Yet Bitcoin is not the only form of cryptocurrency on the market. And that competition needs to be in place for cryptocurrency to reach its true potential. Many of the other cryptocurrencies have sprung up only recently as more people have started to understand the potential of the technology as a possible replacement for outdated forms of monetary systems. It’s a good possibility that many of these new coins will fall by the wayside, but some should be able to thrive and make the market more well-rounded and, ultimately, more beneficial for consumers everywhere.
If you’d like to be involved with one of the alternatives to Bitcoin, Ethereum Code is an excellent way to begin that process. Ethereum and others of its kind are attempting to occupy the same rarefied air as Bitcoin, and here are some of the reasons why that’s an exciting development.
No Monopoly
As thrilling a development as cryptocurrency has been, a lot of the good that can emanate from it might be mitigated if Bitcoin turned out to be the only game in town. No matter what the industry might be, having one industry dominate an entire market is never a good thing for consumers. Even though Bitcoin has stayed blissfully free of regulation to this point if it grew to be the lone, dominant cryptocurrency that regulation could certainly come into play, which would remove much of what makes cryptocurrency special.
Consumer Choice
Just as many people have different tastes in soft drinks or automobiles; it stands to reason that they also might be drawn to all kinds of cryptocurrency. As in any other industries, what figures to happen is that there will be some coins that rise above others in popularity, while others fill specific niches that appeal to smaller groups of consumers? A market for cryptocurrencywhere there’s something for everyone is the ideal result.
Competition Breeds Innovation and Improvement
A cryptocurrency market where only Bitcoin is left standing is one that will be starved of any reason to improve. Having many different types of coins available will force the more successful ones to stay vigilant and always improve their features. It will become a case of coins either having to improve and innovate or else lose their edge to upstarts who are all too ready to take it away.
It will be fascinating to see how the cryptocurrency market plays out in the near future. Most likely, Bitcoin will have a lot of company in the battle for supremacy of this market.
