Experts Predict AltocoinsWill Overtake Bitcoins
Ever since new crypto currencies other than Bitcoins began emerging around 2011, primarily led by Ethereum and Litecoin, the general consensus has been that Bitcoins will always be the top dog.
Even though hundreds, if not thousands, of Altcoin crypto currencies have come and gone in recent years, none has been able to get a foothold and post a real threat to the Bitcoins. Litecoin seems content to be the second place crypto currency, even describing itself as “the silver to Bitcoins gold”. But this year, one expert broke with that consensus.
Can any cryptocurrency surpass Bitcoins?
Dr. John Carol, a Penn State University distinguished professor of Information Sciences and Technology, is the renegade in question. He believes that newly emerging crypto currencies will eventually replace the Bitcoins. The true “currency of the future” may not have been invented yet, or it could be one of the smaller players in circulation today, potentially even a totally unexpected crypto currency like Dogecoin.
Dogecoin, of course, started as a joke but has really taken off because of huge community support on Reddit. Could Dogecoin really be the future Bitcoins? According to Dr. Carol, it’s possible.
He admits that Bitcoins is the pioneer of the crypto currency industry, paving the way for others both in terms of technology and a collective paradigm shift about what currency means, as a concept. However, he concluded a valid point that, “factually, the first generation or pioneer of a given innovation yet blockchain technology ultimately is not the one that perseveres.”
He also points out that Bitcoins may have created a problem for itself because it has attracted bad press about criminal activity, money laundering, and drug trafficking and funding terrorism.
How Dogecoin could someday topple Bitcoins
According to Dr. Carol, newer crypto currencies, like Dogecoin, only need a few minor adjustments to the design and technological aspects. Where Dogecoin really thrives is in community support, which is a key advantage of crypto currencies that is not often discussed.
Dr. Carol says that crypto currencies encourage social interaction as well as economic interaction.
In today’s paradoxically disconnected society, that could be very important to the success of a crypto currency in the long run.
For the time being, Bitcoins still dominates the crypto currency market, with Ethereum, Binance Coin, and Ripple. But those of you who took a chance and invested early in newcomers might be celebrating in a few years when your underdog Altcoin was the one to dethrone the king of crypto currencies. Some Altcoins to watch out for in particular would be Dogecoin, obviously, because of its unparalleled social support network, and also Dash (formerly Dark coin) and Gold coin, which have both contributed new and innovative technologies to solve some of the problems that still plague crypto currencies from time to time.
Will we live to see the fall of Bitcoin and the rise of some lowly Altcoin? Could it happen in the next 5 years? Maybe even sooner? Or is the thought of any new crypto currency surpassing the Bitcoins merely a pipe dream? Only time will tell.