What is the advantage of bitcoin with respect to the rest of the cryptocurrencies?

10 000 question challengeWhat is the advantage of bitcoin with respect to the rest of the cryptocurrencies?
HowToToken Team Staff asked 3 years ago
1 Answers
anonymous answered 3 years ago

An ordinary person to start in the world of cryptocurrency goes through different phases (everyone stays at a different stage): think how to get bitcoins, try to mine, buy bitcoins, contemplate the altcoins (alternative currencies), try to protect their bitcoins of the volatility of the currency, try to buy popular altcoins and end up buying low cost altcoins.

As I mentioned, a person usually enters the world of the altcoins as a way to protect themselves from bitcoin and can be for several reasons.However, bitcoin has two important advantages over that of any altcoin: network effect and proven security. For the number of years that Bitcoin has existed and for the various security tests that support it, it have a popularity and a certain prestige that the rest of the alternative coins are far from overcome it. In the same way, its commercialization, its obtaining, its management and technological support; are already standardized procedures in our current time.

This does not mean that the investment in altcoin is useless, everyone is responsible for determining the risks themselves. What is clear is that they do not represent a viable form of protection against bitcoin, it can even have the opposite effect because of the little proven platform and its lack of stability.

source: https://medium.com/@jimmysong/why-bitcoin-is-different-than-other-cryptocurrencies-e16b17d48b94