With so many alternate cryptocurrencies available to choose from, a question that you may ask is, “Why should I use Bitcoin?”
In my opinion, the answer to this question is obvious.
#1 It is the original cryptocurrency
The Bitcoin whitepaper was first published in 2008 by an pseudonymous developer named Satoshi Nakamoto. The idea of digital cash was not new at the time, but the idea of the blockchain was groundbreaking. Previously, there were no viable solutions to having a ledger of transactions that could not be modified easily. Thanks to the concept of mining, transactions could be confirmed, reducing the risk of an attack. Bitcoin became the first true currency that relied on cryptography.
Since the peer-to-peer currency’s release, many developers have worked to improve the source code and infrastructure. They have created useful tools like mining software and wallets, and set up important services like exchanges and mining pools. Other currencies like Litecoin are simply modifications of Bitcoin and they may lack some of the options available to Bitcoin users.
#2 More businesses accept Bitcoin than any other cryptocurrency
Today, many businesses and organizations accept digital currencies for payment. Many of the companies are websites or online businesses, but some of them are brick-and-mortar locations like shops and restaurants. A few of them may accept altcoins like Primecoin, but the majority of merchants use Bitcoin as a way to transfer money online.
There are many uses for Bitcoin, such as purchasing goods and services online, buying real-world gifts for your friends, or simply donating to a charity. Large websites like Namecheap and WordPress accept it as a legitimate form of payment. As a consumer, BTC is obviously the best choice when it comes to digital currency.
#3 It’s easy to buy and sell Bitcoin
A problem that many altcoin users face is the lack of exchanges. It is challenging to find someone who will trade real world money for a less well-known currency. Many altcoin exchanges lack liquidity, which makes it more expensive for users to cash out.
On the other hand, Bitcoin can be traded very easily. There are a plethora of exchanges that allow trading and speculation. You can purchase BTC by finding a local exchanger, and paying with the most convenient payment method available. Bank wire, MoneyPak, and cash in the mail are all viable options. If you want to sell BTC, the steps are just as simple. You simply send your coins to someone else, and receive fiat money in exchange.
Although there are many cryptocurrencies that you could choose to use, the best option is clearly Bitcoin.
About the Author
b!z has been a Bitcoin enthusiast since 2010. He believes it has potential to disrupt the world economy. He writes about topics such as poker on his blog, Bitcoin Reviewer