Bitcoin came into existence almost a decade ago. Since its inception, its journey has been a rollercoaster ride.
Some years have brought rapid expansion, while others brought crashes and crypto winters.
Nevertheless, Bitcoin has continued to brave the storm despite all-around skepticism and massive volatility.
Bitcoin Dominance
Today, Bitcoin is the most popular cryptocurrency, with a market cap touching trillions of dollars. It holds the crypto throne, and no other coin has come close to challenging its dominance.
Carl Runefelt is a global crypto leader and social icon who has become a millionaire after investing in Bitcoin. He strongly asserts that Bitcoin is the future and will replace the traditional fiat currency someday.
While speaking on his YouTube channel, The Moon, he emphasized, “Bitcoin is rising 600% and hitting $300,000 in the upcoming years. How? Well, first of all, I think that Bitcoin is the best hedge against inflation that we have in the world right now, and Bitcoin is also the best form of money that we have and have maybe ever seen in the history of humans. With that said, fiat is the worst form of money we have seen in the history of humans, and I see a huge transition now where we’re going to go more towards a crypto economy, and I am super excited about that.”
But we live in a digital age that makes digital currencies the new norm. This means that every other day newer and unique virtual currencies are introduced.
So which of these digital coins pose a threat to Bitcoin monarchy in the long run?
In this blog post, we will discuss which contenders are giving fierce competition to Bitcoin.
Bitcoin Cash
While the elder brother Bitcoin was already making a lot of buzz around the globe, Bitcoin Cash was making modest headways.
It is a digital coin formed on the foundation of a peer-to-peer payment system – initially welcomed as open-source software in 2009.
It offers such innovation that its transactions are strictly recorded, maintained, and verified by Blockchain’s robust technology.
Like every other digital coin, it follows the principle of decentralization. Many investors predict that it is an excellent coin to invest in as it continues to gain prominence.
Ripple
Do you wish to transfer a large sum of money at lightning speed with little to no transaction fee?
Ripple is your best bet!
Fundamentally, Ripple is a financial settlement system that was designed on the distributed open-source Internet protocol, XRP Ledger.
It has a significant market cap of over 18 billion dollars that continues to grow yearly. Reports confirm that its price has increased 3800 percent in a few years.
Due to its incredible speed and efficiency, banks have been testing it for international transactions.
Ripple may threaten Bitcoin in the future with the speed at which it is mushrooming.
Litecoin
Many investors are wary of investing in altcoins. But recently, many experts have opined that you should diversify your crypto portfolio by investing in different digital currencies.
Carl Runefelt says, “I would also say that, of course, you can diversify into other coins as well. Personally, I have bought a bunch of other coins that I hold in my portfolio, and I think some diversification is fine, but in the bear market and even in the bull market, I always think that you should have the vast majority of your crypto portfolio.
Litecoin is another competitor to dethrone Bitcoin someday.
It is a remarkable digital coin that offers a thunderbolt speed at global transactions with the added security of a blockchain network.
It clearly outshines Bitcoin in terms of market supply; Litecoin has a maximum circulating supply of 84,000,000 LTC, which is four times larger than Bitcoin.
Monero
In today’s competitive digital era, technology will only find followers if it offers something unique that its peers don’t.
Monero is exactly that digital coin. It is an innovative cryptocurrency that uses the Ring Signature Confidential Transactions (RingCT) technology.
This technology ensures 100 percent untraceable transactions. This means that there will be complete privacy for the sender and receiver.
Unlike Bitcoin, it employs the CryptoNight proof-of-work hash algorithm.
Monero has a market cap of $2,941,766,764.
The Competitive Era of Virtual Currencies
There is no doubt that Bitcoin has ruled the crypto kingdom for over a decade, but with innovative cryptocurrencies formed, they may soon pose a real threat to Bitcoin.
A time is around the horizon when investors will start preferring altcoins over Bitcoin.
Only time will tell.
