The world of crypto currencies is attracting more and more attention, it is normal that there are many people interested in it. Bitcoin is considered the oldest of cryptocurrencies – its “meteoric rise” has been causing a stir for several years. But logically, over time people wonder – what’s the next Bitcoin? Or – what are the promising cryptocurrencies that can do as well as Bitcoin?
These are the questions I will try to answer in this tutorial. We are going to talk about the “maturity” of Bitcoin, the volatility of its price and try to give a clear idea of what should happen with a possible profitable emerging cryptocurrency.
Next, we’ll go over the top three promising cryptocurrencies that are the contenders to do as well as Bitcoin – we’ll analyze their history and growth, and see if we can clearly answer the question – what is next Bitcoin.
In order to find the most promising cryptocurrency and the potential next leader in the crypto market, we must first talk about Bitcoin, the current leader. When we get to know and understand Bitcoin and how it came to be, we’ll have a better chance of finding a cryptocurrency that could take its place.
So, without further ado, let’s start with a brief overview of the history of Bitcoin!
A Brief History of Bitcoin
Bitcoin was first released to the general public in 2009. As it was a new and exciting concept, it quickly gained notoriety and interest.
Over the next few years, the price of Bitcoin fluctuated wildly – the day it broke the $ 1 mark, it was a big day for the currency and some considered Bitcoin to have actually ‘made it’.
Years passed, and Bitcoin was gaining more and more attention. However, the coin’s masterpiece came at the start of 2017 – it became so popular that it was strange to run into someone who hadn’t heard of it.
At its peak, Bitcoin had almost made it past the $ 20,000 mark. Which would have been a historic event for the currency and the crypto community in general.
However, in the second half of 2018, the price of Bitcoin (and most other cryptocurrency prices) started to fall. At the time of writing this guide, Bitcoin is worth around $ 6,400. However, it should be mentioned that the price is slowly but steadily increasing over the past few days.
The history of Bitcoin is worthy of a twist. First, because it was the first cryptocurrency created, too, because there has been so much speculation and events in the market that Bitcoin is now equated with the possibility of “becoming a millionaire overnight. “.
Now that you know how Bitcoin was born, let’s try to understand the main characteristics that a cryptocurrency should have to be part of these promising cryptocurrencies that we are going to talk about.
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Characteristics of Promising Cryptocurrencies
So … The question is “what’s the next Bitcoin?” It’s just one way of putting it, but I’d be more interested in a question like this:
What are the characteristics of a promising cryptocurrency?
It is possible to look for a promising cryptocurrency by looking at prices and market trends (growth trends), but these are not the main aspects to analyze.
There is a golden rule in the crypto community: if a cryptocurrency is useful, it will overcome all difficulties and continue to grow.
It’s a fair guess: if something is both rare AND useful, the people will try to acquire it. Of the 1600 crypto currencies that currently exist, there are some that are superficial and expensive, they lack utility. Over time, these currencies tend to fade and be forgotten.
There are many factors that determine the usefulness of a cryptocurrency. First, it should have a specific purpose – that is, just by paying an amount of that currency, you will receive a useful service, without any additional steps. After all, what sets a profitable cryptocurrency apart is the usefulness of its currency.
They should also be available and fast. This does not necessarily mean that they have to be cheap – on the contrary. They should just be available on major internet trading platforms.
One of the main characteristics that a promising cryptocurrency claiming to be the next bitcoin must have is a company and a team of experienced developers. (A point that many guides overlook, unfortunately)
If a cryptocurrency is lacking in terms of its use case and cannot live up to the market, it will sooner or later disappear. Good currency has a team of people who keep it running smoothly, manage the currency’s position on the blockchain, make sure the transaction speed is right. Sometimes they even create and develop side projects related to cryptocurrency.
Promising cryptocurrencies should also be open source. Even if Ripple is an exception on this point, decentralized cryptocurrencies are generally those that rank ahead of centralized cryptocurrencies. By being open source, the community will contribute to its well-being and development, which can accelerate the rise of the currency.
Now that we have talked enough about the main features and characteristics of promising cryptocurrencies, let’s try to create a list of simplified and specific points.
A cryptocurrency will have a good chance of succeeding and becoming “the next bitcoin” if it :.
- Is open-source;
- Has a strong team of developers and investors behind;
- Has a clearly defined and achievable goal;
- Is quick and available;
- Provides a useful service for people;
- is transparent not only before or during the ICO but also after.
