Bitcoin was the first Digital currency to be introduced in 2009 by the pseudonymous Satoshi Nakamoto. Until now, no one has the true identity of Satoshi.
Nakamoto published on a cryptographic mailing, a nine-page document known as the white paper, describing how Bitcoin will work. The White paper was published in 31st October 2008.
The first Bitcoin block to be ever recorded on the Blockchain was recorded on 03 January 2009. This block is referred to the genesis Block mined by Satoshi Nakamoto. Bitcoin first ever transaction to be posted online was published online on 22nd May 2010.
The second digital currency to be introduced was known as Litecoin, which was introduced on 13th October 2011, as an alternative to Bitcoin. It was introduced by Charlie Lee, who was a computer scientist.
Then thereafter, so many cryptocurrency token emerged. Bitcoin is the oldest, most popular and well-established network amongst all. Although there have been some debates on a better cryptocurrency than Bitcoin, over time it has been proven that there is none as Bitcoin continues to grow popular and gaining adoption at all levels. With so many reasons to consider, the Primary difference of Bitcoin to any other cryptocurrency is that Bitcoin remains to be the truly decentralized digital currency. The sole purpose for the creation of digital currencies was to eliminate the need of the central authority or a middleman for two people to transact. Bitcoin is the only one that has perfectly executed that virtue since there is no single entity controlling Bitcoin network.
Bitcoin is a perfect decentralized digital currency amongst all. Despite the people knowing the name associated with the founder of Bitcoin as Satoshi Nakamoto, no one knows the true identity of Satoshi. The name was seen interacting with the Bitcoin network in its early development stages, and then completely vanished in 13th December 2010 at 4:45pm. The Bitcoin use case and its growth is purely guided by what was documented on the white paper, and anyone who wants to be part of the network, can plug in their system and help in the validation process of Bitcoin transaction.
This is however quite different to so many other cryptocurrencies, which are experimental and needs the presence of the founders. Most of the cryptocurrencies developed after Bitcoin haven’t accomplished the decentralization aspect of digital currencies, defeating the purpose of digital currencies creation. The existence of a digital currency should purely be dependent on people’s trust on the network and adoption.
Bitcoin maximum supply is 21 million. This is the core component in Bitcoin. Its value preposition is highly influenced by this component. Satoshi encoded 21 million Bitcoin on the source code and it was then enforced by the nodes in the network. This makes it a perfect store of value since it is very difficult to increase Bitcoin supply. Most of the investors are attracted to Bitcoin due to this virtue. All other cryptocurrencies have no clear number of their maximum supply, this makes it very difficult for investors to trust, as one can never be sure how much of the supply can be introduced into the network, and affect its market value.
In so many instances we have seen manipulation in other cryptocurrencies to lure investors into certain cryptocurrency, then price crushes thereafter.
Bitcoin stands out to be the most valuable digital currency, and as more adoption is realized, individuals, institutions, companies and nation states will likely have Bitcoin on their balance sheets because it is monetizing and trusted.
Everyone who is new to Digital currencies is always advised to understand and stick with Bitcoin first, before exploring any other cryptocurrencies. as Bitcoin is the most established Network.