Home Business Insights & Advice The advantages and disadvantages of those competing with Bitcoin

The advantages and disadvantages of those competing with Bitcoin

by Sarah Dunsby
9th Aug 18 6:33 am

There is no doubting that Bitcoin is still riding high atop the world of cryptocurrency. It was, after the all, the first of the digital coins to make it into the public consciousness after it was created about a decade or so ago. And it is still the tops, both in terms of the price of each coin and the market capitalization of it compared to others in the market. There was a time when Bitcoin actually commanded more than half of the market cap for all cryptocurrencies; it has since dropped down to a level where it stands at just about the forty percent marker. And yet each day, it seems there is another new coin that arrives on the market in the hopes of one day rising to the amazing levels reached by Bitcoin.

Each new coin is a different entity, and it’s impossible to generalize all of the new competitors to the Bitcoin throne into one large category. But it is fair to say that each and every one of the coins that make up the large cryptocurrency market has some points where they hold an edge over Bitcoin. And, of course, there are also areas where they will be behind Bitcoin right from the jump.

Understanding these advantages and disadvantages will help you choose the right coins for investing. Or, you could stick with investing in Bitcoin. You can also check out the Bitcoin Trader review which will help you to get a better understanding of investing. When you take an in-depth look at both Bitcoin and all of the coins lining up against it, some patterns begin to emerge.

  1. The Alt-Coins’ Edge

Alt-coins, which is a broad term for any form of cryptocurrency which isn’t Bitcoin, have the built-in edge of being upstarts, which is something that many people identify within their own lives. There is also the fact that investors can often buy into alt-coins at a fraction of what it would take to get a significant chunk of Bitcoin. And alt-coins don’t have to be confined to Bitcoin’s main goal, which is to make payment with digital currency a viable alternative to using fiat money.

  1. Bitcoin’s Edge

The main edge that Bitcoin possesses over all other coins is the brand. People are aware of Bitcoin to such an extent that they often think that it is the only cryptocurrency. That kind of name recognition is something that newer coins will always find hard to overcome.

  1. Going Forward

The good news is that there seems to be plenty of room for many different types of cryptocurrencies to thrive in this booming market, even coins that are direct imitators of Bitcoin. At some point, the weaker coins will fall away, leaving a sturdy group of coins from which investors and adopters alike can choose.

It doesn’t seem like Bitcoin will be falling from its lofty perch anytime soon. But it also seems like plenty of other coins can stake a claim to a good chunk of the crypto market before all is said and done.

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