Jimmy Song explains on how Bitcoin is different from every other Cryptocurrency
Jimmy Song, one of the big influencer in the Bitcoin development community, outlines on how Bitcoin is different from other Crypto-currency and also states facts on why Bitcoin is here to stay. His article is more focused towards the investors who constantly ask “Why should they Invest in Bitcoin” and people who daily claim that Bitcoin is dying.
He begins by asking one fundamental question to investors:
how can they know what the long term value of a coin will be?
Song then goes on to criticize the success rate of ICOs and points out that many early altcoins had premines, and most no longer exist. Altcoins and ICOs adopt many different features, but most fail to become useful or adopted.
And this is where Bitcoin differs. Song explains that Bitcoin will grow due to Bitcoin’s network effect. The number of people in Bitcoin will bring more new people in Bitcoin thus causing Bitcoin’s value to grow. And since the network effect is too big for Bitcoin, other small altcoins just can’t catch up. Think of it like Facebook, the Facebook network is so huge, that other small social media all fail against Facebook.
Song also points out that Bitcoin is truly decentralized as no single person can take a decision. The entire network has the to support the decision. And there is also a lack of single point of failure. This is different from other altcoins who have an influencer figure backing them (Justin Sun – Tron, Charlie Lee – Litecoin). And in case of ICOs, every ICO is centralized. The issuing company has the control over the number of Tokens, their usage and can also alter the value of the Token.
And this is how Bitcoin differs from other Cryptos. The big Network and the truly decentralized features. Moreover, due to constant development by the Bitcoin Core team and Bitcoin having one of the biggest bug bounties on the planet, makes Bitcoin the safest bet both in terms of financial and technological security.
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