Categories: Bitcoin Tech

Is Bitcoin Losing Its Charm to Other Altcoins?

Click here to view original web page at

Bitcoin is the first mover in the cryptocurrency industry. The concept introduced by Satoshi Nakamoto in a whitepaper in 2008 led to the creation of the first-ever cryptocurrency the very next year. Since then, Bitcoin has continuously gained adoption, driving its value to the highest in the recent days. Many alternatives to Bitcoin have entered the market since 2009, but Bitcoin always led the pack, thanks to the active community and high demands. All these years, the cryptocurrency has commanded a significant share of market capitalization, compared to that of all the altcoins put together.

However, a lot of things have changed in the past year or so. Bitcoin is not the “all dominant” cryptocurrency anymore, except for its value maybe. The emergence of various blockchain platforms and their respective altcoins/cryptotokens have effectively reduced the market share of Bitcoin. As more people decide to diversify their crypto-investment, the market capitalization has fallen below 50 percent.

The increasing interest in altcoins is not completely due to the technology prowess their respective blockchain platforms possess. It has something to do with the current state of the Bitcoin Network as well. The Bitcoin community, especially the developers haven’t been able to amicably solve a long-standing problem yet. Yes, the block size issue, which has become a subject of debate for over a year now. With fewer improvements in the Bitcoin network, people are increasingly finding it difficult to use it as a mode of value exchange.

Thanks to increasing transaction backlogs, the miner fee associated with transactions continue to grow, forcing few platforms to charge additional network fee from its users. A Bitcoin transaction in the recent days can take anywhere between a couple of hours to two whole days, making it as good or worse a fiat services like the Western Union. These challenges have got the cryptocurrency community members exploring new modes of crypto-transactions like Ethereum, Dash, and others.

There is no single reason for the shift in trend, and not all the reasons are bad either. The network issues are one part of the equation, while the rest indicate an increased proliferation of cryptocurrency based solutions, creating a competitive atmosphere in the blockchain space.

Ref: Forbes | Image: NewsBTC

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Argo: New Agreement Signed to Expand Power Capacity by 357%

LONDON--(BUSINESS WIRE)-- Argo will also have an option to boost mining capacity by up to 1360 petahash (PH), or 1.36… Read More

55 mins ago

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis… Read More

55 mins ago

Hitting This Key Area Could Trigger a Quick Bitcoin Price Boom

Bitcoin price is having a volatile week. | Source: Shutterstock By CCN Markets : Since August 15, in less than… Read More

55 mins ago

Online Blockchain Launches Cryptocurrency Subscription Service for New Coins and Tokens

- Innovative 'HODLbox' enables subscribers to exploit nascent cryptos - LONDON, Aug. 20, 2019 /PRNewswire/ -- Online Blockchain plc (… Read More

55 mins ago

Maharashtra to use blockchain technology to monitor services

Maharashtra , the second largest state in India, announced that they will be using blockchain technology in a wide variety… Read More

55 mins ago

People Who Want to Control Their Capital Buy Bitcoin, Says Circle CEO

Jeremy Allaire, CEO at cryptocurrency financial services company Circle, expressed his optimism in regards to Bitcoin ( BTC ) being… Read More

56 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More