Will BTC Survive Its Competitors?
October 31 will mark a decade since Satoshi Nakamoto introduced the world to digital currencies in his initial whitepaper. BTC currently has the largest value in the market and has been the starting point that has led the way to an emerging phase as the very first crypto on the planet.
Over the previous 10 years, it has rightfully acquired its value and status, with a market cap that has exceeded $100 B. The rise of the BTC has been halted with the emergence of over 3,000 crypto projects with the aim of offering greater applications and improve upon any faults of the BTC. Within these 3,000 developments, over half have already failed and many of them are not operational.
BTC’s status and value as the first crypto are of great importance. But it can be replaced with a more improved blockchain solution within the crypto network.
Shiv Malik, Streamr’s manager of strategy and communications, shares this view. He states that there seems to be some sort of clouds over the initial BTC vision, with a lot of speculations on whether it can be used as a general way of payment.
Furthermore, the decentralized properties of the BTC can be looked at as a possible waterloo for the currency. The Chief Executive Officer of exchange platform Ox, Will Warren, has noted that some people argue that the lack of any regulatory within the BTC community will actually prevent the adoption of innovations at a fast pace, causing a network that is antiquated and fades away.
BTC cash and Other Cryptos
As a lot of crypto enthusiasts debated over the main property of BTC, specifically its use as a real currency, the scalability level has carried it into the shadow of many progressive innovations available in other cryptos, particularly, BTC cash which is a derivative from BTC.
BTC cash has been around for just one year. But its success during that year makes it seem like it has been around for ten years. Its various properties and also its wide use and scalability have clearly made it a contender to overthrow BTC to be the highest valued crypto.
Just like BTC cash, there exists a lot of other cryptos available with a lot more advanced properties looking to overpower the BTC.
Even if BTC is to be replaced, it holds an important status in the history of cryptos. As the very first one worldwide, it ignited the flame for a true financial revolution.