Promising Cryptocurrencies – The Fantastic Three
Now that we’ve covered the history of Bitcoin and the main characteristics that a promising cryptocurrency should have, let’s cite specific examples of potential suitors.
When you think of the next crypto market leader and try to Google the answer, there are usually three promising cryptocurrencies that pop up. In most cases, people want to know the answers to these three questions:
Is Litecoin the Next Bitcoin?
Is Ripple the Next Bitcoin?
Is Ethereum the Next Bitcoin?
Litecoin , Ripple, and Ethereum – according to the crypto community, these are the top three promising cryptocurrencies with contenders to become the next market leader. Let’s try to analyze each currency separately and see why people think they are promising cryptocurrencies.
Without going into too much detail, I’ll just try to walk you through the main reasons people tend to think of these currencies as the future of the crypto universe.
Litecoin was created and developed in 2011. It is considered to be one of the oldest altcoins.
Litecoin is very popular and respected for two main reasons. First, it is a direct derivative of Bitcoin. The technical parameters shared by these two parts are almost identical.
However, Litecoin is famous for being four times faster than Bitcoin. Which is no small feat when it comes to transaction speeds and hash rates.
Is this enough for Litecoin to be the next market leader? Given its presence in the market, it’s possible – but we’ll have to wait and see.
Before I begin, I would like to point out that Ripple is the name of the company that created the currency, XRP. However, people have become so used to calling currency Ripple that, to avoid confusion, I will also call it Ripple.
What’s interesting is that Ripple is the only cryptocurrency on this list to be centralized – thus, it is owned by a single company and therefore cannot be modified or changed by intermediaries. One might think that this is the downside of this currency, but why is it so often called the “Bitcoin killer”?
Ripple is designed for everyday use, it has much faster transaction speed and much cheaper rates. Additionally, the currency is primarily intended for use by banks – as a result, Ripple can bypass a lot of regulations and checks that other cryptocurrencies have to pass.
However, the biggest advantage of Ripple is that it has a minimum reference price and can be traded to any other currency (fiat, gold, etc.). This allows for HUGE mobility, Ripple even managed to rank second in the crypto market at one point, just behind Bitcoin.
So, is Ripple the best among these promising cryptocurrencies that can dethrone Bitcoin? It has many advantages, but that will be up to the market to decide.
It is certainly the most famous cryptocurrency on this list, Ethereum has been Bitcoin’s biggest competitor for the first place in the market. If you were to ask someone “which of the promising cryptocurrencies could replace Bitcoin?”, The most common answer would definitely be Ethereum.
Well, Ethereum is considered to be better than Bitcoin in almost every way.
The main point made by people is that, Bitcoin is just a cryptocurrency, while Ethereum is a big technological register .
Ethereum makes it possible to build other crypto-currencies that will be based on its network. So, we could assimilate Bitcoin as foundations, while Ethereum would be the home.
So, is Ethereum the best among these promising cryptocurrencies ..?
With such a roster of contenders, only time will tell.
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As you have noticed, there are a lot of promising cryptocurrencies that aim to become the next leader in the crypto market.
Bitcoin has a very interesting history. From its inception, many considered it to be “the evolution of money”. After more than eight years of fluctuations, Bitcoin has finally managed to soar into the bull market. It has also opened the door to many other crypto currencies to distinguish itself.
People often wonder if one of these promising cryptocurrencies: Litecoin, Ethereum or Ripple or some other cryptocurrency will dominate the market.
Truth be told, no one can know for sure. With the crypto market being very volatile – at some point something big could happen.
It is, however, possible to speculate. There is so much speculation on the internet these days. Some are quite credible, while others are completely unfounded. If you want to speculate too, always remember the following rule:
Cryptocurrency will thrive as long as it is still useful.
People speculate on different topics – price, history, events in the crypto market, etc. Even if these things help the currency to do well, the most decisive factor will always be its usefulness.
The three cryptocurrencies mentioned in this tutorial are each useful in their own way, but there are many other currencies on the market that are equally attractive in their respective sets.
Whatever promising cryptocurrencies can become the market leader, one thing is for sure: no one can predict the future. If you want to speculate, do your research and stay alert – the crypto world can be really chaotic at times.
If you decide to explore a profitable cryptocurrency on your own, I wish you good luck!
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