Is Bitcoin Under Threat From Altcoins?

Sharing is Caring!

Bitcoin has a special place in the hearts and minds of cryptocurrency investors across the globe but with recent price fluctuations, it’s certainly been playing on their nerves too. With news of platform hacks, price crashes and other concerns surrounding the original cryptocurrency, those wanting to break out into the cryptocurrency market could start turning to the ‘altcoins’. Talk around whether these other cryptocurrencies could be a threat to Bitcoin is hot in the industry, and here, we’re exploring just whether Bitcoin truly is under threat.

The Current State Of Bitcoin

While Bitcoin still remains the most highly priced coin with the highest volume of trades on cryptocurrency trading software, questions are arising as to whether this coin is truly as secure or as safe as it first claimed. Mt. Gox, CoinCheck and CoinRail are just three of the largest platform hacks that have shaken up Bitcoin’s overall price and for traders looking for secure and predictable investments, this likely isn’t quite what they’re seeking.

Bitcoin hit an all-time high in December of 2017 when its price reached almost $20,000 and while its current price is still a respectable $6,000+, it’s safe to say that investors are getting a little nervous about the crash of the market. With debate around security only adding to scepticism, more and more traders are holding onto their coins rather than using them.

The Most Popular Altcoins

See also  Cryptos Nosedive (Ethereum Classic Down 5%, Bitcoin Down 3%) As US Dollar Gains

With the above in mind, it’s easy to see just why investors may be looking for an alternate coin – but what could that alternative be? Here are five altcoins that are most likely to give Bitcoin a run for its money:

 

  • Ethereum

 

Ethereum is a platform built to host and facilitate smart contracts and other decentralised applications, all while using the currency – Ether – in which to do so. Ether is the closest coin to Bitcoin in price, though still sits at a respectable $494.16 (at time of writing). The platform alone could revolutionise the way that businesses and banks form their contracts. Smart contracts take away the potential for fraud using automated fulfilment – in other words, one party will fill their end of the contract, and the other end will automatically occur. While Bitcoin offers a payment method, Ethereum is a platform designed to take that one step further.

 

  • Litecoin

 

Litecoin is similar to Bitcoin in its use and design, but it’s creation back in 2011 was originally designed to fix the potential downfalls that Bitcoin faced. Litecoin has faster processing times, lower transaction fees and while the cost is lower, it’s also an ideal investment for those on lower budgets who might want to get involved in an up and coming cryptocurrency. At a respectable $97.7 at the time of writing, Litecoin isn’t something to be sniffed at.

  • Are There Others?
See also  UK ‘now officially under third coronavirus wave’ as Delta variant outbreaks hit 80% of England

There are thousands upon thousands of cryptocurrencies out there, and more and more people are opting to make their own. However, while most of these coins are impossible to trust and useless to the average investor, the likes of Bitcoin Cash, Monero, Dash and Ripple could all be worthy contenders against Bitcoin too

Has Bitcoin Got Some Competition?

With all of the above in mind, the debate around whether Bitcoin could be facing competition is still rife, and still definitely up for heated discussion. While none of the altcoins mentioned here are set to overtake Bitcoin in price anytime soon, their popularity and adoption could very well be their success. With Ethereum offering a new way of doing business and Litecoin fixing Bitcoin’s downfalls, it’s easy to see just why some investors might be opting for these coins instead.

Investing in altcoins is a risky market, but one that could prove beneficial in the long run. Whether these altcoins overtake Bitcoin is uncertain, but one thing is for sure – it’ll be an interesting battle to win.

704 views

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.