The Victory of Bitcoin Next to the Cryptos That Have Come to the End
A recent report from CoinKickoff shows the failure of various altcoin projects over the years, and how bitcoin is a survivor.
According to their data, 91% of the coins that were in existence during the cryptocurrency market crash of 2014 are now completely abandoned. A large portion of current die coins were created in 2017, with 704 current die coins produced that year. The crown for the deadliest year in cryptocurrency history goes to 2018, with the loss of 751 coins.
The visualization created by CoinKickoff shows how many of these projects have come and gone, and the reasons for their failure. Reasons include being a scam or other related issues, being ridiculous or purposeless, being an ICO or a short program, or not being sound. Bitcoin, in the midst of it all, remains strong. The hash rate continued to rise steadily, reaching 270 PE/s according to the Hashrate Index. In addition, more than one million addresses currently have one or more bitcoins, although it should be noted that Bitcoiners can use multiple addresses.
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Bitcoin Network Sees Record Business Volume and Exchange Holding Growth
Besides that, more than $14 trillion in annual business transactions passed through the Btc network last year, a 13,900% increase over 2015 business volume. And as those metrics rose, the number of bitcoins held on exchanges has entered new horizons, indicating that more Bitcoiners than ever are holding their coins.
The metric continues to show that, bitcoin cash aside, the network itself continues to grow, while the altcoins expected to ride on its heels do not have longevity.
Btc has shown its resilience by continuing in the face of real-life conflicts like the Blocksize Wars, political crises like the Silk Road story, and major revolutions like Mt. Gox or more recently, FTX. Even the biggest changes in the network, such as the decrease in the hash rate after the ban of China from mining, have shown that it is only a speed in the way of Btc to gain power. These events reinforce Bitcoin’s story as a network-based government currency that is resistant to failure.
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