Why Bitcoin Isn’t the Future of Cryptocurrency

Why Bitcoin Isn't the Future of Cryptocurrency

Why Bitcoin Isn’t the Future of Cryptocurrency

All around the world, many sing the praises of Bitcoin and that it is the future of cryptocurrency. No one who deals with cryptocurrencies wants to see BTC fail yet in anything the one who brings the idea to the masses does indeed see a fall in their initial standing. Why Bitcoin Isn’t the Future of Cryptocurrency.

Why Bitcoin Isn’t the Future of Cryptocurrency

BTC will not fail, and it will always be there yet it stands a good chance of playing second fiddle to some of the other cryptocurrencies that have yet to make their full presence felt.

This massive shift that will happen in the crypto market stands a chance of being in 2018. Bitcoin will be soon seen as a victim of its own success. There are many Bitcoin problems and these up, and coming coins are fixing them all the time.

What Are The Problems With Bitcoin?

Bitcoin problems fall into diverse areas, some are of its own doing, and some are the effects of its popularity, yet regardless of the root of the problem, it is still a problem. Some of which might not be fixed with the current BTC and Blockchain model.

One of the problems being scalability, bitcoin is not very good at it. Simply put, the more transactions that take place, the slower the processing of these transactions by the bitcoin miners becomes.

This leads to another area that should never have happened. High transaction costs are being imposed to conduct these transactions first. This is entirely in the wrong direction that the coin should have gone in.

Mining is another problem area with BTC and the Blockchain. Over time the number of coins to be mined reduces.

In the near future this makes mining unprofitable for the miners, once this number is limited it is hard to say how things will go, but one thing for sure. Who will do the processing of the transactions?

BTC was supposed to be truly decentralized, yet mining pools have stopped this idea. It has been said that mining is controlled by only three major pools of miners around the world. If any of these merged it could be a sign for a 51% attack, or at least the market could be manipulated if it isn’t already.

Other BTC Issues

Along with a network that slows thus forcing higher costs to users and the decentralization issues it has, BTC will not vanish. It will still be used as most crypto’s are traded against it, so there is a need for now.

How Crypto’s fix this problem?

There are over a thousand cryptocurrencies, yet a great deal of these are based around BTC and Blockchain. These will be pushed by the wayside by altcoins that have seen the problems, since cryptocurrencies birth.

There are however coins which have taken their time to come to market. They have no intention of only lasting a few years so they address critical issues as you can see below:

OmiseGo

This coin is based on Ethereum, so it does not hold the same network slowdown as BTC. New blocks are created in a fraction of the time compared to BTC’s new block every 10 minutes. OmiseGo promises real-time P2P payment services.

It is also made accessible to everyone as no bank account is needed and is scalable while retaining low costs and instant settlements. It has been designed to offer transactions across multiple currencies.

Skycoin

This coin is set to transform so many things in the later months of the year and beyond. It has ripped up the BTC rule book and started at the bottom to build not just a coin, an algorithm that works (Obelisk) and a new mesh network that changes the face of the internet in its entirety.

Skycoin is looking at the long-term goal and is not rushing to deliver anything that will lead to problems in the same way that BTC and Ethereum have done.

SKY is a 3rd generation altcoin and does something radical. It eliminates mining of coins altogether. It does have miners, yet these are paid for offering bandwidth.

These decentralized nodes or internet access points are what you would pay rather than a large ISP who has control. A “New Internet” and a new future all is good for SKY when it hits the mainstream.

Ripple

This was developed and for a time was seen as a replacement for BTC. What it does is to update the payment infrastructure.

Ripple connects to banks, payment providers, corporates and digital asset exchanges to offer frictionless payment system when sending money anywhere. Transactions are almost instantaneous, and you can trace funds in real-time.

Unlike BTC it is scalable and can scale to perform the same number of operations per second as Visa.

Although it still uses the Blockchain in the same way. It does rid their system of the many problems that now hinder BTC.

From these three coins, the one that does away with most of what BTC was based on is SKY and Skywire. It is radical, yet it was conceived by some of the original BTC and Ethereum developers, so it has a solid standing and background behind it.

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