Bitcoin’s future is among the hottest topics globally. While it’s important to consider scenarios where Bitcoin could be replaced, debate regarding whether Bitcoin or another cryptocurrency will dominate over others is probably a little misguided and possibly unproductive.
We must only say that cryptocurrencies are going mainstream. According to Blockchain.info, on Jan 1, 2017 there were approx. 11 million blockchain wallet users. At the end of 2017, there were approx. 21.5 million wallet users. “That’s an astronomical amount of wallet creations in just 1 year! As Bitcoin adoption has grown, there have been increased fees and lagged transactions.
I believe Bitcoin will continue to grow, but it won’t become the global cryptocurrency people use for daily transactions. A new currency will have to be created with a greater supply and a more efficient block creation method than Bitcoin,” Barry Hayut, CEO and Co-Founder of Hayver says.
Since it was first to market, Bitcoin has created a lot of value, but cannot hold onto its spot as the market leader, as we’re already seeing in this market share shift, Charles Michael Yim, CEO of Cointopia, agrees. “Bitcoin will still have a place in the ecosystem as a store of value. While it has latency issues, scaling issues, and high transaction fees, it’s a big part of the story and important for innovation.”
Sky Guo, CEO and Founder of Cypherium, considers Bitcoin as a great experiment, but he believes there will be another contestant that takes the cryptocurrency crown. “Bitcoin faces many challenges, especially the numerous forkings that endanger its role as today’s leader.”
Bitcoin hit $40,000, and other cryptos may reach record highs, Patrick Palacios, CEO at Appsolutely and LoyalCoin creator predicts. “More cryptos and blockchain companies geared towards industries outside financial technology will flourish. People and governments will be more rational in their approach towards cryptos and blockchain, unless they want to risk being le behind.”
Last years Bitcoin has experienced developmental challenges due to the lack a well-functioning governance body, and this presents an opportunity for new solutions to be considered, Philipp Pieper agrees. “Ideological disagreements about competing for technological solutions (like we saw with Segwit) are an example of the current friction that limits bitcoin’s adoption on a wider scale and fosters doubts about its adaptability”, he says.
Dan Gailey, the CEO of Synapse AI believes each coin and token will nd its own use case from the underlying technology. “Allowing each coin to operate for the particular job it’s best suited for. We’ll have many chains with many different focuses. The coins and networks will complement one another, rather than be competing. Each network will be automatically selected by your wallet based on a particular intent.”
As many others, Dana Farbo, Chief Operating Officer of Augmate, partly believes in Bitcoin’s great future because it is the legacy of cryptocurrency, and partly because forks continue to happen that bene t Bitcoin holders. “To participate in a split, you have to own the core. There will be competition from various cryptocurrencies, but just like American Express is still around today, Bitcoin will be there tomorrow.”
There is always room for cryptos that can emerge as the best in what they do in a lot of industries, as what LoyalCoin tries to do for customer loyalty, Patrick Palacios says. On his point of view, Bitcoin needs not to be replaced, but can also be augmented, complemented, or competed with.
The last few years approved that competition is both needed and extremely healthy. Cryptocurrency is about freedom and innovation. Nobody’s position is guaranteed. The cryptocurrencies that will have the greatest staying power will be those that can adapt to the market. “My feeling is that coins that have technology in place which allows them to be exible and add features as necessary will do best in the long term. Bitcoin could afford to be stagnant for a long time, as they had first mover advantage and solid brand recognition; other coins will not be so fortunate—if they cannot adapt they will perish,” Jonathan Zeppettini, international operations lead at Decred, says.
Kate Goldfinch, Editor at the Fintech Times