4 Coins That Can Beat Bitcoin
Historically, one of the greatest creators of long-term wealth has always been the stock market; however, over the last couple of years, cryptocurrency investors have confidently laughed their way to the bank, especially with the value of virtual currency going through the roof. As of 2017, the aggregate value of all cryptocurrencies combined was an estimated 17.7 billion dollars, but by January 4, 2018, the total market cap of cryptocurrencies had risen to 774 billion dollars.
Bitcoin, which is one of the most prominent and valuable cryptocurrencies by market caps as well as the most widely accepted digital currency by traders, is often credited as the pioneer in the world of cryptocurrencies. In retrospect, it was the first digital currency to bring blockchain technology into the mainstream. At that time, it was the first actively traded virtual coin on decentralized exchanges. However, over the years, the price value of Bitcoin is one that fluctuates without warning. Though Bitcoin remains the number one cryptocurrency globally, there is evidence to suggest that valuations of other digital currencies are growing at a much faster pace than Bitcoin.
Today, numerous speculators and investors are pushing a number of cryptocurrencies, all in a bid to find the next Bitcoin, but in reality, only a few digital currencies possess the 'tools" required to outperform Bitcoins market capitalization.
Possible Cryptocurrency Candidates That Could Surpass Bitcoin
While there are various cryptocurrencies in the world today, based on research and analysis, only four cryptocurrencies are capable of surpassing Bitcoins market cap, two of which at the moment happen to be the second and third in cryptocurrency market cap. These digital currencies are no stranger to crypto traders, and they are;
Ethereum being the first Bitcoin alternative on our list would not surprise anyone as this is to be expected. One of the reasons why Ethereum is regarded as unique is basically due to is blockchain and the numerous organizations that are presently testing out blockchain technology in some capacity. The digital ledger of this cryptocurrency incorporates protocols referred to as "smart contracts", which aid in verifying and enforcing a contract's negotiation.
Smart contracts are generally appealing from a value and legal standpoint for organizations, businesses amongst others, which is a reason why the Ethereum foundation has found it easy to locate takers to tests the efficiency of its technology. The blockchain of Ethereum also goes beyond Bitcoins currency-only applications, which has greatly attributed to why numerous industries are interested in what Ethereum has to offer. In the future, if there is a more extensive acceptance of its blockchain in real-world applications, then there is no doubt that it would likely surpass Bitcoins' market cap.
Ripple is one digital currency that might serve as an even more significant threat to Bitcoin. Being the third-largest cryptocurrency by market cap, it needs only to double down on its effort once more so as to surpass Bitcoin. Like Ethereum, a lot of focus is on Ripple's blockchain technology which is specifically targeted at financial institutions and big banks. Also, Ripples extraordinarily low transaction fees and fast settlement times are created to be a significant upgrade over the long-winded authentication and confirmation process that payments go through with the traditional banking system.
Though in June 2016, Ripple had announced that seven big banks would be testing out its blockchain, it was not until November 2017 that it gained notoriety, especially when Banco Santander and American Express declared their intention to make use of Ripple's blockchain technology in a real-world test. This alliance or partnership will provide the opportunity for U.S based American express, which carries out non-card transactions to U.K Santander's account to easily have those transactions authenticated and confirmed through Ripple's blockchain.
Ripple's has also positively gained from the rumours about its inevitable listing on Coinbase, which is regarded as the most prominent cryptocurrency exchange in the world. If peradventure it gets listed soon and successfully gets some new banking partners, then there is no doubt that Ripples could give Bitcoin a run for its money.
Similar to Ethereum and Ripple, Stellar's blockchain technology is also one of a kind. Its blockchain provides swift processing times on its network, generally between three to five seconds for most transactions. This cryptocurrency blockchain also incorporates its one-of-a-kind smart contracts. There is no denying that Stellar is very clear about its blockchain being created for enterprise customers as well as also targeted at scalable cross-border applications.
Unlike Ripple, which chooses to focus on big bank Stellar, approaches its goal for scalability by searching for multinational businesses. KlickEx and IBM in October partnered with Stellar to provide quicker and cost-efficient cross-border transactions. This partnership involved numerous banks representing various currencies, deploying and developing Steller's blockchain. In context, IBM generates tens of billions of dollars annually outside the U.S and can easily collect payments from customers as well as also have those payments processed immediately instead of having to wait for a period of time for them to settle.
If IBM benefits from this program, they could choose to expand its application to various parts of the world, which could provide an opportunity for Stellar to obtain new partnerships and topple Bitcoin in the process.
At the moment, out of all the cryptocurrencies listed above, Monero is the smallest. However, there is no denying that it has the potential to turn heads and surpass Bitcoin as the largest cryptocurrency. You might ask, why Monero? Well, consider the large surge in the interest for privacy coins as of today. A privacy coin is basically a virtual currency that emphasizes the anonymity and privacy of the receivers and senders of digital funds. A lot of crypto users are of the opinion that because their data is stored in an encrypted manner on a digital ledger, therefore it can't be traced back to them; however, this is false. In reality, blockchain transactions aren't always as anonymous as you believe.
Monero makes use of an open-sourced protocol referred to as CryptoNote, which makes use of ring signatures to conceal the identity of the sender during a transaction. On Monero's blockchain, each transaction generates a one-time spend key referred to as a stealth address which provides the opportunity for only the recipient to view and spend those funds. If the concept of privacy coins continues to remain valuable among crypto investors and Monero successfully lands a top-tier partner, then there is no doubt that they would emerge from the shadows to leapfrog Bitcoin.
In reality, Bitcoin remains the largest cryptocurrency in the world by market capitalization, but that does not stop other cryptocurrencies from vying for the spot. However, the future is not set in stone, and with the potentials that other cryptocurrencies, especially the ones listed above, are exhibiting, then there is no denying that Bitcoin has some major competitions, and with time, it might no longer be the largest cryptocurrency in the world.
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BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts, derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.