Three reasons why Bitcoin is still top dog in the cryptocurrency world

Since its launch 2009, Bitcoin has skyrocketed in value, with industry experts claiming it will exceed $100,000 for a single coin at some point in the future. Of course, its runaway success has seen a multitude of copycat cryptocurrencies cropping up in the years following its inception, each intent on accessing a piece of the lucrative crypto pie.

Despite the fact that thousands of currencies have come into being in this manner, Bitcoin still retains over half of the market share today. Even though rivals like XRP and Ethereum have made a solid stab at usurping its crown, no one has been able to dethrone Bitcoin as yet – and no one is likely to in the near future. So what’s the secret of its enduring dominance? Here are a handful of reasons why Bitcoin continues to be top dog in the world of digital currencies.

First mover advantage
The first competitors to Bitcoin didn’t emerge until almost two years after its launch, by which time Bitcoin had achieved a real-world value of around $13. That head start means that Bitcoin has had ample time to refine its formula and cement its reputation as the cryptocurrency of choice for prospective investors; in fact, the terms ‘bitcoin’ and ‘cryptocurrency’ are even used interchangeably by those unfamiliar with the industry. If that sounds familiar and you’d like to brush up on your knowledge of all things Bitcoin, check out the crypto learning on this website to expand your understanding.

Widespread usability
Although Bitcoin may have started out with something of a bad reputation of only being favoured by criminals on the dark web, it has become increasingly recognised for the convenient decentralised currency that it is by a number of mainstream businesses. The CEO of Tesla Elon Musk has, for example, endorsed it on numerous occasions, while it’s accepted by companies as diverse and as well-known as Microsoft, Wikipedia and AT&T. Financial consultancy companies like Goldman Sachs are even beginning to offered tailored product portfolios to their clients who want to explore this exciting new investment opportunity.

Legal acceptance
Just as businesses are wising up to the potential of cryptocurrencies, so too are governments – and Bitcoin is first in the queue when it comes to receiving approval. In fact, El Salvador made history by becoming the first country in the world to adopt Bitcoin as legal tender, though experts predict that other nations will soon follow suit. Given that one of the biggest deterrents to buying Bitcoin has traditionally been fears over its legality and legitimacy, the gradual acceptance of it among mainstream entities and institutions will continue to give it an advantage over its rivals.

Bitcoin is the oldest cryptocurrency in the world – and almost 13 years after its launch, it has fought off the challenges of many pretenders to its throne to remain the most valuable digital currency available. We expect that trend to continue moving forwards for all of the reasons outlined above.