So, you want to know if there is any chance that another cryptocurrency will take over Bitcoin? Well, this could probably be your last bus stop as the information you seek will be delivered to you right here. Before we kick off, we would like to share with you what cryptocurrency is and what Bitcoin is.
What is Cryptocurrency? You don't need to be asked if you know the meaning of money and what it is used for. Being said that, it now brings us down to the definition of Cryptocurrency which can be seen below. Cryptocurrency, can best be defined as a digital medium of exchange, which is basically done on the internet. Imagine you wish to but something online, and you want to pay for the services you had just gotten. You can't probably pass your local currency through your smartphones' screen or computer devices to pay.
This is where your cryptocurrencies can come into action to play a vital roleApart from making transfer to get your product or service, you can as well exchange that goods for cryptocurrency. The best part is, cryptocurrency is accepted in almost all countries across the globe.
It makes use of cryptography to ensure a secure and verified transactions between users or peers. Also, you should note that all cryptocurrency can be traced as a result of the transaction being public. This is to ensure that all transactions done are legitimately and there are no cloning of Bitcoins. During the 90s, many attempts have been made to create a digital currency just like Bitcoin of today. But the projects always ended up in failure due to one reason or the other. Some well-known reasons for their failures are finance and fraud!
Due to these failing attempts, the plans for creation of a digital currency was seen as an impossible task until 2009. In the year 2009, a programmer or group of programmers whose identity are unknown, came up with a digital currency. This digital currency is described to be completely decentralized unlike other means of exchange we have today. This simply implies that there is no central controlling authority, and there is no servers involved in it. To be more precise, it can clearly be seen as a peer to peer file sharing network. Without wasting any more of our time, this brings us to what Bitcoin is.
Bitcoin, as we all know, is a digital currency that has been in existence for the past 11 years, that is, 3rd of January 2009 to be precise. In addition to that, Bitcoin can be said to be a completely virtual type of money. In other words, It is the online version of cash which can be used to buy products and services. However, Bitcoin as of now, is not generally accepted by many shops and it is not allowed in all some countries to operate in their domain. In other words, it is currently banned in some countries around the globe for various reasons not listed here.
According to research, it is known that every bitcoin has private codes that is printed inside them. And Bitcoins are completely of no use without this code as they become worthless. Each bitcoin is significantly a computer file that can be stored in a 'digital wallet' on a smartphone or a computer. Bitcoins can be shared between two people or peers by sending and receiving through Bitcoin wallets which are of different types. And every single transaction that is done is being recorded on a list that is public. This is widely referred to as the block chain in the cryptocurrency world which should be taken note of. This makes it possible for the history of Bitcoin transaction to be traced to prevent people from spending coins that does not belong to them, undoing transactions or even making copies.
Now, answering the above question that asked if another cryptocurrency will take over from Bitcoin. In reality, there seems to be many reasons why a positive answer will be given, which is yes. Let us examine the possibility by taking a look one disadvantage of Bitcoin that other cryptocurrency might be able to offer.
One major point to back up these claims is that Bitcoin is very slow in confirming payment. Sometimes, it could take up to an hour or so. For this reason, we might likely see a cryptocurrency go to counter this weakness without any major setback. Thereby, having an advantage over Bitcoin. Despite the fact that the reason for Bitcoin delay in confirmation is really justified, people will eventually go for something that is less time-consuming and still of the best quality. Bitcoin looks to erase Fiat Currencies which could lead to it being the global means of exchange.
But as it stands today, this is still having a long way to go as payment as such will require very high speed of confirmation. Despite there are ways Bitcoin could be overthrown in the nearest future, the chances are very rare. In reality, the chances of Bitcoin being taken over by another cryptocurrency sounds impossible!