known price of Bitcoin God is 1.62127542 USD and is up 0.35 over the last 24 hours.
Can Bitcoin go to zero? ›
A reasonable assumption that Bitcoin could hypothetically reach the null state of it's value is worth the thought. Even-though such an event is very less likely to take place, there are some factors that could theoretically lead to Bitcoin price crashing to zero.
All three of these Layer 1 blockchains -- Ethereum, Cardano, and Avalanche -- are highly diversified, and all of them rank as Top 15 cryptocurrencies by market capitalization. In terms of market cap, Ethereum trails only Bitcoin. Cardano, which launched back in 2017, now ranks as the No.
What is Bitcoin backed by? ›
Because Bitcoin is not backed by anything fundamental such as the cash flow of an underlying business, its price is driven finally only by changes in sentiment – nothing else. So for the price of Bitcoin to rise, more traders and more money have to flow to the asset.
Why is bitcoin worth anything at all? ›
Bitcoin derives its value in the same way any currency does: by fulfilling the six characteristics of money. Those characteristics are: durability, portability, divisibility, fungibility, scarcity, and acceptability. We believe that Bitcoin is superior to any other money that has ever been created.
Why is Bitcoin better than money? ›
Because they do not use third-party intermediaries, cryptocurrency transfers between two transacting parties can be faster than standard money transfers. Flash loans in decentralized finance are an excellent example of such decentralized transfers.
Is there a better cryptocurrency than Bitcoin? ›
Bitcoin and Ethereum are example of cryptocurrencies that have risen in popularity. Bitcoin's value rests mostly on its status as the first cryptocurrency and as an alternative to fiat currency, while Ethereum (Ether) offers more utilitarian value through its ecosystem of decentralized apps.
Why is Bitcoin the best currency? ›
A bitcoin has value because it can be exchanged for and used in place of fiat currency, but it maintains a high exchange rate primarily because it is in demand by investors interested in the possibility of returns.
What makes Bitcoin so special? ›
Instead of relying on physical properties (like gold and silver) or central authorities (like government-issued fiat currencies), bitcoin relies on the world's most powerful computer network to mathematically enforce the rules that make it the first truly digital form of cash.
Which crypto has 1000x potential? ›
Top of our 1000x potential list is Pepe Unchained. Pepe Unchained ($PEPU) introduces Pepe, the iconic meme avatar, on its own blockchain. Built on Ethereum's layer-two (L2) blockchain, Pepe Unchained offers unprecedented speed, low transaction costs, and high staking rewards.
