As stated in the original whitepaper, Bitcoin (BTC) was created to become “a peer-to-peer version of electronic cash”. Its system enables payments without passing through a central authority, while the transaction management and money issuance are carried out collectively by the blockchain network.
Created by a pseudonymous developer (or developers) using the pseudonym Satoshi Nakamoto, Bitcoin gave birth to the multibillion- dollar cryptocurrency industry, supported by blockchain technology and the decentralization movement.
Although many projects have tried to replicate Bitcoin’s success by creating coins that are far more scalable and advanced on the technological level, Bitcoin has remained the most dominant cryptocurrency on the market.
Its main use-case has been shifting, though. People started to consider it as a “store of value” (digital gold) rather than a “payment currency”. And that is primarily due to its high domination, large liquidity, and general lower volatility in relation to other cryptocurrencies.
And although on the technological level it is less advanced than some of its rivals, its network effects and market dominance helped the coin remain competitive as a payment instrument/store of value asset. Its technology has also been progressing, along with second layer solutions built on top of its network.
All of the above factors should help Bitcoin to withstand competition and grow its value, en route to widespread adoption.
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Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.
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