Bitcoin was the first digital currency to achieve real success. Although new cryptocurrencies promise to surpass Bitcoin with new features or other advantages, none have come close.

Reality Although thousands of cryptocurrencies have been created in recent years, Bitcoin has always been (and remains) the most valuable cryptocurrency in terms of market capitalization by a significant margin. It is also the most popular, with approximately 50% of the cryptocurrency market today.

The reasons for this success include the first-mover advantage, as well as the commitment to being an open and decentralized currency. However, this does not mean that competition cannot try to claim its place in the sun. Bitcoin is decentralized, meaning it is maintained by a global community of miners and nodes, rather than a central authority. For example, if the Bitcoin architecture needs to change to add new features, resources, or to protect itself from a recently discovered flaw, the community can make a fork to update the network.