It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin. Now, what are the reasons behind this failure? Let us know from this article.
Before we start with the main reasons behind this unaccomplished task of altcoins, it is important to know for all those who have just started exploring the crypto world that the term altcoins is used only for those crypto coins who came after Bitcoin. You cannot put Bitcoin in this category. Ever since the Bitcoin became a much preferable cryptocurrency, it flooded with so many queries among people like how to invest in Bitcoin or how can I invest in Bitcoin and many more. But today our main objective is not to centralize around this leading cryptocurrency but to find out those reasons which made altcoins failed to win over Bitcoin.
The main reason behind why altcoins failed to win over Bitcoin can be known by tracing back to the beginning. Most of the altcoins suffered many glitches because of the people’s much preference for the Bitcoin network, due to its reputation, stability, and liquidity. The effect of a network is not limited only to cryptocurrencies but is equally important for social media also. When the same currency network is used by both the parties to a transaction, then it does not mean only to users of Bitcoin for conducting transactions easily.
Another reason which states is the winning battle with the adoption rate by Bitcoin in comparison to altcoins. These alternate cryptocurrencies must be promising enough to prove their worth in holding the users’ interest to try out with new currency, that might be more convincing than Bitcoin. Another important factor that altcoins must work on is value. These currencies should have a base of a decentralized network that can be trusted upon. And so far no altcoin has come at par with Bitcoin in this matter. People took a keen interest in how to invest in Bitcoin stock.
There are other reasons which state the reason behind why altcoins failed to win over Bitcoin. One such key issue is the blind eye towards errors in the new features. This is one of the biggest problems in altcoin innovation. There are problems in scalability and the absence of formal verification in the smart contract platforms. Apart from it, there are altcoins who adhere with privacy issue but lacks in implementing solutions that are not stagnant. Even if altcoins can gain attention by launching new features and can enjoy the increase in the price for the short-term but because of the uncertainty of rising costs of functioning nodes, many of these solutions prove worthless for the Centralized system.
So these are some of the reasons which clearly state how altcoins failed to win over Bitcoin. There is no doubt about Bitcoin being the sole cryptocurrency which introduced the new concept of digital monetary system all over the world. The success of this prominent crypto coin gave rise to many alternate cryptocurrencies. These alternate cryptocurrencies were given a specific name of ‘altcoins’. Although it came in maximum numbers, not all tasted the same success which Bitcoin did. The reason behind the failure of these altcoins came to be lacking in functionality and technology errors. Another major reason is the prime reputation of Bitcoin which proved hard for any altcoin to supersede it.