Bitcoin Competes With New Rival coins

Aditya  |  May 27, 2020

The journey of Bitcoin has never been so easy during its first decade. This crypto coin has faced hacking, frauds, and other factors. But despite all odds, it proved its worth and became a successful cryptocurrency all over the world. Ever since it gained popularity, it became a topic of interest where people searched about how to invest in Bitcoin stock or how can I invest in Bitcoin, etc. Today, Bitcoin has such a reputation that people have now started considering it as an asset for investment. Besides this, Bitcoin has also become an alternative for fiat currencies. But what if the same cryptocurrency clashes with new rival coins? Yes, it is true. Bitcoin is being pitted against new smaller rivals. Being a top cryptocurrency does not mean it will remain untouched with its competitors. So which are those altcoins that have thrown the challenge to Bitcoin? Let us know further.

It might seem a bit surprising for you to know as to how well altcoins can throw a challenge to Bitcoin, besides not being at par with it. No doubt, cryptocurrency is a very interesting monetary concept, but at the same time, it is very unpredictable. The competition lies in the crypto world too, where you can see Bitcoin competing with new rival coins or altcoins. Surprisingly, altcoins are giving the crypto king a tough competition by grabbing the attention of users and the developer community.

There is a sharp fall in the Bitcoin to 60% from 90% since the previous two years. The cryptocurrency who has been dominating the altcoins faded its pace in the year 2019. Bitcoin who had doubled up in its value lost three-quarters of its value. Even the mainstream investors were being put off by the volatility from pension funds to an asset manager who seems to be much important for the growth of Bitcoin from being an estimated digital coin to an accepted asset.

Bitcoin has also struggled to be regarded as a payment method. However, there were some crypto lovers who desperately made the best use of it by doing shopping. With the emergence of new rival coins like Bitcoin Cash, Monero, Dash, Tether, Binance coin indicate countlessly protocols and contributions of many developers, users, and traders. Some were even referred to as conventional payments. This sets an example of Bitcoin competition with new rival coins. 

The arrival of de facto ‘’ money of the internet ‘ indicates a digital token that is familiar and can be considered for its online acceptance. Bitcoin who deserves to hold that title could not live up to expectation due to its failure. But amid all the odds, bigger investors still bank on to Bitcoin. Altcoin trading is no matter includes a lot of estimation, as investors are much keen on making money rather than focussing on technicalities of coins. 

Conclusion

Bitcoin is no doubt a well-known crypto coin and is an underlying factor in introducing the concept of a new form of financial technology. But the previous year has witnessed Bitcoin competing with new rival coins like Dash, Monero, Bitcoin Cash, Tether, and Binance coin. Cryptocurrency is a newbie concept and is also unpredictable too. Volatility is the main factor. 

However, it is not necessary that investors would certainly bank upon Bitcoin. They too look upon alternate choices that may seem promising other than Bitcoin. The examples mentioned above truly proves the fact. These altcoins are equipped with features that make them a worthy opponent to the leading cryptocurrency, Bitcoin. They fare well on shortcomings of the latter coin.

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