Media saturation and skyrocketing market caps are signaling digital currency’s bold march toward mainstream adoption. Cryptocurrency is securing its place in global economics, and the only question is which platform will emerge as the most popular. Aside from Bitcoin being the favorite, altcoins are moving forward as well. Crypto investors are slowly learning to give utmost importance to the technical qualities of the coins to purchase. Cryptos that seem to be more efficient and useful are becoming significant players in the crypto space.
Crypto is currently mainly adopted as a store value not as an actual currency to be spent. However, mainstream adoption will involve thousands of transactions every second for successful cryptos and mass transfers. Majority of the platforms, including Bitcoin, are not capable of handling this level of traffic. Although some can, investors are taking notice. Among these cryptos, the most notable is IOTA as its unique architecture is infinitely scalable, and it can be transferred without network fees. IOTA is available to only a limited number of exchanges, but its value has soared over the last couple of weeks jumping from $1.43 on December 1 to more than $5.00 today. IOTA is currently the sixth most valuable crypto regarding market cap having a total value of over $14 billion.
Another crypto that has basked in the significant value growth because of technical advantages is Vertcoin. The coin is very akin to Bitcoin except for being resistant to ASIC mining which makes it more attractive to small-scale and startup miners. Vertcoin’s most notable advantage is its inclusion in plans for atomic swaps with Litecoin and Bitcoin. This development, which is still in the testing stage, will allow near instant transactions across blockchains. So, once Vertcoin is active, it will be a good substitute for any BTC or LTC trade. The promising features have driven Vertcoin up from $1.00 on October 1 to $9.00 on December 20.
Verge, which is akin to Monero focusing on anonymity, is also among the most significant cryptos to be boosted by perceived technical advantages. Verge claimed quicker transaction times and more efficient scalability and was previously endorsed by John McAfee. The outcome has been an astounding 1,200 percent increase in value in December reaching a high $.065 today.
Several other cryptos are experiencing similar growth based on the notion that they are better suited for mass use. For instance, many perceived Cardano and EOS as superior to Ethereum and have surged in market cap. Dash after its long-held claim to be more useful than Bitcoin has enjoyed significant gains while Raiblocks has emerged from relative obscurity because it is free of charge.
Bitcoin developers have attempted to upgrade the platform to compete with altcoins. For more than two years, an upgrade has been a source of high contention between developers and miners. It is yet to be seen if SegWit and the upcoming Lightning Network could fulfill its promise to make Bitcoin more competitive and remain the flagship digital currency long-term. Regardless of these upgrades, crypto advocates universally agree that name recognition is the most significant asset of Bitcoin. However, it is quite reasonable to assume that Bitcoin will decline in importance as cryptos become more popular and increasing number of fiat exchanges adopt altcoin options.
Better designed altcoins gaining market share proves that the blockchain revolution underway is beyond Bitcoin adoption. It is a movement that promises to enhance various aspects of logistics, management, and global economics. Bitcoin is a proof-of-concept network designed to illustrate distributed ledger technology. Bitcoin has been a tremendous success, and altcoins with improved features are adding to the successful blockchain revolution.
Several significant technical developments that will improve all cryptos are yet to be released. It remains to be seen how digital currency, on a global scale, will be balanced against fiat.