Bitcoin and Its Relation To AltCoins

Bitcoin and Its Relation To AltCoins

Bitcoin is the first cryptocurrency we have ever known. We learn how Satoshi Nakamoto implemented his (or her or their, but for convenience let’s use male personification, not that I am a sexist) vision towards an anonymous payment system. The idea of the anonymous e-cash has been around since 1970’s with David Chaum as the pioneer with his blind signature paper.

Then, as we know, the development of cryptocurrency did not stop there. Since 2009 we have witnessed a massive amount of cryptocurrencies being created by teams all around the world. Software developers work together with the cryptographers and engineers to create “The Next Bitcoin”. But, has anyone succeeded creating the Bitcoin 2.0?

I am not really sure. Maybe in a technological sense, yes. In fact, Bitcoin has become obsolete: the technology is very old, slow, and hard to improve, while several new cryptocurrencies have mitigated the issues in Bitcoin as their main features. Smart contract cryptocurrencies for example, offer flexible programming capabilities that might be needed for any users to create a decentralized system without any trust needed.

But as a brand, Bitcoin is still the winner. We have seen Bitcoin for a while, and almost everyone now has ever heard about Bitcoin, at least once in their lifetime, just because most mainstream media: from newspapers, television channels, even radio stations, they have published topics about Bitcoin. All they know is that Bitcoin has become more and more valuable. In this case, no cryptocurrency has matched Bitcoin and it is the best brand in cryptocurrency so far.

Bitcoin might have taken profits from the development of AltCoins (Alternative Coins: cryptocurrencies born after Bitcoin), especially related to trading. These AltCoins are paired to Bitcoin and therefore it is easy for anyone to buy Bitcoin before buying any AltCoins they want. In that sense, we will see Bitcoin to be around for at least longer.

Thousands of AltCoins have been traded in multiple coin markets all around the world and thousands more waiting to be included in those markets. This might create a huge demand to Bitcoin and therefore might create a price increase in the near future. It is not really about the technology nowadays when people buy Bitcoin. It is more about its value being increased day after day.

Now the view has been shifted from the effort of creating the next Bitcoin into new coins that will support Bitcoin. The mass adoption of Bitcoin is a result of a massive effort done by the early adopters a few years back. And this might be the main strength of Bitcoin over new cryptocurrencies.

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