Why This Analyst Thinks Bitcoin Is Unlikely To Be Challenged By Altcoins

Bitcoin (CRYPTO: BTC) is not only the most valued crypto, but it is also a cut above the rest, according to an analyst.

What Happened: Bitcoin boasts of a “unique value proposition” in that it has the most decentralized and censorship-resistant monetary network, CoinTelegraph reported, citing Fidelity Digital Assets Head of Research Chris Kuiper.

Bitcoin, according to the analyst, is the most secure, the most centralized and the best monetary good in the digital space.

“You cannot invent something that’s already invented,” the analyst said. This is in apparent reference to the futility of altcoins in offering competition to Bitcoin.

The biggest reason as to why Bitcoin is unlikely to be replaced by an improved digital asset is that any improvement in one characteristic of Bitcoin, say improving its speed or scalability, can lead to a reduction in another characteristic such as decentralization or security, Kuiper said in a report tilted “Bitcoin First.”

Bitcoin’s first technological breakthrough was not as a superior payment technology, but as a superior form of money, the analyst said. As a monetary good, bitcoin is unique, he added.

“Therefore, not only do we believe investors should consider bitcoin first in order to understand digital assets, but that bitcoin should be considered first and separate from all other digital assets that have come after it,” Kuiper said.

Bitcoin Hash Rates At New High: A separate CoinTelegraph report noted that the Bitcoin network’s hash rate rose to a new high of 248.11 exahash per second from 188.40 EH/s in a single day. The hash rate is the total combined computational power used to mine and process transactions on a proof-of-work blockchain such as Bitcoin.

The increase in the hash rate is a positive for Bitcoin, as it provides a barrier for malicious attempts to confirm fraudulent transactions, the report added.

At last check, Bitcoin was seen rising 1.54% to $42,658.13.