Bitcoin has become a new power in the world of money as we all know that all sides deal with it so it has to survive until it become the powerful source of life . So what it is difference between bitcoin and other cryptocurrencies? and why Bitcoin has become powerful among other currencies and cryptocurrencies ?
Firstly ,let us define bitcoin by defining cryptocurrency briefly then pass to make a contrasts between Bitcoin ,Dogecoin and litecoin .
We hear always that bitcoin is the money of the future .this expectation can be taken seriousely when we see bitcoin nowadays and how much transactions executed per day which is surprising . we can say that bitcoin is a cryptocurrency and cryptocurrency is a money which is not traditional rather it is digital or numerical which works electronically ; the most common cryptocurrencies are Bitcoin , Dogecoin and litecoin and bitcoin has something special in contrast to others and this specialty is represented by the number of transcations made per day and its volume, so bitcoin and litecoin and dogecoin differ in their volumes which will interpret to us that bitcoin has power nowadays.
In fact bitcoin is increasing exponentially in volume and numbers of transactions which will get us to the hell of thinking that bitcoin may take the lead of other cryptocurrencies if we don't say that it will take the lead of traditional currencies.because it has power which can fortify its presence in today world.
Here are some reasons on why I bitcoin holds significant power in the society/economy:
1. Due to its volatility, investors are taking advantage of its price potentially increasing in a short amount of time;
2. It serves as an equalizer among the rich and the poor in terms of having the opportunity to earn bitcoin;
3. There is a constant increase of its price per day due to the bitcoins mined everyday; and
4. It is the reigning cryptocurrency in terms of price, popularity, and usage.
There are several reasons that I did not mention on why bitcoin holds power but those are the notable reasons on why it provides so much influence in the economy. Not to mention, some countries ban the usage of bitcoin because it is the main currency used in the deep web for illegal transactions.