Bitcoin was the first cryptocurrency to see the market and has been going strong since its release in 2009. Now, it is one of the most widely known forms of cryptocurrency, famous after its explosion at the end of 2017. Stories of those who were able to get rich, buy houses, or even retire after making Bitcoin investments have been in the news in full force since that explosion. For those who are not familiar with the cryptocurrency market, it seems that Bitcoin is going to remain at the top of its class for years to come. However, there are a number of existing and emerging coins poised to take the lead.
Knocking Out the King
As of mid-August 2018, there were over 1600 forms of cryptocurrency, with the list constantly growing. Anyone can release a coin at any time, which only adds to the competitive market. Of course, not all forms of cryptocurrency are competing to be the next Bitcoin. Some, like Dogecoin, prefer to quietly live in the background. Others, such as Litecoin, are more aggressive, and seek to attain the same use, adaptation, and interest as Bitcoin.
Companies that are competing to knock the king out of first spot tend to compete against Bitcoin in all respects, including the ability to spend the coins in a practical sense as well as being a wise investment tool. Litecoin, for example, has been trying to partner with other global companies to facilitate easier payment for goods in crypto-coins without the need to transfer them to fiat currency.
Other companies compete against Bitcoin by comparing market performance and stability. It is no secret that Bitcoin is a volatile form of currency, with prices that fluctuate dramatically on a daily basis. The value held in the morning may be completely different from the one held in early afternoon, which can scare away many mainstream adapters. Coins like Ethereum aim to be slightly more stable, offering investors a bit more security. Stable coins, a form of cryptocurrency that has its value tied to something more “stable” like the US dollar or gold, are also trying to get into the market by taking advantage of features that Bitcoin lack.
Which Coin Could Throw the Killing Blow?
At the moment, it is impossible to predict which coin is going to be the one to deliver the killing blow. There are numerous ones already on the market that are in a good position to do so. These include:
As mentioned, Litecoin does have its sights set on becoming the next Bitcoin. It was created in 2011 and was one of the first cryptocurrencies to be released after Bitcoin hit the market. The technology was designed to be an improvement on Bitcoin, with faster processing times and similar fees. Litecoin has also reached out to numerous merchants, encouraging them to accept the coin as payment.
This coin was released in 2015, and while it does aim to be the next Bitcoin, it has slightly different goals. Ethereum is not a cryptocurrency that has any ambition to function the same way a fiat currency does. This means that there are no plans to reach out to merchants or have Ethereum widely accepted as a payment method. The reason Ethereum could be the player that knocks out Bitcoin is that it has rapid fast transactions and wants to be the cryptocurrency people go to for investment purposes. While it cannot compete in terms of market use, it may exceed Bitcoin as an investment vehicle.
Originally known as darkcoin, Dash seeks to offer its users a lot more privacy. While it does not have nearly as big of a market share or brand recognition, it is steadily growing in popularity. Transactions are virtually untraceable, giving users almost pure anonymity when making exchanges using its platform. This is an improvement on Bitcoin’s pseudo-anonymous structure.
Knocking Bitcoin out of the top may be a lot easier than it seems. While the coin has established a lot of credibility in recent years, other coins have successfully traded off of that respectability. For example, Litecoin has been considered a reputable coin simply because it functions in a way that is similar to Bitcoin. While Bitcoin did enjoy a great run, its popularity and position as market leader simply cannot last. As with traditional currency, not all coins can lead the pack forever.
So it’s best to follow all the latest cryptocurrency news and follow all the latest trends that will help you make up your mind.