Will altcoins survive? This has been a heated debate with one side predicting the demise of the other. Bitcoin maximalists claim that we are heading to Bitcoin dominance and that altcoins are dying, urging the people to sell their positions in other crypto assets to put it all in Bitcoin. In a tweet last year, Charlie Lee wrote: “Some self-proclaimed Bitcoin Maximalists, are actually Bitcoin Extremists. They think all other coins are scams and will go to zero. Maximalists think Bitcoin is and will remain the dominant cryptocurrency, but there is room for altcoins to exist and even do well. What are you?”
In the crypto market there are no barriers that would stop someone from building something different or allow someone to build a monopoly. That’s one of the great aspects of this market, its openness. There is one big difference between crypto and religions. It is difficult to be a member of multiple religions, but it very easy to use multiple cryptocurrencies. Competition to create the best cryptocurrency has sparked an evolution that led to forks and new coins, birthing new things like #Ethereum, #Litecoin, Bitcoin Cash, #Bitcoin SV, Bitcoin Gold, #IOTA, #Ripple, #Stellar to name a few.
The idea that an environment of multiple competing cryptocurrencies is undesirable, is just wrong. While Bitcoin has clearly outperformed most cryptocurrencies, to expect that this will always be the case strikes me as stupid.
Cryptocurrencies keep on increasing because of our desire for constant improvement. Having several thousand cryptocurrencies isn’t a bad thing. Each represents a solution to a different problem.
While many are still ahead of their time, as technologies and communities mature, they will begin to disrupt industries like never before. IOTA, which uses a blockchain-like variation, is working to connect IoT devices. Using this network, your car will be able to interact with sensors and devices all around the city you live in. The “Ethereum Virtual Machine” (EVM) is capable of running smart contracts that represent financial agreements, employment contracts, and act as trusted escrow for the purchase of high value items.
*Disclaimer. None of this information is financial advice.
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