Dear @steemcurator01 and @steemitblog,
I'm so excited today for another opportunity to make an entry in the steem crypto challenge.
Today, I'm writing about Bitcoin remaining as the most dominate cryptocurrency in the Crypto space.
And yes, I'm off the opinion that Bitcoin would remain the dominant cryptocurrency at least for a while.
Follow me through the basis of my opinion.
Bitcoin has a proven usage case as a store of value. It’s instructive that most coins try to carve out some differentiation based on much smaller use cases, such as prediction markets, buying things completely anonymously or adding a decentralized name server.
BITCOIN DOMINANCE:
Before I continue to take you through the reasons I believe Bitcoin will still dominate the world of crypto, at least for a reasonable time period, let me talk about the term, "BITCOIN DOMINANCE"
According to the Binance exchange report, Bitcoin has been the world’s largest cryptocurrency by market capitalization (market cap) and commands a large portion of the trading volume (and the attention) in the cryptocurrency markets. If we look at the summative market capitalizations of all the existing cryptocurrencies, then we can arrive at a total market cap valuation for the entire cryptocurrency space.
Therefore, the Bitcoin dominance is described as the ratio between the market cap of Bitcoin to the rest of the cryptocurrency markets.
Interestingly, Bitcoin dominance is often affected by the so-called “alt seasons”, in which altcoins gain market share relative to Bitcoin, thus reducing Bitcoin’s dominance.
Note, however, that Bitcoin dominance is not always directly affected by bull or bear markets because it is a ratio, not an absolute term. This means that if Bitcoin falls in price, but the rest of the cryptocurrency market falls at a similar rate, then Bitcoin dominance is likely to remain the same.
Although Bitcoin dominance is an interesting statistic to look at, one should keep in mind that it does not reflect its real value (especially because of forked and premined coins, which impact the total market cap in a very unnatural way).
Also worth noting, that market cap does not mean an influx of money. It is just a measurement based on the circulating supply and current market price.
NOW BACK TO THE MAIN ARGUMENT:
There are so many things that makes bitcoin different from other cryprocurrencies, and then causing it to dominate the crypto world.
For some unique features of Bitcoin, see here
Alpari International cryptocurrency report shows From the Chart that, the country searching for ‘Bitcoin’ the most is the United States, with an average of 1.2 million searches being made for the term each month. The next highest number of searches for Bitcoin come from Brazil, with almost half a million searches being made per month. Germany closely follows with 370,000 monthly searches for Bitcoin.
Taking Ethereum to compare with, The search volume for ‘Ethereum’, mainly come from the USA with 74,000 searches made each month. Interestingly, people in India appear to search for ‘Ethereum’ rather frequently too, with 27,100 searches per month.
The difference here shows that people are more interested in Bitcoin especially than so many other Crypto currencies and I don't see this changing anytime soon
Bitcoin is more accessible, with more exchanges, more merchants, more software and more hardware that support it. Bitcoin is far more liquid, with much larger volumes when compared to every other Crypto coins.
For instance, Bitcoin has the largest developer ecosystem with more software and more implementations than altcoin. Bitcoin has the most entrepreneurs creating companies around it with a lot of intellect, dedication and creativity going toward making it more useful.
Looking at it from the angle of Security, Perhaps the biggest Achilles’ heel of bitcoin is security. Not security of the network itself. Rather, securely storing the cryptocurrency so it can be readily accessible, while still safe from hackers. It’s a tricky one. I'm not saying that there are no securities in other Cryptos but Bitcoin has it's "standard" in defining security.
I strongly believe from the speculations that Bitcoin will continue to dominate the world of crypto currency for a longer time.
It's always nice taking part in the challenge. Thank you for having me. I still remain Blessing Daniels (Nigeria)
The price of Bitcoin will be 14,590.31 USD
