If you have been a curious cryptocurrency enthusiast, then you must be knowing about this fact that blockchain is the backbone of Bitcoin. The blockchain can exist without Bitcoin, but the latter cryptocurrency can’t survive without blockchain technology. There are altcoins other than Bitcoin who too operate on this technology. Altcoins, as you know are alternate currencies to Bitcoin that came after its worldwide popularity. Now, whenever it comes to comparison, Bitcoin has always been standing above the altcoins most of the time. But it is not completely true. Today, we are going to introduce those altcoins that have the potential to become mainstream cryptocurrency.
It might seem awkward for you to think about how can an altcoin outshine the mainstream cryptocurrency, Bitcoin. Well, there is a reason for this. And it is indicating to those crucial issues, which describes shortcomings of Bitcoin including the major ones, like lower transactions number and the excess use of electrical energy for mining.
Listing Altcoins That Can Become Mainstream Cryptocurrency
Having an ‘Achilles heel’ gives your opponent a great chance to strike upon you, and sweep down you from the mainstream position. This is truly applicable to Bitcoin, who because of its shortcomings including high electrical use for mining and a low number of transactions and speed, might lose its dominant status to any of the below-mentioned altcoins. So let us know about those altcoins that show signs of becoming a mainstream cryptocurrency other than Bitcoin.
If you have been an active follower of IOTA news, then you will know that it is a newbie cryptocurrency that has garnered much interest. Having a market cap of two million dollars, it is a worthy contender to become a mainstream cryptocurrency. Now, it must have stirred curiosity among every crypto enthusiast to know how well does this cryptocurrency can replace Bitcoin. Well, some essential factors make IOTA apart from its rival crypto coins. One such is Tangle use. It is a blockchain derivative which tries to bring up-gradation to transaction speed and security by using underrated computer resources.
According to the IOTA development team, the IOTA cryptocurrency is much more than a commodity. It helps in offering joining systems that are essential for the IoT network. Now, this would seem to be a big appraising matter for the team behind it. Now every technology has a special element that seems like a lucky gem for it. For IOTA, Tangle is that lucky element with the help of which it can become a mainstream cryptocurrency by sweeping off Bitcoin. Unless any fundamental issue of advanced computer security is solved by Tangle, then it is much less expected for IOTA to achieve the above-mentioned target. IOTA is indeed a suitable option for investing.
Dash is a newbie entry in the cryptocurrency zone and is known for resolving complex issues faced by Bitcoin. This cryptocurrency was launched five years back. During its early phase, it was known as DarkCoin. One of the prime objectives of Dash is to develop a blockchain, better to Bitcoin, and to wipe off its shortcomings. Although, the main motive of Dash, during its exposure to the outer world, was to self-governed and self-funded. The running of payments is possible on Masternodes. Those who use it, make an initiative in Dash investments and receive payment for block mining.
Besides this, Dash cryptocurrency also comprises two of its essential features, which are PrivateSend and InstaSend. Sadly, these features are absent in Bitcoin. Where PrivateSend benefits its users for complete transaction privacy, InstaSend enables sending of transactions and getting confirmed in a few seconds. This brings a strong point to speculate Dash in becoming a mainstream cryptocurrency.
If you are abreast of altcoin news today, Ripple is that alternate currency that receives funding from the large banks. When it comes to comparison between Bitcoin and Ripple, then we will come to know that contrary to Bitcoin where every record of transactions is maintained in its blockchain. In the case of latter altcoin, it comprises a blockchain type system, that adheres to the privacy of the customer. Well, this coin can be targeted for misuse but becomes much worthy of big economic entities. Ripple is a better choice for advanced commerce with lower transaction fees and speedier transaction processing in comparison to Bitcoin, and other crypto coins. But the speed of Ripple is also akin to various credit cards speed.
Another altcoin that has the potential to become a mainstream cryptocurrency is Neo. This alternate cryptocurrency is backed by the Chinese banking system. The altcoin is regarded as much like a commodity to mere currency. Neo is attached to adjoining currency, called, GAS. This coin finds its use in transaction fees. It leads to the unlinking of neo coins in their wallets. Also, there is no possibility of the mining of the neo coins.
Even though Bitcoin Cash is a popular hard fork of original Bitcoin, but still, it is too being expected to replace its parental cryptocurrency, Bitcoin. Launched in August 2017, Bitcoin Cash came through when there was a split in the Bitcoin blockchain. The original remained Bitcoin and others came to be known as Bitcoin Cash. However, the main reason behind the launch of the latter coin was the scalability issue prevalent in old Bitcoin. Bitcoin Cash fares better to old Bitcoin in having 8 megabytes’ size in comparison to the 1-megabyte size of original Bitcoin. Another reason which clearly states the possibility of Bitcoin Cash becoming a mainstream cryptocurrency by dethroning Bitcoin is its big transaction volume.
So those who have been thinking Bitcoin to be the undisputed cryptocurrency might have to think twice now. It might seem hard to believe for many, but in the competition, any unexpected can happen. Especially, if you leave a weak area, then it is obvious that you will see your competitors leading over you. This is indicated by Bitcoin, who faces certain big loopholes including high use of electricity for mining and the low number of transactions. Other than Ripple, Neo, IOTA, and Dash, Bitcoin’s hard fork, Bitcoin Cash has the potential to become mainstream cryptocurrency by dethroning it. If Bitcoin wants to secure its dominant position, then it has to work upon its shortcomings.