Will Bitcoin Keep Up With The Newer Generation Of Cryptocurrencies?August 5, 2019
While all the cryptocurrencies other than Bitcoin, dubbed Altcoins use the same decentralized concept it makes one wonder on how they differ from each other. This is also the case with TCAT tokens.
Unique cases and innovations have shaken the status quo of newer cryptocurrencies and tokens. Bitcoin has eventually responded with its own improvements thereby leading to a healthier market.
When it comes to the cryptocurrency space, Bitcoin has forever been the king. Despite the passing of a decade being the original cryptocurrency Bitcoin continues to be valuable. There was a point in time when the value of the Bitcoin touched even $20,000.
With the advancement in blockchain technology, there is an increase in the numbers of cryptocurrency tokens and the many things that these new coins could probably achieve. The Altcoins though similar to the Bitcoin in concept will be able to take things a step further with their unique features.
The market for the Altcoins is ever-expanding and will this lead to the end of Bitcoin by anyway. Will Bitcoin be able to keep up with the newer generation of cryptocurrencies is yet another question.
Bitcoin was primarily designed to serve as an alternative cryptocurrency which will replace the fiat currencies like the USD and the EURO dominating the market. Primarily Bitcoin was built for simple transactions. It made use of the peer-to-peer consensus mechanism, which powers the network by collective verification of transactions and eventually adding then to the chain. Despite being an efficient payment method Bitcoin has several short falls like credit cards and other kinds of digital payment tools. When verifying mining transactions, the entire process is resource expensive at prohibit-able costs.
Several newer Altcoins are making use of different mechanisms in order to cut down on the cost and complexity of the mining process. Eventually providing for several more transactions per second. Some of the newer Altcoins also use smart contracts. This permits them to build apps that are innovative and apply directly on the blockchain.
While it has been commonly felt that Bitcoin was meant to be an alternative currency, it is quite possible for the tokens to master the features of other tokens to succeed in the race for survival. The Bitcoin might choose to fight back all of its competitors by virtue of its market dominance. Despite the mixed market sentiments, the dominance of Bitcoin continues to hold.