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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Cryptocurrencies

Cryptocurrencies

Could These Cryptocurrencies Replace Bitcoin?

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Bitcoin is the granddaddy of the cryptocurrency market. After its launch in 2009, it promised to transform the fluctuation experienced in the cash industry. It aims to create simple electronic liquid money for easy transfer, exchange, and security. Henceforth, bitcoin has centered in the minds of millions of people across the world.

For almost 11 years, other cryptos have struggled to outperform bitcoin, but none have succeeded. Some are trying to use its disadvantage to build trust from people. As technology evolves, there could be potential crypto that will overtake bitcoin. Here are a few predictions of possible crypto that could take over position one from Bitcoin:

Ethereum-Functionality

Ether is the second popularly known cryptocurrency. It was the first crypto to come up with the idea of smart contracts, which are small pieces of code that have their location in the blockchain. They have changed the industry. The smart contract led to the innovation of non-fungible tokens that had dramatic growth in 2021.

Remote code in blockchain allows a person to formalize an agreement with another without a third party. A good example is when a farmer takes insurance cover; the policy will investigate if the incident occurred or not in case of a disaster.

The smart contract allows people to own copyrights of certain information in digital forms like a trading card. The NFT has found a great market, and others are as expensive as $500,000.

Developers have also written documentation on new programmable blockchains that might replace Ethereum. However, at this level, Ethereum could replace bitcoin in its functionality.

Cardano (ADA)-Sustainability

It was developed to solve problems experienced by Bitcoin and Ethereum. Cardano developers use research to build a platform on blockchain technology to solve complex problems.

It has branches in 15 countries across four continents. One achievement is the collaboration with Ethiopia to store academic records for almost 5 million students. Unfortunately, Ethiopia has experienced the worst academic behavior where students forge academic certification.

When compared to bitcoin, it uses less energy that is environmentally friendly. For example, Cardano can use six gigawatt-hours in one year. That equals the amount of energy spent in a single month by bitcoin miners.

Solana (SOL)- Speed

According to scientific research, bitcoin can process seven transactions per second. This is a disadvantage because many new cryptos can process much faster. Solana is at the top with a processing speed of 50,000 TPS. This makes it more scalable than many cryptos. In addition, it uses less energy and is hence environment friendly.

Like Ethereum, Solana is a programmable blockchain that allows smart contracts. There have been more than 300 projects which run on the Solana ecosystem.

Digital Dollar-Volatility

It sounds like the traditional dollar, but it’s not. For almost two years, the Central Bank Digital Currency has threatened bitcoin over digital payment issues. Since central banks support the digital dollar, they benefit from bitcoin. They experience less or no price fluctuations.

The digital dollar guards against the inflation rates experienced in other cryptos. If people embrace the digital dollar, it could solve the problem of volatility. However, most investors want to earn the largest profit, which exists only in bitcoin.

Could any crypto replace bitcoin?

Have you ever imagined what your first cellphone looked like? Their main function was to call, send text messages and play a snake game. However, it had an advantage because the battery could last even after a fortnight. Even though people have moved to smartphones, accessing emails and WhatsApp, millions of individuals still possess that button phone.

Experts still believe that bitcoin can serve as gold. However, the sentence has some truth in it. People tend to store the traditional gadget because they trust them more than the evolution of new items.


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