Bitcoin is outdated tech. These 3 alternatives should be on your radar. First movers or fast followers — which has the advantage?
Bitcoin's Price History
When bitcoin was first proposed in it was revolutionary. For the first time people could trust in a currency without a bank or government behind it.
Fast forward to and bitcoin is well above 10, USD a coin. The first iPhone was released shortly before bitcoin was proposed.
But bitcoin is almost a decade old. When bitcoin was conceived the app store was only just getting off the ground and portable DVD players were still used on long car trips.
The technology of is leaps and bounds ahead of where it was a decade ago. Crypto technology is no exception. There are now over cryptocurrencies newer than bitcoin.
These coins are more efficient, faster, and offer features that bitcoin lacks. This is not the first time first movers have been threatened by newer technologies. Altavista gave way to google.
Bitcoin Mt. Gox FLASH CRASH! Bitcoins at $0.01 Each
Myspace fell to Facebook. There is a history of bitcoin is old movers losing to innovative fast followers. Research shows that the first mover in a space is 6 times more likely to fail then the ventures that follow it.
Bitcoin's Price History
Bitcoin has done the difficult work of trail-blazing, and now the floodgates are open for a slew of modern competitors. So if bitcoin is just the start of cryptocurrencies, what comes next? To understand what technologies could surpass bitcoin we need to understand where it is currently falling short. That means only 7 people worldwide can buy or sell using bitcoin every second.
For comparison visa handles 24, transactions a second. It also hurts those who see bitcoin as a store of value. Exchanges go down and funds are stuck waiting hours or even days when too many people buy or sell bitcoin.
Bitcoin is 10 years old: Here’s what to expect in the cryptocurrency’s second decade
Network congestion leads to extraordinarily high fees. Lack of privacy Are you comfortable with the whole world knowing the value of your bank account? What about the whole world knowing where you send funds and who you receive them from? Bitcoin wallets are tied to address hashes random sequences of letters.
This history can never be deleted or changed. Programmability Bitcoin was designed as a digital currency. The technology allows only basic programming. This prevents bitcoin from being used in more complicated situations like for smart automatically executing contracts.
Think of it like a calculator compared to a computer.
Programmable blockchains Ethereum being the most widely known example have the potential to massively disrupt a wide array of sectors.
Newer coins are introducing amazing new technologies Many of these coins are leaps and bounds ahead of bitcoins current capabilities.
Great partnerships. Clear use case. It can handle transactions per second without breaking a sweat, and transfer millions of dollars for a few pennies.
Bitcoin is outdated tech. These 3 alternatives should be on your radar.
Instant transactions. Zero Fees. Raiblocks is an even newer coin — emerging only in the last few months. It uses a new form of architecture based on directed acyclic graphs that only a few cryptocurrencies have adopted. This makes it infinitely more scalable than blockchain applications.
In this case they aim to be what bitcoin was meant to be: an instant and zero fee way of sending currency around the globe.
Bitcoin is 10 years old: Here’s what to expect in the cryptocurrency’s second decade - MarketWatch
EOS Pros: Scalable and programable. The developers behind EOS claim that the EOS blockchain is fully programmable, will eliminate transaction fees and have the ability to process millions of transactions a second. Their block chain launches in April. Bitcoin will have to drastically speed up development or be overtaken.
Bitcoin - Wikipedia
The November update was meant to introduce Segwit2x, a bitcoin is old of increasing the number of transactions that could be recorded on each block. We have yet to see if these second-movers will take the market.
- Main article: History of bitcoin Creation The domain name "bitcoin.
- History of bitcoin - Wikipedia
- 50 BTC Just Moved for First Time Since – But It Doesn't Look Like Satoshi - CoinDesk
- Bitcoin price hits all-time high of almost $20, | Technology | The Guardian
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The only thing we can know for bitcoin is old is that the entire cryptocurrency space is rapidly iterating. The cryptocurrency that ends up winning may yet to be how you can make money easily. Enjoy this article?
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