Will a different coin rise up from the altcoin revolution and replace Bitcoin as the most popular cryptocurrency?
Satoshi Nakamoto's ingenious invention has brought one of the most disruptive technologies ever created into our everyday lives. The Bitcoin market exploded in late 2017, to a peak of $63k per coin that sent investors racing for their wallets, and those who hesitated lost out on an opportunity like never before seen in history!
It's hard to believe that Bitcoin, the first cryptocurrency ever created — and still very well-respected today for its pioneering status in this world with a market cap of $50 billion can feel so new. But that is what we are seeing unfold before our eyes as altcoins like Ether (ETH) stand beside it on the roller coaster ride alongside Litecoin (LTC), Bitcoin Cash BCH). It has been nice watching DeFi giants Polkadot and Cardano join over time too!
Talking about the future of a coin shrouded in uncertainty is like looking at someone through foggy glasses and trying to see what they're wearing. Bitcoin is specifically being impacted by uncertainties as governments react to this new technology supplanting its use with their own fiat currencies. Some people argue that the Bitcoin blockchain could soon become history. Adapting to emerging technology could be difficult for Bitcoin without centralized governance and an uncertain process to reach a consensus, it is possible for an altcoin to become superior.
Bitcoin has been the dominant force in crypto for quite a while now, but it's reign may be coming to an end. Despite Bitcoin’s dominance and innovation like Segwit2x or Lightning Network, it's difficult to predict whether competing coins' blockchains will overtake Bitcoin - all depending on the utility. Will cryptocurrency remain merely a store of value? Can it, on the other hand, become a valid option for exchanging values?
Ever since the rise of Bitcoin just a little over a decade ago, hundreds of projects have been popping up like mushrooms. Some are more successful than others but they're all making an impact on society and how we live our lives in this brave new world where everything is decentralized. In an effort to outdo each other, some blockchain creators have built their projects with the limitations of others in mind. This has led to a lot of hype but only time will reveal whether these products are truly viable and powerful enough for use by the masses.
These teams of innovators have also created decentralized apps, (or DApps). This new technology can help those without bank accounts to improve their financial standing and live more comfortably in the world.
As long as mainstream investors' fixation is pinned to value, Bitcoin will likely continue to rise. For the time being, Bitcoin is the top dog and will most likely remain at the top for a while being that the spending power from state-issued fiat currencies around the world continue to race one another to the bottom.
