Why Bitcoin Has Become Such A Popular Cryptocurrency


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Why is Bitcoin the most popular cryptocurrency?

Bitcoin has the first mover advantage of being the first of its kind.
It survived countless attacks and gradually grew resilient with adversity; Mt. Gox, while most prophesized its demise, people were buying into its future.

It has the Social network effect. the Metcalfe’s law that says that the value of a network is proportional to the square of the number of users on the network.

The Viral Effect: It receives the most media coverage and this spreads like wildfire on social media.

The name is catchy and resonates with people

It acts like a gate-keeper/reserve-cryptocurrency, before you can buy a majority Altcoin, you need to have bitcoins to exchange

It remains the most battle-hardened crypto brought to scale, and it continues to hold strong despite in-fighting and hacks.

People are treating it as a store of value, the equivalent of being digital gold that continues to grow in value instead of money (its original purpose).

Institutional money is getting in on the act with CME and CBOE, creating more exposure.

More Regulation makes the cryptocurrency a safer bet for a majority of people who were afraid it was a ponzi scheme or a bubble.
Unlike other technology companies that slowly grows obsolete, the Blackberry to Apple comparison, cryptocurrencies are dependent on their Network utility value.
A fax machine is useless if you’re the only one using it, but the value increases exponentially as others begin to adopt it.
Social networks like Facebook are so valuable because so many people are surfing at the same time, its boring if you have a handful of users.
So if you double the number of users, you’re more than doubling the utility value for Bitcoin.

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