Cryptocurrency is virtual or digital money. You can use crypto coins to purchase things and initiate other transactions in many parts of the world. The World Bank or government councils do not operate cryptocurrencies. Bitcoin is the best performing crypto around the world. All crypto coins created after Bitcoin are called Altcoins. Some of the common and well-known Altcoins are Ether (ETH), Litecoin (LTC), Stellar (XLM), Dogecoin (DOGE), NEO (NEO), and more.
Undoubtedly, Bitcoin has more popularity than other cryptocurrencies. One of the primary reasons is that Bitcoin is the first crypto that was developed in 2009 by an anonymous person or community under the name ‘Satoshi Nakamoto.’ Besides that, Bitcoin is the top contributor to the overall market capitalization of the crypto world. Investing in Bitcoin often gives high profits in just a small amount of time, which is why many users trade Bitcoins.
Stats Related To Bitcoin And Its Popularity
Below you can see the overall statistics of Bitcoin so that you can understand its significance.
The total market value of cryptocurrency is $1.42 trillion, and Bitcoin stands as the best with the largest market capitalization of $645,918,862,565 (July 2023). Besides that, one Bitcoin is priced at a rate of $34,462.51. Even the combined market cap of the top 10 cryptocurrencies can not surpass the Bitcoin market value.
Bitcoin is famous across the world, and almost all tech users are aware of the bitcoin presence. Reports from a study in America reveals that 9% of the American people trade cryptocurrencies, and out of them, 6.3% own and trade with Bitcoins. With this survey, it can be seen clearly that almost two-thirds of crypto users invest in Bitcoins.
In 2023, Google revealed that the number of people who searched for Bitcoin is high, especially in non-western countries. On average, the total number of Bitcoin (BTC) transactions in a day reaches 310,996. In the first quarter of 2023, the highest no. of daily worldwide Bitcoin transactions was 367,536.
Another study found that approximately 28,866 social media posts are posted online on Bitcoin every day. To make it more clear, around 1,203 posts are generated per hour, which indicates 20 posts in a minute. Hence, Bitcoin is quite popular on various social media platforms.
From 2012 to 2023, Bitcoin has progressed up to 193,639.36%. According to a study, here are some statistics related to Bitcoin ATMs:
- Across the world, there are 14,915 Bitcoin ATMs
- The total no. of Bitcoin ATMs only in the United States is 11,386
- North America accounts for 89.4% of total worldwide Bitcoin ATMs
- Genesis Coin (34.6%) is the rising global Bitcoin ATM producer, and it is followed by General Bytes (30%).
Reasons Why Bitcoin Is More Popular Than Other Cryptocurrencies
Bitcoin has the highest market capitalization and has the most share in the overall crypto value. Though there are thousands of new cryptocurrency, Bitcoin is still the top-performing crypto. Below we will talk about the stuff which makes Bitcoin more popular than altcoins.
Firstly, the Decentralized Blockchain Technology of Bitcoin is quite impressive. It produces a setting that enables BTC transfers to stimulate the investors on the network with no third-party interference. Bitcoin maintains a decentralized network and secured server which delivers high-end and speedy services to the investors. Their network sends the Bitcoins within a few seconds to the buyer. It comes with an incredible development team and quick mining operations.
Bitcoin system functions on the proof-of-work mechanism. Besides that, it is confirmed by around 18 million miners. Due to the high number of miners, it assures an accurate Bitcoin payments system with enhanced security. Other factors that make Bitcoin popular are data transparency, quicker transactions, and investor anonymity.
The Blockchain network has particular programming, which will raise the difficulty level of the mining procedure when there is a spike in Bitcoin investors on the network. This blockchain system ensures enhanced safety, and because of that, it is currently used in various industries like retail, healthcare, gaming business, public sector, and more areas.
Bitcoin is highly available because it has better exchanges and extra merchants with additional hardware and software support. Compared to any Altcoin, Bitcoin features a massive developer ecosystem that contains high-end software with extra and secured executions. Due to its popularity, long-term running period, and expertise, several global businesses are providing Bitcoin payment options.
Bitcoin Vs. Other popular Cryptocurrencies
For easier understanding, we made a brief table with crucial information about Bitcoins and other top altcoins.
|Creator(s)||Satoshi Nakamoto||Vitalik Buterin, Gavin Wood||Charlie Lee||Billy Markus, Jackson Palmer||Changpeng Zhao||Jed McCaleb|
|Maximum Supply||21 million||No maximum limit||No maximum limit||Not specified||170,532,785 BNB coins||No maximum limit|
|Current Supply||>17 million||>102 million||>906 million||129.5 billion||153,432,897 BNB coins||>18 billion|
|Maximum Transactions In A Second||7 transactions||20 transactions||2800 transactions||No data||1.4 million transactions||1000 transactions|
|Present Mining (release) Rate||12.5 per block||3 per block||Up to 5% inflation in a year||1 per block||No data||Up to 1% inflation in a year|
|Estimated Block Time||10 minutes||15 seconds||0.5 seconds||1 minute||3 seconds||5 seconds|
In short, Bitcoin is the first decentralized cryptocurrency that remains the best cryptocurrency even today. In addition to that, it is the costliest crypto in the present dynamics and offers the most secured network to its multi-billion users. Bitcoin had a huge influence on the evolution of the various cryptocurrencies. To summarize this article, Bitcoin stands as the most popular crypto due to its network, biggest market cap, high-speed services, and more.