Today’s BTC price has reached an astonishing altitude of $6,209.91. Most experts and investors continue to believe in Bitcoin’s power and invincibility. However, future is unpredictable, especially when it comes to a changeable world of cryptocurrencies. Today’s leader might trail far behind tomorrow and vice versa. Cryptocurrency space experiences price shifts and power struggles regularly and the movement vector is quite unclear. Many companies launch amazing projects that solve the problems of the previous leaders and implement new crypto technologies. Some of them even change the entire vision of crypto world and the way currency functions.
According to the current situation and continuous rise in price, there are no reasons for suspicions or fears about BTC – no doubt, this is the strongest coin in the cryptocurrency history and this is not going to change tomorrow. And even the day after tomorrow. However, we would like to jump at the opportunity to speculate about possible changes and share our ideas with you in this article. What if Bitcoin loses its number one position one day? Are there any coins able to cast BTC from the throne?
We live in a world of quick changes. Do you remember how social networks replaced each other when newly advanced inventions surpassed their predecessors? First, we had SixDegrees, replaced by Friendster, which was squeezed by Myspace until Facebook gained the absolute dominance. Something similar happened to the search engines, until Google got complete dominance. Cryptocurrencies have all chances to replace fiat money in the future, however which coin will be the most expensive? Well, that is a gamble.
Trying to guess what coin may eventually replace BTC is a gamble, too. We are not fortune-tellers, but we know some facts about perspective crypto projects and can presume which one have chances to step into BTC’s shoes one day.
Today, we will discuss some of these currencies – what are they and why they can beat Bitcoin in the future.
Monero appeared in 2012 as an open-source cryptocurrency project with serious ambitions. This decentralized coin uses the CryptoNote algorithm, which solves one of the main BTC’s issues – transactions’ speed. In the Monero’s network, coins are produced every 2 minutes, while BTC needs at least 10 minutes to be mined.
Another significant plus of Monero is that it is an anonymous currency. It means that all transactions made within the network are private and cannot be traced. Moreover, Monero is not limited to ASIC mining and could be collected with home PCs furnished with strong GPU/CPU. This adds decentralization to the way Monero functions.
Ethereum is one of the leading currencies on grounds of capitalization. This is a large platform for smart contracts and digital coins. ETH acts as a crypto fuel for Ethereum, which has an unlimited potential in optimizing business, finance, law, and governance.
Some experts believe that Ethereum has all chances to change the way financial operations and social/business interactions are made. This will take time, but the possibility is pretty high.
The hypothesis is that Ethereum might become not only a central cryptocurrency but a basis for all software like Microsoft. Sounds fantastical, but this is not out of the possibility.
Litecoin appeared in 2011 and was one of the first cryptocurrencies on the market, referred to as “silver BTC”. Litecoin is a large payment system that is not controlled by any authority and works on the proof-of-work algorithm, which can be approached by a home PC.
This makes Litecoin exponentially more accessible than Bitcoin. Also, Litecoin generates blocks much faster than Bitcoin and offers faster financial operations. Litecoin is one of the most popular coins with a $4 630 958 719 market cap.
Dash enjoys a price of $239,52 and for a good reason. Dash’s transactions are fast, private and almost commission-free. These features make Dash payments easy and attractive for commercials and average users.
Also, Dash is independent of community donations. Part of every block generation reward goes into a development fund for the Dash team. This way, developers get thousands of dollars every year, hire new professionals and improve their project in purpose to create the best coin ever.
This technology is scalable and allows fee-free transactions, making IOTA a strong player on the Internet-of-Things that is predicted to come. The possibilities of Tangle make IOTA one of the strongest players on the cryptocurrency market.
It’s not like we are trying to say that a competitive shift will happen in the nearest future and one of the described currencies will replace BTC. However, this might happen in several years. If Bitcoin moves away, it will likely do so after being squeezed be new, advanced and more efficient technology like IOTA or Ethereum can offer.
The coins we have described above are extremely promising and interesting projects that will surely move forward and bring unpredictable innovations to the world of cryptocurrency and technology as a whole. The degree of their influence depends on a lot of factors that cannot be fully predicted today.
Maybe, Ethereum will beat Bitcoin one day. Or maybe Monero will take its place. Or maybe Bitcoin is not going to hand over its power. The only thing we know for sure is that it’s going to be a breathtaking adventure for everyone in the crypto space.