Bitcoin has largely been the pivotal cryptocurrency that paved the way for them all. Even though it has gone through significant highs and lows, any cryptocurrency that challenges its obvious sovereignty has yet to succeed. Even when Bitcoin takes the slightest change in price, non-BTC altcoins tend to suffer the most. Murad Mahmudov, a crypto analyst with Blockchain, had some comments on this on Twitter lately.
If you think the altcoin crash is over you’re in over your head.
Non-BTC Altcoins are yet to experience a *deep* & mind-bending capitulation.
This market of utter and worthless scams is collapsing in slow motion.
Bitcoin will drop the least as it commands the strongest trust.
— Murad Mahmudov 🚀 (@MustStopMurad) September 7, 2018
This post gained a lot of attention and comments, and even had one user saying that the market cap does not hold a candle to Apple.
User Aristarchus said,
“Bitcoin’s network effects will be no match against privacy coins that have the fundamentals needed to be a strong money.”
However, that one comment gave Mahmudov enough ammunition to support exactly what he means when he calls himself a supporter.
The post said,
“Let’s say there are 20 characteristics that matter for a Store of Value. ZEC/XMR are superior to BTC in 1/20 of them, but BTC is superior in the remaining 19/20. That’s a fact. It will be a very uphill battle, even for privacy coins. Also, BTC privacy is improving.”
He added images that support these claims, indicating that Bitcoin is essentially the leader in absolutely everything. Specifically, he listed the following areas that Bitcoin is superior to every other coin:
- “Market capitalization”
- “Credibility of monetary policy and scarcity”
- “Popularity and brand recognition”
- “Censorship resistance”
- “Immutability and irreversibility of the ledger”
- “Hash power”
- “Network effects”
- “Robustness of code”
- “Equitable Ownership Distribution”
- “Conservatism and difficulty of changing the protocol”
- “Number of survived attacks and battle scars”
- “Cult intensity & maximalism”
- “Number of supporters and ‘HODlers of Last Resort’”
- “Level of financialization”
- “Infrastructure support”
- “Number of memes & culture”
However, some Twitter users seemed unconvinced. One even pointed out of the number of benefits that Bitcoin holds does not matter, especially when it comes to privacy, noting that the system “reveals your entire balance when any money is moved.”
That did not stop Mahmudov from saying that,
“even though BTC struggles, they still ahead of most privacy coins in every other way. He even noted that there are efforts being made by BTC to strengthen privacy, but without losing the entire point of the blockchain in the first place.”