Bitcoin is unique because of its decentralized nature. Its entire network is built on top of peer-to-peer technology, which means that no single entity controls it. This gives bitcoin the ability to operate without any central authority or government control.
This decentralized nature makes bitcoin secure and stable against attacks. Unlike other traditional currencies, bitcoin's inflation rate has been hard-coded from the very beginning, with the concept of halving every approximately four years, and it does not rely on any central entity. It uses cryptography to secure transactions, which prevents third parties from altering the data.
Compared to most other cryptocurrencies, Bitcoin has remained to be the most decentralized. Look at most of the popular alternative chains; many of their nodes are just controlled by their own blockchain foundations with 2-3 additional partners (who are usually very close to the foundations themselves).
Another reason why Bitcoin is so popular is that it is widely accepted across the globe. Since its inception, bitcoin has already gained a lot of traction in many developing countries, and it remains popular these days, despite 2022's market crash.
There are several reasons why these merchants choose to adopt bitcoin as their payment method. For example, they can offer discounts to customers who pay them in bitcoin. They can also receive tax rebates in certain countries if they accept bitcoin.
Another major benefit of using bitcoin is that it allows users to keep their personal information private. This is possible because every bitcoin transaction is recorded in public blockchains. This means that anyone can view the details of your transactions. But if you want to keep your identity secret, you can use pseudonyms instead of real names while doing business on websites that support bitcoin.
Apart from offering security, privacy, and anonymity, bitcoin offers better protection against fraud compared to credit cards. Because of its decentralized nature, fraudulent transactions cannot be reversed.