The interest of people keeps increasing as the attention of cryptocurrency to the mainstream by the world is building up. Knowing that Bitcoin has been the Staple for all cryptocurrencies and with its fame, it has become a subject of speculation since 2008. Knowing that Bitcoin become famous and the news is all over, I found out that some people look into this coin and ask, can we have an alternative to Bitcoin or rather what coin will replace Bitcoin position? Bitcoin is rated as number cryptocurrency in coinmarketcap. Can we have one big cryptocurrency to replace Bitcoin?
Do you think one big cryptocurrency will soon emerge, looking at the price fluctuations?
Well, let's look at three coins, you may know them before, but I feel like analyzing their stories and the growth thereafter we see if they can become the next Bitcoin.
Bitcoin Little Beginning
In 2009, Bitcoin became known to the general public which was a new and exciting concept to the general public, this made Bitcoin gained more interest and notoriety.
Before the coin climb $1 mark it has experienced price fluctuation heavily and shortly after this achievement people build their trust in the coin saying, Bitcoin has finally made it!!!
Year in, year out the coin gained more traction and 2017 was a big bang for the coin and this makes Bitcoin so popular and broke mainstream success doors.
In the cryptocurrency community generally, the historical event only occurred to Bitcoin for it to manage to breach USD 20,000 mark. The Bitcoin price and other cryptocurrency prices are down at the moment. At the time of writing this article, a unit of Bitcoin worth around $8,167, it is down from double thousand digits back to single thousand.
Before I share you with the characteristics of Bitcoin in determining the next coin that will take over from this coin, we need to understand the factor or let me say the characteristics of any coin that want to take over from Bitcoin. Are you interested in knowing what the next Bitcoin should look like?
Firstly, when searching for a coin that will replace Bitcoin, we can look at the price and market trends which is the growth trends of such coin, but I will say that's not the main factor to determine coin replacement for Bitcoin.
What Is The Golden Rule To Determine Next Bitcoin?
The only rule that is important for next Bitcoin is; The Usefulness of A Coin. When the usefulness of a coin is known we can foresee the future of such coin and tell if the coin will overcome any struggle and grow alongside. You will agree with me, we have some coin that has a good price but lack specific usefulness and you ask yourself what is the usefulness of this coin? Such coin will soon fade away and be forgotten soon.
In general (crypto space), a lot of factors determines the usefulness of a coin. A coin needs to have a specific mission, the coin must be able to make things happen without any other additional steps or payment. The coin also needs to be readily available and fast, but not necessarily needs to be cheap, it must be readily available in crypto main marketplaces and major trading sites on the internet.
If all this is in place but the coin lack strong company or team of developers the coin may fail in its responsibility.
The moment a coin lacks in its area of usage and is out of the market, such coin is set to die. When you sighted a good coin know that there is a good team watching over such coin and will always monitor its position on the blockchain and develop a new project that related to the cryptocurrency to increase the usage of such coin. Oh! one thing I forgot to mention is how to access the crypto. The good crypto must have open source. When you consider Ripple one of the strong cryptocurrency we have, its closed source and you will agree with me the decentralized system will usually come on top of a centralized system because it is open source.
For any crypto to become the next Bitcoin then it must be able to fulfill these characteristics below:
- It must be open-source
- It must have defined and specific purpose that is achievable
- It must have a strong developers team and investors
- It must be easily accessible
- It must serve people with service they need
- It must be transparent
Knowing that there is some coin on this pathway though their price is nothing when you place them side by side with Bitcoin the usefulness is strong with great developers as the team, are we saying we will soon have a coin as next Bitcoin?
Have you considered Litecoin which is the direct spin-off of Bitcoin and look like the technical parameters of both of them are same? Is it possible for this coin to become the next Bitcoin?
What of Ethereum, do you know that Ethereum is superior to Bitcoin is almost everything? Are you shocked? Well, don't be! Many of us know that Bitcoin is a cryptocurrency, but Ethereum is a whole ledger of technology. Ethereum in its ledger of technology allows many other project or network develop themselves using Ethereum network which is not possible for Bitcoin before it is just crypto.
Are we saying Ethereum can be the next Bitcoin?
Looking at all this fact and figures up there, the evolution of currencies begins with Bitcoin as some crypto experts revealed because many other cryptos were launched thereafter. From 2009 till date, it was only 2017 that Bitcoin skyrocket beyond users and the world expectation which reveals that, in the world of crypto anything can happen. Will Litecoin become the next Bitcoin? Will Ethereum become the next? Will xxxxx become the next Bitcoin? The only answer to this question can only be traced to one factor which is: A Crypto that will make it must be useful. The usefulness of a coin is the determining factor of its success.
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