Every now and then some new technological innovation reminds us of the significance of internet, which most of us have begun to take so for granted nowadays somehow; for example, cryptocurrency and blockchain.
In fact, most people might feel more familiar with ‘Bitcoin’ rather than blockchain and cryptocurrency, but fact of the matter is that blockchain is the basic underlying principle/technology of Bitcoin.
There’s no denying the fact that Bitcoin has earned its mass popularity for all the right reasons, from serving as a great source of investment to pioneering a whole new age of financial technology, or FinTech as it is commonly known.
This peer-to-peer electronic cash system was introduced in January 2009 and since then it has grown remarkably well, so much so that around 72% of all bitcoins ever to be produced have been in circulation as of February 6, 2016. Moreover, 25 new bitcoins are being produced (or mined) every 10 minutes.
These stats clearly reflect the fact that bitcoins will soon reach their limit and no more new bitcoins could be produced. So, should this lead the concept of cryptocurrency to an end? No, would be the logical answer if you believe in evolution of FinTech industry. In fact, amongst a myriad of other reasons, this has been one of the major inspirations for other cryptocurrencies to surface, which are collectively referred to as “Altcoin(s)”.
This has also led to a serious debate; is Altcoin a threat to Bitcoin and cryptocurrency or the next step in its evolution. As far as our point of view is concerned, “All Hail Altcoin! Here’s Why We Believe So”.
- Competition is meant to evolve, not dissolve things
Cryptocurrency or not, there are countless plus points of positive competition in any domain, which ultimately serve to evolve it rather than dissolving it. Though the very idea behind Bitcoin, the pioneer of cryptocurrency, was to challenge the way regulatory authorities around the world force people to stay within the confines of traditional fiat currency issued by the governments, but without any sizeable competition from altcoin, it could become monopolistic in the world of cryptocurrency, sort of turning away from its original principles.
- Altcoin can grow in ways Bitcoin can’t
While flexibility is considered to be one of the key strengths of Bitcoin, it was still designed with a set of rules and considerations that still determine and define what it is today. When we talk of altcoin, these new cryptocurrencies have the advantage of growing and evolving on that basic premise given by Bitcoin, even deviating altogether from it. For example, ‘Dash’ relies on a masternode model, implementing more democratized mechanism of development, capable of offering additional features like zero-confirmation transactions and integrated coin-mixing. Similarly, Ethereum and Dogecoin also transcend the conventional barriers of cryptocurrency as well, just like some other viable new cryptocurrency options.
In case of Bitcoin-apocalypse
No matter how unlikely the probability of something as adverse as Bitcoin-apocalypse may seem, you can never completely rule out the possibility. This might happen because of some existing problem (like the unresolved block size limit issue) or a totally unforeseen issue that might arise as Bitcoin grows further. So, having ready-to-use Bitcoin alternatives means the revolutionary concept of cryptocurrency wouldn’t succumb even if anything bad happens to the leader of them all, the Bitcoin.
To conclude, we love Bitcoin, but we love cryptocurrency even more and we believe its odds of survival and expansion will only grow with increased number of alternatives as altcoins. That’s what makes us believe and propagate “All Hail Altcoin”.