Anyone who has associated himself with the crypto world already knows that Bitcoin is the biggest and the first cryptocurrency. However, there are many digital currencies apart from Bitcoin, and they are called Altcoins. All cryptos besides Bitcoin are Altcoins. Today, there are over 1500 cryptocurrencies that are operating in the market. Bitcoin gained dominance in the market since the time it started its journey, and it gained the largest market capitalization. With the rise of these cryptocurrencies, several services have emerged that provide all crypto news. The crypto market always sees the rise and fall every single day. However, Bitcoin holds its dominance and crushes other Altcoins. In this article, we will discuss whether Bitcoin is really a threat to Altcoins.
Bitcoin’s Dominance Until Now
As mentioned above, Bitcoin gained dominance early in the market. Also, there was no other cryptocurrency that was competing with Bitcoin. This cryptocurrency took advantage of its early launch and gained the top position in the market. After that, other coins such as Ethereum, XRP, Bitcoin Cash(a hard fork of Bitcoin) and many others started their journey and began competing with each other, leaving Bitcoin. With the rising popularity of this digital currency, several individuals who supported Bitcoin emerged and came to be known as Bitcoin maximalists.
During the time when Bitcoin was launched, people thought that it wouldn’t serve any good to the market. However, this cryptocurrency gained traction and was adopted by several countries, including China, the US, Canada, Australia, Russia, Vietnam and many more.
Also Read: Facts About Bitcoin Cash You Should Know
Can Bitcoin Pose Threat To Altcoins
Speaking about Altcoins, they started their journey just a few years after Bitcoin started climbing the ladder of success. Altcoins started competing, and each of them provided a unique feature. For example, IOTA worked on improving Internet-of-Technology(IoT), Ethereum brought the concept of smart contracts, Ripple allowed banks to perform the cross-border payment in an efficient manner and Bitcoin Cash, which is a hard fork of Bitcoin, increased the Bitcoin’s block size up to 8 MB.
Now the question arises if these cryptocurrencies are providing so many features to the market, then why they were so much underestimated. One answer could be that Altcoins will gain some respect in the market when other emerging technologies like Internet-of-Technology, quantum computing, distributed application etc. will see more and more adoption.
The main objective behind launching Bitcoin was that it would act as digital cash in the future. Other cryptocurrencies provided many features and went beyond being digital cash. Thus, these coins could be as respectful as Bitcoin when emerging technologies see more adoption.
Future Of Altcoins
When we see the price chart, Bitcoin takes the top position, and no other crypto is seen just after it. A huge price difference exists between Bitcoin and Altcoins. Many blockchain experts still say that the future of other digital currencies could be bright if they will undergo certain improvements. However, this will take several years, and till then, Bitcoin will continue to dominate in the crypto world.
In this article, we have seen some opinions on whether Bitcoin could pose a threat to Altcoins. Bitcoin has been dominating the market and will continue to do so until altcoins could bring something new to the game. The first cryptocurrency came as digital cash and has not provided anything so far. However, it gained lots of respect and applause from the market. Today, there are a bunch of platforms that provide the latest news on Bitcoin. Both investors and traders could take benefits from these crypto services. Finally, it could be expected that other cryptocurrencies will rise as soon as countries and its people adopt technologies such as artificial intelligence, blockchain, IOT and others on a massive scale.