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JANUARY 7, 2020 / 21:46 UTC
LONDON (Zoom Fintech) – Bitcoin was the world’s first decentralized cryptocurrency. The network was created by Satoshi Nakamoto, a pseudonym who laid the foundations for a truly decentralized consensus-based system for recording transactions and verifying ownership using a public ledger. While the goal of making Bitcoin a universal universal currency is still a work in progress, Bitcoin still dominates the charts of the total market capitalization of cryptocurrencies around the world, over 50% of which is cryptocurrency – Bitcoin Vs Altcoin.
Altcoins or alternative coins are the soft forks of Bitcoin. They are based on the Bitcoin paper itself, but various changes in the actual launch of the underlying code have been made to revolutionize or improve / evolve the technology.
Ethereum presented a programmable blockchain option; a platform that could record all transactions and make them immutable. Ether (ETH) was its native cryptocurrency.
Litecoin (LTC) started out as Bitcoin’s money for gold and first broke new ground with the Lightning Network. Ripple Centralized Banking Activation (XRP) was based on a limited supply model and direct backing from a large company.
Bitcoin Cash, meanwhile, was a hard fork of Bitcoin and diverged from the blockchain over 2 years ago due to increased block size. Other major parts such as Cardano, Dash, Monero, NEM, NEO, etc. were all based on the original bitcoin paper, but added major upgrades and changes.
Bitcoin critics often call it a dinosaur, an older, slower, and much more stubborn network that doesn’t update fast enough, doesn’t have faster transactions, and just doesn’t innovate enough (according to them).
We have had over 11 years since the existence of Bitcoin and even now no altcoin even comes close to challenging the supremacy of Bitcoin itself. Similar to gold, which has long enjoyed the status of safe haven and storage of “real value” and nothing has failed to challenge it despite the advent of other precious substances including metals.
Critics like to say that one day Bitcoin will become obsolete and be replaced by a faster and more innovative coin. While this has yet to happen, just like Gold, it can be said with certainty:
Bitcoin cannot be replaced with another coin as the face of the cryptocurrency movement.
Because many of the “issues” that critics associate with Bitcoin are actually its strengths. He is not rushing to innovate because money matters are sensitive and the system cannot be changed just because brilliant new technology is coming. It has to prove itself before it becomes part of the very important Bitcoin network. The Bitcoin network is stubborn, but that’s not always a bad thing. The US Federal Reserve is extremely stubborn in its practices and is therefore respected around the world for its authenticity. Billions of dollars of infrastructure, investments and now futures and transactions are done through Bitcoin, not just another ordinary altcoin.
So, for this reason, Bitcoin cannot be replaced by any other altcoin. This is and will be the real deal in the crypto world!
Also, today Bitcoin is very important for all crypto exchanges because it represents 50% of the transaction volume! Bitcoin can only be replaced by an altcoin when the new currency has market share in the markets and when Bitcoin has low representativeness in transactions. But …. can this happen?
To understand the importance of crypto exchanges, read here: Is the Bitcoin market manipulated by whales?
And also read Bitcoin and Ethereum in the exchanges