Bitcoin is a nascent technology that is like no other. Many cryptocurrencies have tried to replicate its qualities, but they simply fail. But what is it that makes Bitcoin so unique?
It’s tempting to think (hope) that a new cryptocurrency will be the new Bitcoin, one that will fix all Bitcoin’s problems and be able to scale to meet the demands of 8 billion people and become a currency overnight, but the truth is they won’t because they don’t have Bitcoin’s unique characteristics.
Why Bitcoin Is Unique
Decentralized digital scarcity is Bitcoin’s main unique innovation, but to understand why, it’s necessary to look at its history and that of the cryptocurrency space.
All the other cryptocurrencies that have faster transactions, are private, can host applications on a Turing Complete system, etcetera, are all slight variations of Bitcoin’s uniqueness.
There have been many “next Bitcoins” since the first attempt: Namecoin in 2011, but none of them have come close to displacing it.
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