Those of you who are interested in cryptocurrency will know we’ve come a long way from the days when Bitcoin was the only option on the market. Many coins have appeared since then – Statista shows we’ve gone from around 66 in 2013 to over 9,000 in the last ten years alone!
With so many new cryptocurrencies making themselves known, it’s a wonder that Bitcoin is still the king. It is easily the most valuable cryptocurrency on the market, working out at nearly 25 times more expensive than Ethereum down in second place. We’re keen to know why this is the case – what is it about Bitcoin that’s helped it remain at the top for so long?
Accepted At A Wider Range Of Retailers
As the original cryptocurrency, Bitcoin was made available at many retailers before any other cryptocurrency. Its sheer value means retailers are more likely to keep accepting it as it has the potential to be truly valuable.
Comparatively, not many sites will accept other cryptocurrencies. Some are allowed, but Bitcoin is accepted at huge online stores owned by massive brands. A few of the top companies accepting Bitcoin payments in 2024 include:
- Microsoft
- Shopify
- PayPal
- AT&T
- Twitch
These are huge names that everyone recognizes, which adds to the value and authenticity of Bitcoin. People see that you can use it at big places like these, so they’re more likely to buy it. The more people who buy, the more valuable the coin becomes and thus it will stick around at the top for longer.
Largely Accepted At Online Betting Sites
Another underappreciated point about Bitcoin is its role in online gambling. The gambling industry alone is worth billions and there’s been a rise in crypto betting. As you can imagine, not all sites will accept cryptocurrency – and most of the coins won’t be allowed. One thing you can guarantee is that Bitcoin will always be on the list of allowed crypto betting payments.
It’s accepted at thousands of betting sites without GamStop, American bookmakers and international casinos. Gamblers see it as a safe and secure way to move money – the connection to the blockchain means your payments and transactions are anonymous, so they’re not flagged as “gambling payments” as they might be on a debit card.
People love anonymity – and as gambling is such a huge industry, it stands to reason that the popularity of Bitcoin here impacts its overall popularity. Being such a big part of this new wave of crypto betting means Bitcoin will hold onto its crown for many years to come.
Bitcoin Can Be Traded Everywhere
Some cryptocurrency trading platforms will only let you buy or sell certain cryptocurrencies. Rare or newer coins aren’t always widely available – you may not be able to trade Dogecoin everywhere, for example.
Bitcoin, on the other hand, can be traded everywhere.
All crypto trading platforms will have it listed to buy or sell, which helps to maintain its huge value and significance. Think of it from this perspective; you’re new to crypto trading and create an account with a trading platform. The first thing you see is Bitcoin. It stands out, it’s right at the top, so you’re more inclined to trade it.
This happens all the time on every platform, so Bitcoin keeps getting bigger and bigger while many other coins are left in the dust.
Everyone Knows About Bitcoin
The main reason Bitcoin remains the king of cryptocurrency is simple: everyone knows about it.
If you asked a random person to name five cryptocurrencies, most of them would only be able to name Bitcoin. You might get Ethereum thrown in by a few people – and possibly a Litecoin or two too. The majority of people only know about Bitcoin; it’s the face of cryptocurrency.
In many ways, it’s clung to this title since the early days of crypto. Back when Bitcoin was alone flying the flag, and people first took notice of cryptocurrency and the blockchain. In these times, if you wanted to invest in crypto, Bitcoin was the only bet. It paid off for many people who became millionaires a decade or so later during the main Bitcoin boom.
Strangely, things like the Bitcoin boom help keep it at the top with a shiny crown lauding over all other crypto tokens. When there’s a market increase, Bitcoin is on the news. Nobody cares about the other coins as this is the one making headlines. We’re constantly fed loads of information about Bitcoin, so it becomes more well-known, more people trade it and it remains at the top.
Do we think there’ll ever be a time when Bitcoin isn’t the king of crypto? No. Another coin can’t get anywhere close to its value. It will always be the most expensive crypto asset, so it will always be the most talked about and covered coin. The crown remains firmly in place for now – and we don’t think it will ever come off.
