Bitcoin is, so far, the most popular and most widely accepted cryptocurrency in the world. It is officially accepted at the government level, allowing people to pay for goods and services, receive salaries, and engage in cryptocurrency trading.
Also, Bitcoin is the most expensive cryptocurrency in the world, standing out from the rest, called altcoins.
In this article, we’ll discuss the latest Bitcoin news, the difference between Bitcoin and other cryptocurrencies, and how these differences influence the stability of Bitcoin’s growth.
Let’s get started!
The Latest Bitcoin News and Prices
Recently, Bitcoin has demonstrated an ongoing uptrend, driven by positive market sentiment towards purchasing cryptocurrencies, according to The Crypto Basic.
As of October, the average monthly price is predicted to reach $127,722.80, while the maximum cost will be $132,041.30.
Despite a slight decline at the end of the year and early 2026, Bitcoin prices are expected to rise again from 2027 onwards, reaching one million U.S. dollars by the end of the decade.
Although these predictions are based on statistical AI models and may not be the most accurate, we can still anticipate ongoing Bitcoin growth in the coming years. Anthony Pompillano, the manager and founder of The Professional Capital Management, believes that cryptocurrencies will grow as long as governments continue to print money. In his recent CNBC interview, he advised people to go to work, work hard, earn money, spend less than they earn, and invest the rest in Bitcoin.
He noted that since Bitcoin’s inception, its prices have consistently risen, with rare exceptions, giving him reason to believe that prices will continue to grow in the future as well. “They will never stop printing money,” asserts Pompillani, continuing that Bitcoin’s prices rose 100% since 2020 while investors in other assets didn’t get returns as big, because no one can beat Bitcoin.
So, what makes Bitcoin different from other cryptocurrencies, and how do these differences impact its price today?
Why Is Bitcoin Different from Other Currencies?
Unlike fiat currencies, Bitcoin is protected from inflation thanks to the halving practice that makes it harder to mine new bitcoins/
The Bitcoin blockchain is based on the proof-of-work consensus mechanism, meaning that to add a new block to the chain, a miner has to compete with other miners in solving a complex mathematical riddle. The winner gets new bitcoins as a reward.
Generally, there can only be 21 bitcoins on the chain, and as of now, only one million coins are left to mint.
This is the main difference that makes Bitcoin different from fiat currencies and other coins, the so-called altcoins, which are unlimited.
The limited number of bitcoins that can be mined creates scarcity and drives demand. This is augmented by Bitcoin halving events that take place every four years.
At these events, the amount of Bitcoin granted to miners for the new blocks is halved. For example, after the halving event of 2012, miners could receive 25 bitcoins for adding a new block. After 2016, this amount reduced to 12.5. In 2020, the value was 6.25, and after the last halving in April 2024, it is now 3.125.
Due to its limits and halving events, Bitcoin is inflation-proof, making it an attractive option for investors, particularly during economic hurdles when fiat currencies are unstable.
Yet, Bitcoin is also different from the other cryptocurrencies because of its consensus mechanism. As mentioned, Bitcoin’s consensus mechanism is proof-of-work, which means that new coins are added to the chain after miners compete in complex mathematical riddles.
Other cryptocurrencies, like Ethers, which are based on the Ethereum blockchain, appear as a result of the proof-of-stake (PoS) consensus mechanism. In PoS, new blocks are the result of staking the existing amounts of Ether. As a result, the person who can stake the most coins has the highest chances of getting new ethers.
This creates the prerequisites for the centralization of power in the hands of privileged people, which also makes other currencies less attractive to users concerned about the freedom of the decentralized networks.
The amalgamation of the factors mentioned above makes Bitcoin a total leader in the cryptocurrency world, with the total value of Bitcoins circulating now being $ 2,412,857,629.99. Additionally, forecasts indicate that the price of bitcoin is expected to increase, with estimates suggesting it will reach one million U.S. dollars by the beginning of 2031. By the early 2040s, predictions suggest it will surpass four million.
Summing Up
Bitcoin is a unique phenomenon in the crypto world, distinct from both fiat currencies and other cryptocurrencies. Such features as the limited amount of bitcoins to be mined and the Proof-of-Work consensus mechanism make it attractive to investors as a safe, decentralized, and inflation-proof investment option.
