BTC, ETH, What’s Next?
We all know that Bitcoin, also known as BTC, has been a trendsetter, triggering the birth of hundreds of cryptocurrencies built on a decentralized peer-to-peer network. Not only that, but Bitcoin has become the cryptocurrency with the most market dominance (about 60% as of September 2019) out of all digital coins, Bitcoin is seen as the king of cryptocurrency.
It is important to understand that not all cryptocurrencies are designed for the same purpose as Bitcoin, which focuses on peer-to-peer transactions. Ethereum is popular for enterprise solutions. It is programmable, which means that developers can use it to build new kinds of applications. These decentralized applications (or “dapps”) gain the benefits of cryptocurrency and blockchain, which means they are built to run without any downtime, fraud, control, or interference from a third party. (In fact, we've just listed the ultimate king of Dapps, Futurepia -- read more about it here!)
However, we also know that the field of cryptocurrencies is always developing, and we never know which next great digital token may be released tomorrow, or the day after, or the day after. We call new currencies, altcoins, which means all cryptocurrencies which are not Bitcoin and there are hundreds of altcoins. We can take a look at the most important and widespread cryptocurrencies of the moment to gauge which ones are worth our attention right now:
Litecoin (LTC), is becoming increasingly accepted by merchants, and could make it the next great contender for BTC’s spot, in the crypto ranks. Litecoin offers a faster transaction confirmation due to its block generation rate being faster than Bitcoin’s.
Bitcash is also competing in the peer-to-peer transaction sphere, designed to facilitate real-world trade between consumers and merchants. Bitcash facilitates fiat banking features to create ease-of-use for consumers. Bitcash advertises itself as having the ambitious goal of becoming the world’s most used cryptocurrency. Leveraging social media, consumers are now able to send Bitcash to anyone on Twitter just using their Twitter handle. If Bitcash can leverage Twitter’s 126 million daily users, their popularity is surely on its way.
Another interesting coin to look at is Ripple (XRP). Its method of conformation is unique compared to other coins in that it doesn’t require mining, thus reducing the usage of computing power and minimizing network latency. Ripple’s mission is to enable banks to settle international payments in real-time, with end-to-end transparency, and at lower costs. Its network offers instant, certain, and low-cost international payments that would otherwise take a long time for banks to process.
Raven defines itself as a “peer-to-peer blockchain designed to handle the efficient creation and transfer of assets from one party to another. It's an open-source project based on Bitcoin.” Raven levels the playing field for mining because it randomizes the order of 16 different hashing algorithms, making it impossible for ASIC miners to automize the creation process, which means that Ravencoin is mined publicly and transparently using the proof-of-work mechanism. Decentralization is one of the core values of this coin. Unlike other altcoins, Ravencoin launched without an ICO and emphasizes community over competition. BXB is the only platform to offer financial trading products like futures and options for Ravencoin.
Finally, another to look out for is Dash (DASH). Originally known as Darkcoin, which is a more secretive version of Bitcoin. It offers more anonymity than BTC as it works on a decentralized master code network that makes transactions almost untraceable. This coin has been gaining impressive traction since its launch in 2014.
For more coins to look out for, check out our previous article, The Top 8 Cryptocurrencies useful in Real Life.
But what about Bitcoin’s future? According to Bitcoin price analyst, Oliver Isaacs, Bitcoin’s price might hit USD 25,000 by the end of 2019. He thinks this might be the case due to geopolitical, technological, and regulatory drivers, including the trade war between the U.S. and China, which has led to the sudden interest in Bitcoin as a hedge on investments.
On top of that, an increasing number of large mainstream corporations such as Microsoft, Amazon, and Starbucks are all now accepting payments in crypto. As we mentioned in a previous post, Bitcoin has positive price elasticity, which means that the more popularity it gains (i.e. the more people buy it), the more its price rises. However, we know to take all crypto forecasts and predictions with a grain of salt, as the volatile nature of these coins can seldom guarantee predictable results.