Seeing that Bitcoin is losing its dominance, people may think that Bitcoin is losing its status as the “king of crypto”. However, Bitcoin is still nonetheless the largest crypto by market cap, representing over 40% of the entire crypto market cap.
With time, more and more cryptocurrency projects will be created. As we can technically create infinite crypto projects, yet there will only be one Bitcoin, it can be seen as understandable that Bitcoin may lose its dominance over time in a sea of altcoins. Even so, although Bitcoin may lose its dominance, it may still remain the largest crypto by market cap, maintaining its “king of crypto” status.
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First Mover Advantage
The original whitepaper for cryptocurrency was released by Satoshi Nakamoto in 2009. Bitcoin is the original cryptocurrency. Although others argue that Zcash was the first cryptocurrency ever created, many people consider Bitcoin as the first decentralized peer-to-peer cryptocurrency that has ever existed. Since its inception, Bitcoin’s value went from less than a penny to around $40,000 per coin today.
Bitcoin’s code is public, so anyone can copy Bitcoin’s code and deploy their own blockchain. This is actually the case with some other crypto projects: they forked the BTC code, changed the name, and people actually went and bought their coin! This website demonstrates the incredible amount of BItcoin forks that exist right now, and it probably does not count every Bitcoin fork that exists.
People can copy Bitcoin, but nothing can replace Bitcoin. Bitcoin is considered by many to be the original cryptocurrency ledger, and therefore the most stable storage of value in the cryptocurrency world.
Bitcoin is one of the most popular cryptocurrencies in the world. El Salvador has made Bitcoin legal tender, and just recently the Central African Republic has decided to adopt Bitcoin as legal currency. Most cryptocurrency exchanges offer Bitcoin.
There are over 100 million Bitcoin wallets currently in use. When people think of cryptocurrency, a large majority of them think of Bitcoin. Bitcoin may not be considered as useful as other cryptocurrencies that exist out there, but the brand of Bitcoin may have reached a larger audience than any other cryptocurrency out there. This large amount of adoption can help Bitcoin keep its status as “the king of crypto”.
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It is no secret that Bitcoin consumes a massive amount of energy. It is believed that Bitcoin mining consumes as much electricity as that of a small country. If the electricity is clean, then this is not too much of a problem, but the reality is that many Bitcoin mining farms are using unclean energy to power their mining farms. This fact can make people stop using Bitcoin and find more energy-friendly blockchain alternatives, just in order to save the planet.
Bitcoin has always been the largest cryptocurrency by market cap. It is considered by many to be the first cryptocurrency ever created. Bitcoin has gathered a large amount of adoption, with two countries officially accepting it as legal tender.
At the same time, many experts say that Bitcoin does not have much utility beyond being a storage of value, and could eventually experience a flippening from other coins which have more utility. Furthermore, Bitcoin is not the most energy-friendly cryptocurrency out there, which means that it could be replaced by a more energy-friendly cryptocurrency in the future.
No matter what, nobody can deny Bitcoin’s existence and the fact that it truly is the first decentralized peer-to-peer cryptocurrency that has ever existed. No matter what happens to the crypto markets, Bitcoin will most likely keep its nostalgic status as “the king of crypto”.
Nobody knows what the future will bring, and Bitcoin may not even be in the top 10 cryptocurrencies by market cap in the future, but even so Bitcoin may very well still keep its status by many to be considered the “king of crypto” because of its brand, what it represents, and what it has already accomplished so far.