Bitcoin is the original and most well-known cryptocurrency and has played a crucial role in developing the entire cryptocurrency industry. Many people believe that Bitcoin has succeeded in its mission to provide peer-to-peer digital cash, and it is used by a wide range of people, including political dissidents and those who are financially excluded.

It is the most recognizable brand in the cryptocurrency space and has a reputation for reliability. While it may not have all the features of newer cryptocurrencies, it does not have its issues, such as network shutdowns or collapses. Despite market volatility, Bitcoin has consistently produced blocks and remains the market leader for a reason.

One of the factors contributing to Bitcoin’s success is its simple design, which makes it resistant to attacks. Its smart contract capabilities may be limited, but this has protected it from problems like hidden leverage and MEV. It does not have stablecoins, which reduces the influence of centralized players like Circle and Tether on the protocol level.

If the ETHPOW fork had been more contentious, stablecoin issuers would have had more power. Bitcoin’s simplicity makes it resilient. Many cryptocurrency enthusiasts who criticize Bitcoin’s “old-fashioned” technology do not realize that most cryptocurrency projects rely on Bitcoin’s censorship resistance.

Regulators and lawmakers recognize that Bitcoin cannot be quickly censored, so these projects try to mimic Bitcoin and avoid scrutiny. In addition, market participants know they can quickly move their assets from these weaker coins to Bitcoin if needed, so they are willing to keep their wealth there temporarily. Many people think these projects will always be in the shadow of Bitcoin.

In recent years, Bitcoin has established itself as “digital gold,” with countries and companies adopting this narrative. While many projects attempted to be “the next Bitcoin” during the 2017 bubble, by 2022, Bitcoin was the clear leader in its category. Competitors now aim to be “smart contract platforms” rather than digital money.

With crypto lenders and exchanges defaulting on their obligations and DeFi protocols being hacked, the simplicity of storing Bitcoin in cold storage is increasingly appealing. Some investors in other cryptocurrencies, such as Luna, depositors at Celsius, or users of FTX, have lost everything. These projects have complex narratives involving numerous tokens intertwined in various ways, offering yield, price stability, and the promise of exponential growth. However, they ultimately failed to deliver on these promises and collapsed within days. In contrast, Bitcoin does not promise yield or price stability but rather a resilience. Those who were misled by the promises of these other projects are now seeking answers. The value of self-custody and censorship resistance has been reaffirmed, and hardware wallet sales have been at record highs since FTX’s collapse. It is an opportunity for Bitcoin enthusiasts.

Bitcoin