A photo of a gold Bitcoin medallion being placed into a wallet. This is an image we produced as part of a series of images for an article on how to safely store cryptocurrency. This photo has been distributed under the Attribution Creative Commons license. Photo Credit: Wikimedia Commons @CryptoWallet.com Images
Bitcoin's rise to dominance can be attributed to several factors. Its first-mover advantage gave it a significant head start, allowing it to establish a strong network effect. The cryptocurrency's limited supply, capped at 21 million coins, creates a scarcity effect, which has contributed to its rising value.
Furthermore, Bitcoin's underlying technology, blockchain, offers a level of security and transparency that is unparalleled in the financial world. The decentralized nature of Bitcoin makes it resistant to censorship and interference from governments and financial institutions. These unique characteristics have propelled Bitcoin to the forefront of the cryptocurrency market, cementing its position as the leading digital currency.
