Ten years have passed now since Nakamoto Satoshi changed the world of money with the news of a currency called Bitcoin. Today the coin has become a standard for other cryptocurrencies that came after it. This has made people to say that there are only two crpytocoins in the world, that is Bitcoin and others. These coins created after it are together as “altcoins”, that is options to the coin. The high price changes in it has made the currency to face competition from others.
This coming together of cryptos can be the same as, a king who is about to be removed from his throne by the people he chose to work with. The coin has always been the ruler of all cryptocurrencies even when the value falls. Cryptocurrency world is getting more attention as people become interested in crpytocoins.
Today, there are more than a thousand of cryptocurrencies already released in the cryptocurrency money market. This has caused war in the cryptomarket, to take the position of Bitcoin as king of cryptocurrency. As altcoins are created, people become crazy to get them. There are opinions that the increase in number of altcoins are enough to make currency lose its place as king of cryptocurrency market.
One factor that shows if a cryptocurrency will succeed is the technology and management team behind it. A cryptocurrency must have a strong technical system and team to maintain its speed, value and improve its chances of surviving competition. Blockchain technology has changed the world of cryptocurrency. However, new altcoins are coming with improved technologies that are faster with additional features.
Another important characteristic is the safety and security of a cryptocurrency to the user. The cryptomarket is not controlled by any bank or government, which has made it become a hiding place for thieves. In time past some have become victims of their activities leading to loss of huge amount of money. Those who know little about cryptocurrency, put all the money they earn into it and lose everything. Today, some crpytocoins created promise better security over the ones which are easy for thieves to come in.
Certain cryptocurrency are becoming more acceptable than others because of some features they have. For instance, Ripple is gaining acceptance by banks more than others since it is used for international payments across many countries every day. So, it is easy to say the increase in daily use and acceptance by banks will put the coin in a position where it can replace the first cryptocurrency. This event spells danger for the future of Blockchain and its digital gold.
Successful coins have shown that their ability to stand against struggles in the cryptomarket is because of their usefulness. If something is both scarce and useful, people will want to get it at all cost. Most cryptocurrencies that have failed and are forgotten now, do not really have any specific use or mission. Therefore, coins with specific type of mission or use cannot easily fail because users will pay anything to get them.
Generally, a cryptocurrency with good chance to be king, must have these characteristics earlier discussed. The technical system must be strong, transparent, fast with special features to compete well. Its management team must be strong and at their best to maintain the coin in the face of numerous competitors. Having a specific use or mission is important characteristic of a cryptocurrency which makes it demand to rise. And a cryptocurrency must be safe and secure for users to put their money in it without fear of losing.
Now that the characteristics of a successful cryptocurrency were earlier discussed, this write-up will consider some crpytocoins with good chances of becoming the next big cryptocurrency. As said earlier, popular views say that only three cryptocurrency can take the first place as they possess these characteristics. These are Ripple, Litecoin and Etherum out of the thousands of altcoins that exist presently. This write-up will give some reasons why these coins are popularly seen to be the next big cryptocurrency.
Ripple is the only cryptocurrency at the moment that is controlled by a company, and is accepted by banks for international payments. It is often called Bitcoin killer because it is faster with cheap rate and is used daily. As the currency is widely accepted, it has a good chance of becoming the next big cryptocurrency. Its acceptability by banks is already an advantage over cryptocurrency which is not controlled by any bank or government.
Litecoin is some time referred to as the silver to the digital gold because it was developed to be four times faster. It is used for buying and selling of goods and services every day since it has a fast technology which can trade within seconds. Therefore, it has a good chance of becoming the next cryptoking. It has an advantage of speed over Bitcoin that takes long time for buying and selling to be completed.
Etherum is popularly considered as biggest threat to ruling currency and at some point was on second place behind it. It is more than just a cryptocurrency since it has a programming language built in it. One special feature added to it is referred to as smart contract been done on the Etherum network. This means users don’t have to get a lawyer for their properties. Therefore, the cryptocurrency is being accepted by companies, investors, users who don’t want the stress of getting a lawyer. Such an additional feature has made the demand for Etherum to increase with a good chance of becoming the next cryptoking.
Finally, the cryptocurrency to take the first place is now a tight race between Ripple, Litecoin and Etherum. The release of new cryptocurrencies still makes the competition more interesting. One deciding factor for a cryptocurrency to rule still depends on the usefulness of the crpytocoin. The three coins discussed in this write-up are useful in their ways. So much can be said about the future of the ruler of cryptocurrency world. This reign may not continue since new currencies are produced every day with better technology.