Are the Bitcoin and other crypto coins one and the same? The truth is Bitcoin was the first in a long line of cryptocurrencies to emerge in the world of finance a decade ago. Like other crypto coins, Bitcoin is digital and decentralized allowing it to operate on its own, devoid of government or bank controls. The Bitcoin continues to enjoy its position of dominance and is still the market leader but other coins like Bitcoin Cash, Litecoin, Ethereum, Ripple, etc can challenge it in the days to come.
Is the Bitcoin different from other crypto coins?
- The main idea behind introducing the Bitcoin was to accelerate transaction speeds and do away with government restrictions. For other crypto coins, the primary aim was to ensure secure and low-cost transactions.
- Bitcoin is mainly used for trading but you will find there are many other crypto coins that are also being used for trading. They are traded manually by expert users and also using automated robot like immediate edge app.
- Of all the crypto coins, Bitcoins are the most popular; while other crypto coins have come about, their shares continue to be lower than that of Bitcoins.
- Bitcoin is keen to lessen costs of influencers and speed up transactions. This makes it less flexible than crypto coins that are focused on facilitating a smooth of exchange of products and services in a secure environment without governmental interference.
- Bitcoin transactions will not reveal identities of parties but you can view the amount in transactions. Those that have come after the Bitcoin are ensuring transparency in transactions making them fit for usage in different industries. Due to cutthroat competition, other crypto coins are continuously upgrading their technologies. So, there is possibility of more innovations and better security and performance. Bitcoin got a head start in the crypto world, but with the new sophisticated and transparent technologies being discovered every day, this gap with the others is getting lesser day by day.
- Many altcoins have technical differences with the Bitcoin which is why investors are drawn to them. The main reason being that besides the utility that Bitcoin offers, these can offer something more and therefore, can replace the Bitcoin in time.
- Many altcoins like Dogecoin and Ripple had been designed for specific niches. For instance, Ripple was originally created for banks to transfer value while Dogecoin was meant for value transferring. The only way these would work was if they could offer things that Bitcoin could not.
- Bitcoin has one of the slowest networks; this explains why a forking happened and the Bitcoin Cash was born. This was expected to solve network speed issues. Other crypto coins like the XRP are much faster.
The biggest benefits of the Bitcoin compared to other digital coins are security and network. Bitcoin has proved to be a reliable store of value and its security has also proved to be tighter than its younger counterparts. Bitcoin also remains more accessible since more merchants accept it and more exchanges support it. It is more liquid with much higher volumes than other altcoins. Finally, Bitcoin boasts of far more entrepreneurs building businesses around its technology. So, when any other cryptocurrency aims to compete against the Bitcoin, it must compete against its bigger user base, mining operations, and development teams, and also against a huge ecosystem of open source projects, startups, and entrepreneurs.