But then comes the question – will any cryptocurrency ever replicate Bitcoin’s success? Well, the answer to this is not a simple one. The state of altcoins to date is stable, but hitting the high grounds is something we need to leave to the future.
Before we dive into the possibilities, here is a clarification that will guide us to the right path.
1. It’s Bitcoin vs Altcoins
Because of its worldwide fame, Bitcoin is hailed as the flagship of all cryptocurrencies. If in the near future there happens to be a major adoption of cryptocurrency, Bitcoin will be the one to receive all the recognition. Even with the dominance Bitcoin has, there is still a rift between it and other currencies. Still, other cryptocurrencies remain as the tools for experimentation for developers and speculators. These altcoins are used for different purposes and some of them can never match the Bitcoin’s success.
So while talking about the future of the decentralized economy, things will have to revolve around Bitcoin. This cryptocurrency holds the key to revolutionizing the banking industry and our perception of money. Not every currency is going to challenge Bitcoin – until something truly exceptional is revealed.
2. Wasteful Functionality
The approach followed by most of the altcoins results in the nullification of functionality. The most common use of cryptocurrency to date is utility tokens. The blockchain ecosystems responsible for managing the currencies running utility tokens are known as the 3rd internet revolution. This revolution is not of the economic nature but that of the governance structure.
Most applications offering tokens require the users to purchase them through their own system. This approach offers no value for money as it is similar to the usual ways economy works. In addition, the platform is centralized as it uses the money, but the cryptocurrency is operating on decentralized platforms.
Ethereum has been the focus of many experts and this is the only cryptocurrency that is tipped to surpass Bitcoin in the future. Launched in 2013, this currency has seen a drastic 40× growth in the last two years.
Its platform runs on a decentralized system that is free from downtime, fraud, and censorship. Moreover, the team behind Ethereum is exceptional which further cements its position in the future.
On top of that, the acceptance Ethereum is receiving is said to match Bitcoin’s in the coming years. With that being said, cryptocurrency is the door to the future’s decentralized economy and currently, Bitcoin is its key – with little or no competition in sight.