How Bitcoin matches up to the other crypto coins in the market

Bitcoin has turned itself into the face of crypto. It is well known to the mainstream but it has also shone a spotlight on the crypto market. Since there are other crypto coins out there, let’s compare them to the number one coin in the market.

For those who don’t know, Bitcoin was launched in 2009 by Satoshi Nakamoto which is a pseudonym of the mysterious person or group who created it. It was made for people to secure payments across a peer-to-peer network and was aimed to eliminate the need for a third party. 

This is the basis of most cryptocurrencies because they are mostly known for being decentralized. Since you’re on Gamdom, you might be aware of free CSGO skins which can be compared to crypto in some cases. Both are solid assets in their respective spaces. They have turned into good examples of similar assets in the same industry with altcoins and other weapon skins across various games.

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Bitcoin compared to altcoins

With Bitcoin, the biggest pro is that it’s the most well-known crypto coin in the market. That has value because it will most likely be the one people associate crypto with. People are aware of it and since most people want to break into crypto, you can mostly expect newcomers will gravitate towards Bitcoin because it’s the easiest one to access. 

Despite that pro, there are some cons with BTC. Its transaction speeds are not ideal which has been criticized for a long time. People want instant access and payments but BTC does not provide that the highest level compared to the altcoins that you will read about. 

When it comes to mining, there are also some problems with BTC because it needs a high-end computer to mine. Most people don’t have any access to that which has led to some people being turned off by BTC because it relies on high-end computers.

Ether (ETH)

Ethereum’s Ether is likely most people’s alternative to Bitcoin and it has done well to separate itself from the pack. It’s now known as the secondary crypto to Bitcoin, not because of their similarities but how ETH has made sure to create its own identity. ETH is the main crypto behind the recent boom of non-fungible tokens which is now a big part of crypto’s growth.

If you’re looking for a solid alternative to BTC, ETH is here to stay and it will continue to grow with the potential to exceed BTC in the future. The biggest pro with ETH is the extensive use that it can bring to the table since it is based in the Ethereum network. Its transaction speed is lightning quick which is a big positive for people in the crypto space.

The biggest con would be that their supply does not have a cap which leads to inflation. Despite that, there is solid growth with ETH and it will keep growing to the point that it becomes mainstream. With the number of NFT products that have been released over the past few months, it will only grow with sponsorships and initiatives that big companies will bring to the table.

Litecoin (LTC)

According to the creator Charlie Lee, Litecoin was created to serve as the ‘silver to Bitcoin’s gold’. That is a good description of LTC because it does serve as a secondary option and there are more supplies for this one compared to BTC. Their maximum supply is 84 million coins which is four times more than BTC’s. They have similar technologies behind them which is why it’s seen as the baby brother to BTC.

That’s why a big con for LTC is that it struggles to market because it’s always seen as the lesser one compared to the titan BTC. Despite that, it has one leg up in the transaction speeds aspect because it is much faster than its perceived big brother.

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Ripple (XRP)

Ripple’s XRP is one of the rising stars of the crypto space because it has broken through the market and has turned into crypto that can bridge the gap between fiat and cryptocurrency. Crypto fans have not taken a liking to XRP at first because they thought its relationship with the major banks might be a deal-breaker but it has done well despite that kind of attention.

XRP has one of the fastest transaction speeds out there and that is one of its main strengths. When it comes to the cons, the aforementioned links with banks might be an issue for some people especially since RippleNet can be used without crypto. However, XRP continues to grow and it has cemented itself as one of the world’s biggest crypto coins. 

Does Bitcoin match up well with altcoins?

Bitcoin is known to be the titan of the crypto market and it will continue to be for years to come. BTC has turned itself from the butt of the joke once upon a time into a market titan that can match up well with the fiat currencies that we are used to like the US Dollar.

There will be a time in the future when BTC will be seen as a normal currency which is far from the case for other crypto coins in the market. BTC had a head start but it has done well with many people across the world since there are people who accept BTC as a mode of payment now and it will be normalized in the foreseeable future.

There are good reasons why BTC is the most popular one out of all the coins. Hopefully, people can realize that it will keep getting better and bigger as time goes by. People in the crypto space need to ensure BTC’s growth because that will also help the other altcoins emerge as solid options. 

You can see similar growth with free CSGO skins and altcoins because of the attention given to them by people who were once unaware. In this case, ETH and LTC are well established but they will most likely be better coins if they are given the chance by crypto users.

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Words: Pocholo Magsino