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Which Crypto Might Replace Bitcoin?

Crypto

August 21, 2020 | 

813 Views | 

JOHN K MWANIKI | 

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Bitcoin is the undisputable crypto leader. It has set the pace for the acceptance of the crypto world. It has been so successful such that some consider crypto synonymous with Bitcoin. It is now on the verge of becoming mainstream as businesses and exchanges accept it. 

That is not to say it has no challenge. Several other coins are coming up with the possibility of replacing it. 

Here are the possible coins to replace Bitcoin;

Ethereum 

No other coin has given Bitcoin a run in the crypto market as Ethereum. Created after Bitcoin, Ethereum learns a lot from the leader. It then solves the Bitcoin concerns making it an ideal alternative. It has all along kept its second position with no other coin seeming to challenge. 

One of the main selling points of Ethereum is its role in the crypto world. The crypto provides a secure platform for decentralized apps development. With the blockchain world growing more, the coin also expands. It also provides an operating platform for the other cryptos. 

The recent crypto surge has seen the uprise of the decentralized finances. Most of these coins use Ethereum as their operating platform. The coin has since then also seen a sustained increase. The DeFi coins are likely to be rise on the rise for some time. They are currently some of the best alternative digital investments.

Ethereum also looks to gain from the upcoming Ethereum 2.0. It seeks to change the current "proof-of-work" validation to the faster "proof-of-stake." It looks to improve on the transaction speeds and security. 

As the crypto world keeps developing, Ethereum seems to be the top beneficiary. It might ultimately get past the Bitcoin as other people and cryptos adopt it more. 

USDT

Volatility is one of the significant Bitcoin concerns. The coin experiences so many disruptions even within seconds. While the volatility is significant for traders, most users find it stressful. Most people would prefer to know the value of their investments at all times. That is where stablecoins come in. 

Stablecoins are the cryptos with value tied to the fiat currency. While most stablecoins don't have any designated currency, most major with the US dollar. USDT is the most advanced stablecoin of all. The coin is valued against the dollar at ratio 1:1. 

The stability of the coin is its selling point. It provides all the benefits of Bitcoin minus the volatility. Such stability has made it a bridge between the crypto and the fiat world. Most of the established fiat networks use it as a mode of exchange with the other cryptos. 

The other USDT that looks to beat Bitcoin is e-commerce. The adoption of Bitcoin into the mainstream has been high of late. Most businesses accept it as a mode of payment. The increase has seen several payment processors come up. It yet still comes with the volatility concerns. The same Bitcoin that would buy a few products a few years back would be worth millions today. 

The USDT comes with certain safe and fast transactions. It also allows clients to choose between the fiat and the crypto without worrying about the value. 

Cardano

Cardano is the other potential coin. It currently seems like Bitcoin and Ethereum have the whole crypto world. Still, Cardano seems like the next most ambitious. The developers had envisioned Cardano replacing Bitcoin by the end of 2020. From the look of things, it doesn't seem possible. Still, there are hopes for the coin. 

The coin works same as Ethereum. It looks to build a massive decentralized platform for businesses, people, and governments. Cardano takes pride in innovation as a way to beat the front-runners. It is ever-improving the platform to make it the best as can be. 

The coin was launched in 2017 with a centralized token. It is now in the process of making it one of the most decentralized tokens. It is undertaking a Shelley upgrade that will see the coin become one of the fastest. The project has an early start against the ETH 2.0. This allows it the hype to take over the crypto space early enough. 

The coin is more user-oriented. The more changes it brings to the platform, the more it attracts users. While it might not topple Bitcoin in 2020, there are favourable prospects.

Central Bank Backed Crypto 

The other coin that has threatened the existence of Bitcoin for some time is the central bank cryptos. Most of the countries had earlier on been against the crypto world. Years later, they have realized that crypto is the future of the currency.

Even after the bans, most people could still access the coins through the internet. Some still used masked addresses, making it hard to detect their activities. The governments have had to join the crypto world.

Most of the governments are looking for ways to introduce mainstream cryptos. Most of the governments are in the advanced stages of making central bank digital currencies. 

Countries like Lithuania have already released their crypto coins. Others, like Japan and China, are also on the verge of releasing theirs. They have already tested their viability.

For some time, Bitcoin seemed the biggest threat to the national currencies. It offers security and reliability more than fiat. It also seemed trustworthy without the prospects of an economic crash. The evolution of the central banks gives the fiat a lifeline.

It ensures the coins come with the security and fast transactions of the blockchain technology. The governments also retain their control. 

Those who have issues against Bitcoin can easily pick up the CBCC. The governments would also drum support for their coins more. The CBCC will also win from the already established fiat currency network. There is no need to change any exchanges and other infrastructure. 

Bottom Line 

The position of Bitcoin in the market always seem secure. Still, the growth in the other cryptos now seems a challenge. Ethereum, Cardano, and USDT all seem to have better prospects. The sovereign cryptocurrencies also look formidable. Bitcoin, however, will still keep its position for some time. 

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