Does Bitcoin Have Competition?

Every time cryptocurrencies are brought up in conversations, the first thing that comes to one’s mind is bitcoin. And indeed, since the bitcoin came into existence many years ago, there was nothing similar on the market.

It entered our lives slowly and left such an impression that no one even thought about anything else for some time. Its appearance got the attention of many businessmen and rich people who considered it a worthy investment.

Of course, since this was a new thing back then, a cryptocurrency blog was created so that people who understood it better could educate others.

A few years have passed since its appearance, and today people know a lot about cryptocurrencies and how to make the most of it. Moreover, apart from the bitcoin, some other cryptocurrencies were created and had been working on their popularity day by day.

This caused the Bitcoin lovers to think whether or not the first cryptocurrency should still be their first choice.

Which Cryptocurrencies Can Take over the Throne?

Ethereum

The first on our list is Ethereum that got the attention of the public in 2014. Some say that its creator, Vitalik Buterin, borrowed the idea from the founder of Bitcoin, Satoshi Nakamoto, and slightly broaden it.

Although it is constantly compared to Bitcoin, there are some significant differences between the two cryptocurrencies.

Bitcoin can be understood as an alternative to what we know as money, while Ethereum has a different purpose. They are both digital currencies; however, Ethereum’s primary goal is to set the standard for decentralized apps. To put it simply, Bitcoin is only a cryptocurrency, while Ethereum represents the whole new system.

Litecoin

Litecoin faces the same problem as the previously mentioned Ethereum. It is constantly compared to Bitcoin and somehow doesn’t seem to be able to come out of its shadow.

Certainly, the difference exists, and it hits where it hurts the most — one’s wallet. Mainly, the cost of Litecoin transactions is approximately 1/50th of the size of BTC. That’s why some cryptocurrency lovers prefer Litecoin to Bitcoin, but apparently there’s still not enough of them.

Libra

The initial idea behind Libra is to, more or less, improve the Bitcoin. It is created to make the transactions cheaper and faster than the ones with Bitcoin. Plus, if we add the fact that it is supported by Facebook, the prognosis for its success could be fabulous.

Again, we have a situation in which everyone would think that Libra is a new Bitcoin wanna-be. However, it is a wrong guess, since Libra, as well as other cryptocurrencies, has so many differences compared to Bitcoin.

Will Bitcoin Stay Number One Cryptocurrency?

Rumour has it that the highest percentage of the population still prefers Bitcoin to its alternatives, and, apparently, they have good reasons for that.

The first among many is the fact that many highly valued people openly support Bitcoin. Starting with Elon Musk, over Mike Novogratz, to Sonny Singh, Bitcoin has a backup as probably no other recent invention.

It goes without mentioning that all these people didn’t get wealthy and powerful by making poor decisions. Therefore, this should be a good omen for anyone who has ever thought about investing in Bitcoin.

Big names usually get a lot of attention, thus spreading it on everything around them as well. That’s probably why Bitcoin had no problem spreading to many gigantic industries around the world. For example, the gambling industry welcomed Bitcoin as a payment method with open arms.

Another very important characteristic is that Bitcoin does not depend on banks or other financial institutions. Therefore, it will be quite difficult to suffer from any intentional fluctuations whatsoever. Also, since there is no third party involved, you are the complete owner of your money, and no one else should have any insight into your transactions.

Talking about transactions, Bitcoin took care of that part really well. Your transaction can be completed in just 15 minutes, unlike the bank transactions, which can sometimes even take a few days.

Last but not the least, Bitcoin is limited to 21 million coins, out of which 17 million have already been mined, which further implies that the price for the rest of the coins can only grow. We all know that whatever is limited must be worthy because, pretty soon, the only way to put your hand on these coins will be through inheritance or a buy-out.

It’s not excluded that some alternative cryptocurrencies will one day become equally important, but until then, Bitcoin is the one to stick to.