When the public thinks of cryptocurrency, if they are aware of it at all, they will inevitably first think of Bitcoin. The millions of words written about this, the king of all crypto, are staggering. But there are so many other pretenders to the throne these days, naturally leading to us questioning the longevity of its prominence? Will Bitcoin ever lose the top spot in the cryptocurrency world?
It Will Always be the Original:
Of course, it all started with Bitcoin. There are examples of this in other industries, and the supposed all-time winner has eventually faded. Consider Hoover in the vacuum cleaner world in the UK Hoover, was so prominent in the early days that many there refer to all vacuum cleaners as ‘Hoovers’. This is despite Dyson’s far outselling Hoover in the last few decades.
It is Still the Most Used:
Bitcoin is gradually becoming more accepted as a payment method by businesses both large and small. We have seen major players, such as Microsoft, Starbucks, and Burger King, accept Bitcoin. This kind of mainstream acceptance is not yet extended to any other cryptocurrencies. Changes could occur here down the line, but for the immediate future, Bitcoin has a clear advantage over its rivals.
Another significant advantage Bitcoin holds over rivals is its availability. Anyone can find out how to purchase Bitcoin online. You can instantly transfer from a traditional currency or using PayPal or any other commonly used online payment system. One thing to be wary of is where you buy it. As there is so much choice, it is important to use an established and reputable exchange. Look up the online reviews to see what other customers are saying and how long they have been trading.
Bitcoin, much like most other cryptocurrencies, is commonly used as an investment opportunity. Making a purchase when the coins appear to be low and then selling on when value increases have been an excellent investment for some. One criticism of investing with Bitcoin is that as the currency has become more commonplace the value does not fluctuate as wildly as it did in the early days meaning huge profits over a short period are less common. On the flip side, increased price stability may offer a better long-term investment opportunity. If more stability is what you’re looking for, you may want to invest in a stable coin.
Regulation of Bitcoin and other cryptocurrencies has been, and to some extent remains, a bit of a grey area. There are a few places where it is illegal to use cryptocurrency, but this is not exclusive to Bitcoin. Other places have a mixed attitude to crypto; it is commonly determined not to be a currency, at least legally. This means that consumers do not benefit from the same protections through the courts if they pay in Bitcoin and are dissatisfied with the product or service delivered.
In conclusion, Bitcoin has a prominent position, and there are no indications it is heading for an imminent fall, we are more likely to see it hit record valuations in the short term. However, things do eventually change, so watch this space.
This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.