In many ways, bitcoin has carried the cryptocurrency market on its back. For years, prior to March 2017, bitcoin comprised between 75% and 95% of the aggregate virtual currency market cap. Even today, with more than 1,600 different digital currencies for investors to choose from, bitcoin still accounts for around 37% of the aggregate $430 billion cryptocurrency market cap.
Investors have relished in bitcoin’s first-to-market advantage -- trading began all the way back in March 2010 -- as well as its numerous partnerships with online and brick-and-mortar merchants. The scarcity of bitcoin, vis-à-vis its 21-million-coin limit, has also played a role in pushing its valuation higher than all other virtual tokens.
But what if bitcoin doesn’t turn out to be the greatest thing since sliced bread among virtual coins? For instance, its blockchain network has been bogged down by the inability of its community to reach consensus on what upgrades should be implemented. The result has been significantly slower transaction validation and settlement times than its peers. Even with the hope of implementing the Lightning Network to speed up bitcoin’s processing times, the damage could already be done.
Rather than placing your trust (or hard-earned money) in a stodgy virtual currency, consider the following six cryptocurrencies as possible alternatives to bitcoin that could one day takes its place as the world’s most valuable virtual currency.
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