Bitcoin is like the sun, with the lesser planets just orbiting around it, with the life forms in them (the users of said planets) relying on the sunlight (proof of work) to sustain life. The reason no other proof of work network has managed to take off the way Bitcoin has, is because in a proof-of-work network miners must choose which network to contribute their real world electricity to. Miners have chosen to contribute their work to bitcoin. now all the supporting networks like ethereum and all the other minor blockchains in the crypto universe orbit Bitcoin and support it because without Bitcoin they are absolutely nothing. there's only room for one proof of work Network. that's why all the major orbiting networks are proof of stake etc. Bitcoin is the only Network where real world electricity is deems worth using to secure it on a global scale. Proof of work is a winner takes all proposition, and the world has decided which protocol is worth contributing work to. Bitcoin.

    with that being said, it goes both ways. bitcoin without the ecosystem orbiting around it is far weaker on its own.

    Bitcoin is the Center of the Crypto Universe
    byu/GlockenspielVentura inCryptoCurrency



    Posted by GlockenspielVentura

    1 Comment

    1. The electricity is spent once it’s mined so bitcoin isn’t “backed by electricity “ so the proof of work is all in the past and isn’t anything, especially once most bitcoins have been mined

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