The next Bitcoin?

People are often eagerly looking for the next bitcoin, the ‘better’ coin that will make bitcoin obsolete and, quite coincidentally, also make its proponents filthy rich. For example, there are hundreds of cryptocurrencies that all claim to be ‘ the next big thing ‘. But what are the chances of it actually happening?

Unlikely

From a technological perspective, Bitcoin will eventually offer everything that other cryptocurrencies promote as a unique selling point . Privacy, smart contracts and instant payments, it’s all coming to bitcoin. In due time, of course, because successful execution is not easy and you only get one chance to build a good foundation and gain trust. All this is built on top of a system that operates truly decentralized, something the vast majority of the competition cannot say.

The competing systems are often unnecessarily complex, resulting in vulnerability and error proneness, and use unproven consensus systems that often sooner or later fall victim to power games that lose the most important aspect of a decentralized money system: decentrality. Marketing for the sake of financial profit is above sound system development. Unfortunately often with success, because a lack of technical knowledge of ‘investors’ is abused and enough smoke is raised that makes it unclear even for the connoisseur how things work.

The next Bitcoin?

That’s bitcoin. If you bought a random selection of alternative cryptocurrencies from the top 10 five years ago (see screenshot below), you came off badly: only bitcoin and litecoin are still participating, the rest have been forgotten. It is expected that the hundreds of tokens resulting from ICOs will suffer the same fate. More importantly, none of the hundreds of altcoins has surpassed bitcoin. Bitcoin itself? It has done exactly what it was hoped their own unique showpiece would do.

Bitcoin has been around for almost 10 years now. In these 10 years, bitcoin has not made any major blunders, has always been online, and has proven itself as a solid and reliable global payment system. This reputation of 10 years of faithful service, a reputation that is essential if you want to entrust large amounts of value to such a system, can only be surpassed by a new and better system that has proven to be reliable for at least as long . A practically impossible task.

New cryptocurrencies? They’re there. Better? Debatable. Trustworthy? Seldom. Meanwhile, bitcoin continues to run smoothly and development is progressing steadily. The digital money of the future, just like the internet itself, will not be ‘finished’ overnight and will be popular worldwide. Give it 20 years. Help build this system and see the market for alternative cryptocurrencies for what it is: a casino.

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