Inventory of cryptocurrencies that can replace Bitcoin
Inventory of cryptocurrencies that can replace Bitcoin
As we all know, Bitcoin is the “father” of all cryptocurrencies. It was launched in 2009 and was the very first cryptocurrency. Its introduction was designed to change the current financial system. It is a digital currency that people can exchange easily, safely, and cheaply without an intermediary. It is not surprising that the success of Bitcoin has inspired a lot of people. Twelve years have now passed since Bitcoin’s launch, and while it has made considerable progress towards being accepted by the mainstream it’s still has a long way to go. Meanwhile, new crypto tokens are springing up like mushrooms; they are faster, more sustainable, come with more use-cases, and are less volatile.
Although these new cryptocurrencies cannot be compared with Bitcoin in terms of price or market value, their potential is constantly increasing with technology development. Therefore, it’s likely one of these new cryptocurrencies will most likely replace Bitcoin in the future. BigONE has come across numerous brand-new and existing cryptocurrencies in the current market, one of which may become the cryptocurrency to replace bitcoin.
Ethereum(ETH)- most likely to succeed Bitcoin in terms of functionality
Ethereum is currently the second-largest cryptocurrency by market capitalization and the most likely to replace Bitcoin. It is the first cryptocurrency to introduce smart contracts, a small piece of code that exists on the blockchain to automate transactions. Smart contracts are considered game-changers. They are behind many major developments, such as decentralized finance and non-fungible tokens (NFT), which have driven the rapid growth of the crypto market in recent years.
These small pieces of automatically executed code make it possible to formally sign an agreement with someone without involving a third party. In addition, smart contracts in the form of NFTs allow us to store copyright and ownership information in digital collections, such as unique artwork or a collectible sports trading card.
It is worth noting that many newer blockchains may one day replace Ethereum, but for now, reviewing cryptocurrencies that stand the best chance of surpassing bitcoin, is most likely Ethereum.
Digital dollars — most likely to replace bitcoin in terms of volatility
Strictly speaking, the so-called “digital dollar” is not a traditional cryptocurrency, and its existence is still under consideration. However, digital dollars may pose a threat to Bitcoin as a form of digital payment. Governments of various countries support these centralized digital currencies, so they have the advantages of Bitcoin, but their price fluctuations are much smaller than Bitcoin.
They will not prevent inflation as Bitcoin does, and they violate the overall premise that a currency does not need an intermediary. But a major obstacle to Bitcoin’s acceptance by the mainstream is its volatility, and the digital dollar can solve this problem, whether a government-backed central digital currency (CBDC) or in the form of a stablecoin like the fiat-backed USD Coin (USDC) or Tether (USDT).
Polygon (MATIC) — replacing Bitcoin in terms of processing speed and cost
Indian cryptocurrency Polygon aims to make transactions on the Ethereum blockchain faster and cheaper. Anyone who has used Ethereum recently understands its importance. So far, it is the most popular place for decentralized applications, but this popularity has caused congestion on its network, and users often complain about its transaction time and high cost. Polygon’s token, MATIC, can be used for gas fees, community governance, and even mortgages.
One of the first products offered by Polygon is called a side chain. The side chain connects to the blockchain and helps it perform better, making transaction processing faster and offering lower fees. Polygon has developed a blockchain for Ethereum, but this does not mean that it is limited to Ethereum. Its sidechain can be used with all blockchain technologies. In addition, Polygon is compatible with the Ethereum Virtual Machine which allows developers to create decentralized applications (Dapps). In turn, this means developers can easily port Ethereum applications to Polygon. Several well-known Ethereum applications have been deployed on Polygon, including Aave and SushiSwap.
DogeCola (DOGECOLA) — replacing Bitcoin in terms of practicality.
DogeColais a cryptocurrency with practical use and value, and it is also a decentralized cryptocurrency based on the Binance Smart Chain (BSC). DogeCola was created after Dogecoin, and its block speed is 10 times faster than Dogecoin. The team and community plan to launch the first Doge beverage on the market, which means that it will become the world’s first cryptocurrency to expand the crypto market to the food sector. At the same time, it also has another lofty mission, which is environmental protection. DogeCola aims to combat plastic pollution by donating money to eco-charities. It also has a community with strong confidence in projects and developers, and this community is growing steadily. It completed KYC verification and an audit by SolidProof, with the audit results available on GitHub.
The future of cryptocurrencies
Some people think that Bitcoin is a form of digital gold. They see it as a secure vault that can run in the background and support them in developing other cryptocurrencies. BigONE thinks they may be right, but it may one day be replaced by smarter cryptocurrencies. But no matter what, cryptocurrency is a brand-new industry, and many things will be tested by time and the market. Whether it is bitcoin or other cryptocurrencies, they are all an indispensable part of the cryptocurrency field.
