Bitcoin Dancing In The Shadow Of Competitors, Will it Survive?

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Bitcoin, the top value cryptocurrency is about to clock ten years on October 31 that Satoshi Nakamoto revealed the white paper of the cryptocurrency.  The cryptocurrency has been a trailblazer in the crypto space as it has led the emerging stage of cryptocurrency as the first digital currency in the world.

This status it has earned in value as well as with a market cap of over $100  billion over the last decade. Its emergence has been trailed with over 3,000 cryptocurrency projects in the ecosystem trying to offer better solutions to the inherent weaknesses of bitcoin. Out of the 3,000, more than half have failed while many are non-operational.

Bitcoin Competitors

Bitcoin’s status in the cryptocurrency space is of high significance. However,  this does not mean it is not replaceable with better-developed blockchain solutions in the crypto space. This opinion is shared by Shiv Malik, head of the strategy and communications at the blockchain firm Streamr, that some clouds now hovers around original bitcoin vision, with speculations around if it can serve as a general service of payment.

Also, the decentralized features of the cryptocurrency are also taken as a probable waterloo of the cryptocurrency. Will Warren, the CEO of a decentralized exchange platform, Ox, stated that “Some argue that the bitcoin community’s lack of governance will prevent the community from adopting innovations at a fast enough pace, quickly resulting in an antiquated network that fades in prominence.”

As many other crypto enthusiasts argued the feature of bitcoin, especially in its use as a form of currency, the level of scalability has brought it into the shadow of other advanced innovations in other cryptocurrencies, especially, bitcoin cash that was created from it.

Bitcoin Cash recently clocked a year. However, its leap with the last one year was like it has been in existence for a decade. The wide use, price, scalability among others have made it be touted to dethrone Bitcoin core (BTC) as the most valuable cryptocurrency.

Like Bitcoin Cash, there are also other cryptocurrencies with advanced features that are also in the race to defeat the dominant role of bitcoin.

Bitcoin Core’s Place In The Crypto Space

Regardless of the continuation of Bitcoin as the top-valued cryptocurrency or is replaced, the cryptocurrency holds a golden place in the history and hall of fame if cryptocurrencies. As the first cryptocurrency in the world, it kick-started a financial revolution at the nascent stage of cryptocurrency.

Even if another cryptocurrency later achieved the full potential of what cryptocurrencies should be, Bitcoin core remains a forever legend in the space.

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