Why is Bitcoin Still King?

A Bitcoin Analysis

It seems as though Bitcoin is synonymous with cryptocurrency, but Bitcoin is only one type of cryptocurrency. In fact, there is nothing special at all about Bitcoin, besides being the first cryptocurrency. When I hear people say "I'm going to buy some Bitcoin", I hope they mean "I'm going to buy some cryptocurrency", because there are so many more currencies out there that are better than Bitcoin.

Bitcoin has several negatives going for it: It wastes a tremendous amount of energy by using Proof-of-Work, which also means it takes a long time for several of the nodes around the word to process the transaction. It is also incredibly expensive, because so many miners need to get paid. This is reflected by less than 5 merchants, and declining, actually accepting Bitcoin. I believe Microsoft and a top cryptocurrency stopped accepting Bitcoin as the transaction fees were too high and it took way too long to process.

Bitcoin is like a digital dinosaur-if crypto is phones, Bitcoin would be like Blackberry just before the iPhone came out- it's the first to become popular, but will eventually lose its spotlight. If one wants to store money, why would they put it in a slow, energy-wasting, and expensive system? The reason it is still so high is because of the following reason: We are told it still has value because people are still willing to buy it at the current price. Also, the average person is not able to differentiate the hype from the future. They see that Bitcoin has skyrocketed to $19,000 and the media and certain promoters say it will reach 50k, 100k etc. Due to FOMO, they buy it because the media tells them it will go up and don't understand the underlying technology and don't know that other and better currencies exist. The smart people have already gotten in early and cashed out some profits. It is better to buy periodically-such as smaller amounts every week instead of a lump sum all at once.

Bitcoin is compared to gold often, because gold has value because the owner feels it has value, and there will be a few other people who are willing to pay a premium for it. Ethereum on the other hand is like a diamond, as it has better technology and more utility. When researching cryptocurrency, it is best to look for a coin with actual technology that solves a problem, not Bitcoin or some other junk token. Blockchain and digital assets have the ability to disrupt, because in the long term the tech will survive, not the hype. More to come hopefully-thanks for reading.