Figuring out the next bitcoin is similar to figuring out the next Facebook or Google while still being in the dotcom bubble. We are quite early in the stage of cryptos. So early that every other day, we see a new cryptocurrency pop up in the market cap. We are still figuring out which next big thing is going to solve the problem of fiat money and the monetary inequality it has created all across the globe.
Cryptocurrency is like a new fad which shall thrive for the next few months or maybe even years. A crypto coin is a digital currency which can be based on a certain blockchain that aims to solve a problem with better efficiency than before. Bitcoin started in 2009 as a token of digital currency and was brought to life by an anonymous person named Satoshi Nakamoto. Till date, the actual identity of Satoshi remains a mystery, though the original Bitcoin continues to grow and has had an appreciating value since its inception. It is firm and has been around much because of the first movers advantage.
The best competitor that comes close to BTC is definitely Ethereum. Ethereum has a strong technology and has also resolved a lot of the flaws that bitcoin had. Ethereum was launched by Vitalik Buterin and his team in 2015. It was Ethereum which implemented the concept of smart contracts. A smart contract means a simple digital contract where you have a mutual understanding between the buyer and seller.
- Bitcoin is a digital currency while Ethereum is a token based on smart contracts.
- Ethereum doesn’t have a limited supply; they can make more tokens much like any fiat currency
- When it comes to bitcoin, a block is mined every 10 minutes but when it comes to Ethereum, a new block is formed after every 10-20 seconds making transactions way much faster than bitcoin
- When it comes to bitcoin, one can buy goods and services with it but the use cases for Ethereum are more practical. Anyone can make decentralized applications over the Ethereum blockchain. Latest application to be made over ETH blockchain is crypto kitties.
Ethereum currently has a market cap of around 80 Billion and when compared to BTC, it is 310 Billion. For Ethereum to reach the market cap of BTC, it will require a 6x growth. Apart from good technology, there are many reasons like mass adoption and continuous usage of a particular blockchain which will help a coin to move ahead as the market leader.
Litecoin is another competitor which can take over bitcoin in a long course of time. At the time of framing this article, Litecoin had a market cap of around 19 Billion dollars. One unit of Litecoin is worth 300 USD today and well within reach, unlike a complete bitcoin which is hovering around 20,000 USD. Just at the beginning of this year, Litecoin was hovering near just $4.5, just to give an idea of just how meteoric its rise has been. Charlie Lee, the man behind Litecoin is a great advocate and keeps the community in good shape with regular updates on the upcoming projects.
- Litecoin is a more stable coin and has a total market cap of only 84 million coins, which is four times higher than the total number of Bitcoins that can be mined so there is a healthy supply of coins in circulation.
- The block generation of Litecoin is much faster than bitcoin. A block of Litecoin is generated in 2.5 minutes.
- Litecoin is much easier to mine and doesn’t require much complex algorithms like bitcoin
- Litecoin’s founder once said, “I wanted Litecoin to complement bitcoin, not compete”. He said Bitcoin can be used for the bigger scale of commercial things but litecoin can be used for simple things which are lite.
Just recently Litecoin had a bull run that went from 100USD to 300USD and still rising at the time of drafting the article. A lot of the crypto world works on mere speculation. We don’t know if litecoin will replace bitcoin or not, but it will surely bring out the best in other crypto coins.
Neo was earlier called as antshares. It is based on the smart economy system which aims to merge all your digital assets, digital identities and smart contracts. The whole of NEO actually comprises of two tokens, one is called NEO and other is NeoGas which can also be referred to as the fuel token. A user can use it to make use of the products and services based on the NEO network. It has an edge over ethereum which is that you can simply keep NEO in your wallet and get free gas while with ethereum, you need to spend extra ETH to get the required gas to do a transaction.
- Neo has a token supply of 100 million tokens and the blocks are generated with super fast speed. A block is made every 15-20 seconds which is definitely faster than ETH
- Neo can handle a transaction throughput upto 1000 tx/s.
- Free Gas can be generated just by holding NEO in the wallet.
For now, Bitcoin is here to stay. Now that wall street money will also flow in the market, Bitcoin is going to be around for sometime until we see a totally new coin coming and replacing BTC from the market cap. It could be any coin from the above list or maybe one totally unexpected. For now, all we can say is, Come be a part of the revolution.
Bitcoin cash has been a very controversial coin. It is being considered the next big thing. Forked out of bitcoin and often lauded by the bitcoin cash evangelist Roger Ver, the currency does have a lot of benefits over the original bitcoin. The biggest difference comes in the block size of the bitcoin block. A bitcoin cash block has one block of 8 MBs in size. The verification accelerates and even the transaction speed has increased.