In the world of cryptocurrency, most observers see it as Bitcoin and everything else.
Even though some coins, such as Ether and XRP (the coins emanating from Ethereum and Ripple, respectively), have started to make a dent in the public consciousness, Bitcoin, which was the first cryptocurrency, still looms the largest. And all you must do is look at the market share for evidence of this.
But there is no doubting that there are some chinks in the armor of Bitcoin, something that can be exploited by others looking to either pull up even with them in the race for crypto supremacy or even zip right past. It won’t be easy, and it probably won’t be anytime soon, but it’s not inconceivable that there will come a day when Bitcoin is looking up at its competitors.
Small businesses everywhere often run up against a situation where there is a whale in the market that seems impossible to overcome. But there are always weaknesses in every organization; otherwise,the first company would always be the top company throughout infinity. That’s not to say that Bitcoin will for sure stumble.
It still stands as an outstanding investment, one that you can take advantage of via the use of a crypto robot such as Bitcoin Code. But there is some hope for the competitors. And, even if they don’t overtake Bitcoin because of one of these three obstacles, they can at least carve out a solid piece of the cryptocurrency pie in the process.
Bitcoin has issues with scalability, which is a fancy word for how many transactions it can process in a second. As a result, many coins have sprung up in its wake which essentially doesthe same thing as Bitcoin, that is process online payments, but promise to do it faster, cheaper and more efficiently. That could mean that Bitcoin’s own blockchain technology could come back and bite it somewhere down the road.
At some point, all cryptocurrency might have to come to a reckoning with regulatory bodies. Since cryptocurrency is the biggest player in the space, it’s possible that they will bear the brunt of any crackdown by lawmakers. That might allow smaller companies to start to rise under the radar and put Bitcoin on the defensive for once.
Lack of Leadership
One of the selling points of Bitcoin is the way that it is not centralized, which means that there is no company or organization technically behind it. Where that can be a bad thing is if cryptocurrencies start to come to terms with regulators. The coins which make the first inroads with governments and financial bodies will be the ones that have strong leadership to speak on their behalf. And that is something that Bitcoin really won’t be able to do with the way it is structured.
Bitcoin is still the Goliath of the cryptocurrency world. But many companies have their slingshots out and are prepared to aim at the giant with everything they’ve got.