In recent years, investors have been looking for "the new bitcoin" or "the next bitcoin". Someone will create a faster, safer and more transferable cryptocurrency and the cryptocurrency will exceed the bitcoin.
What is the next digital asset that is about to explode like bitcoins? Which resource can you buy today for $ 0.10 that will estimate $ 1,000 next year?
While everyone is looking for "the new bitcoin", however, there is an inconvenient truth: the new bitcoin is bitcoin. At least, that's what Alex Lielacher believes in Brave New Coin.
"The new bitcoin is … bitcoin. To bear the market or not, development is not slowing down on the number 1 of cryptography."
Some people are looking for faster, safer and more transferable cryptocurrencies. Some believe that these cryptocurrencies will outweigh bitcoins because they are technically superior. While some are looking for these new cryptocurrencies, others are focusing on technical gains within the bitcoin network.
The Lightning network, for example, continues to expand. The Lightning network enables secure and high-speed transactions on the bitcoin network. Some see the Lightning Network as a clumsy solution that sacrifices the main advantage of bitcoin-on-chain security. Others see the Lightning Network as the "killer feature" that will bring bitcoins to the next level.
In recent weeks, the Lightning network has grown by over 200%. Now it has a capacity of $ 2 million: a drop in the bucket compared to the encrypted market as a whole. However, the Lightning network continues to expand.
There are already faster and better cryptocurrencies than Bitcoins
There is one thing to remember about the bitcoin that is "the next bitcoin": there are already a lot of cryptocurrencies that are better than bitcoins.
Litecoin, for example, was launched as a faster and lighter version of bitcoins. And it was built directly on the bitcoin code. Developers have reduced transaction times, reducing blocking time from 10 minutes to 2.5 minutes. The total amount of tokens from 21 million to 84 million has quadrupled. Litecoin was faster than bitcoin while retaining many of the same qualities as bitcoin.
Despite the apparent superiority of Litecoin, however, it has never been so close to bitcoin market capitalization.
The same can be said about XLM or XRP. Both these digital tokens are focused on international economic transfers, almost instantaneous and secure. Both these cryptocurrencies achieve this goal. They actually allow someone to transfer millions of dollars safely on the chain. They are faster and cheaper to use than bitcoins.
None of these cryptocurrencies, however, has ever dethroned Bitcoin as the king of the crypt. Bitcoin continues to have a market capitalization higher than all these cryptocurrencies – and this does not seem to change in the near future.
The best developers are working on Bitcoin
Some of the best developers in the encrypted world are working on bitcoins. Bitcoin is the king, and this regal state attracts some of the best and brightest minds.
Bitcoin continues to be one of the most actively developed projects in the crypto world. Bitcoin works exactly like a good open source project they should function: changes are proposed, discussed and then safely integrated into the network.
The Lightning network started as a proposal to improve Bitcoin in 2015. After a long discussion in the bitcoin community, Lightning Network has finally been operational since the beginning of 2018. Today it continues to grow.
The Lightning network it's just one of the many innovations that are making their way through the bitcoin open source development team. Other changes that could greatly expand bitcoin functionality in the future may include:
- Confidential transactions (CT) were initially proposed as PIFs; is a cryptographic tool that could greatly improve privacy on the bitcoin network, making it possible to create a bitcoin transaction in a chain that anonymous quantities and people involved in the transaction
- Smart contracts could be added to bitcoins in the future thanks to the cryptographic boot job RSK Labs, which recently developed an intelligent contract platform for the bitcoin network; that platform extracted its first block on January 5, 2018
- The liquid network promises similar to the Lightning network, facilitating the scalability of bitcoin and the high transactional capacity; the network developed by Blockstream extracted its first block on September 27, 2018 and could challenge the Lightning network as the best bitcoin scaling solution
Some of these solutions are running on test versions of the bitcoin network, such as the Rootstock testnet. Others are already running inside some bitcoin implementations, such as the Lightning network. As development continues, however, bitcoin continues to show its ability to adapt to ongoing changes.
Because Bitcoin will remain king
Some people prefer cryptocurrencies like XRP and XLM because they are faster than bitcoins. Bitcoin responds with the Lightning network, which offers fast and cheap transactions.
Some people prefer cryptocurrencies like Zcash or Monero because they are anonymous and focus on privacy. Bitcoin responds with confidential transactions.
Some people prefer cryptocurrencies like Ethereum because they allow advanced development and smart contracts. Bitcoin responds with its own smart contracts.
Ultimately, bitcoins can not be everything for everyone. However, bitcoin has remained uninterruptedly the king of the crypt – and this does not seem to change in the near future.