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Why only Bitcoin?

Why only Bitcoin?

October 22, 2018 9:21 am,

Why is Bitcoin so popular when there are tons of other cryptocurrencies?

The main intention behind this initiative as to design and radicalize a currency which wouldn’t be under the jurisdiction of any form of government or a specific institution. Even though BTC has been left behind by various cryptocurrencies in terms of attributes like transaction fees and confirmation time, it has still managed to remain as the largest cryptocurrency by market cap for a long time. This might be due to the precise reason that it is absolutely decentralized and most popular one in the domain.

Bitcoin (BTC)

BTC’s price was given a major lift earlier this week with the launch of Fidelity Asset Services, a business that plans to handle cryptocurrency custody and trade execution for institutional investors. The service promises to secure, compliancy and institutional grade omnibus storage solutions for BTC, ETH and other digital assets. This lift was short lived.

Technological innovation

It is self-understood that the BTC and other cryptocurrencies, we don’t need to go to the banks or ATM for the financial transactions. It is self-evident that blockchain based projects, it assists the rural masses to avail loans, thus playing a very crucial role in empowering the backward community as they are always denied loans.

BTC also helps in controlling corruption in countries where the government is corroded with it. When the government would run on BTC, there would be no room for corruption as every one account could be tracked easily through the main blockchain.

BTC assists the government to bring stability to the economy, by acting as if inflation proof, where a centralized authority can’t control the production of BTC. Even if the government undertakes the jurisdiction of BTC and legalize it, and have no control over circulation and production. It provides a lot of convenience to its users.

Why is BTC preferred?

It is absolutely decentralized with no controlling authority. Though other cryptocurrencies are decentralized, they have a particular owner other than BTC.

What caused BCH price to crash down?

The market drop comes amid wider losses sustained on the global markets in Asia, Europe and US. After an incredible period of gains in 2017 which saw the highest of the currency of almost $15160 in December last year, the token crashed early in 2018.

BTC position I the cryptocurrency market is influenced by the seasoned investors who are implementing the novel equity strategies to capitalize on the boom. The director and the co-founder of GlobalBlock told, “There was a growing feeling that BTC was a digital gold asset.” The fact that this hasn’t happened is interesting as it suggests to us that more and more seasoned investors with wider portfolios are getting into cryptocurrency and using similar equity strategies to manage their positions. Financial markets tend to fall a lot faster than they rise and when equity sees a move of this magnitude, there is a tendency to flatten positions in crypto assets to clear the decks completely. The move indicates a high correlation between equities and cryptos and we can see further weakness in BTC.