With the increasing attention to the cryptocurrency world, it is natural that many people are interested in this topic.
Bitcoin is the most stable and longest-lasting cryptocurrency today – the story of its success has been the subject of speculation for years.
However, as time went on, people began to wonder – Who is Bitcoin’s Successor? Or in other words – what is the next biggest cryptocurrency?
That is the question I will answer in this tutorial. We’ll talk about Bitcoin’s future, its price fluctuations and try to form a clear guide to what happens if a major cryptocurrency emerges.
After that, we’ll talk about the three main competitors that are tipped to become big cryptocurrencies – we’ll analyze their story and growth, and see if we can find the answer to the question – Who is Bitcoin’s Successor?.
A Brief History of Bitcoin
Bitcoin is a cryptocurrency that was first released to the public in 2009. It goes without saying that it is such a new and exciting concept that it is getting a lot of attention.
After a few years, Bitcoin’s price has fluctuated quite a bit – when it went over $1, it became a good coin and some consider Bitcoin a success.
A few years later, Bitcoin is gaining more traction. However, the big bang for this coin dates back to 2017 – it broke through to tremendous success and became so popular that it was very strange that people didn’t know what Bitcoin was.
At its peak, Bitcoin was nearly $20,000 USD. This is a remarkable history for a coin and the cryptocurrency community in general.
However, in the middle of 2017, the price of Bitcoin (as well as most other cryptocurrencies) experienced a drastic drop. It is worth mentioning that although the price of the coin has fallen, it has been steadily increasing recently.
It is important to note that the Bitcoin story has become a decent textbook. Not only because it was the first cryptocurrency of its kind, but also because there was so much speculation and market events throughout his life that he turned into an icon of “overnight millionaire”.
Now that you know how Bitcoin came into being, let’s try and find out the main characteristics that a cryptocurrency should have in order to be the answer to the question “Who is Bitcoin’s Successor?”.
Characteristics
So… The question is “Who is Bitcoin’s Successor?”. This is a fair way of putting it, but I’d probably be more interested in questions like these:
What are the characteristics of the next big cryptocurrency?
It is fair to try and guess Who is Bitcoin’s Successor? by looking at prices and market trends (growth trends), but that is not the main aspect to look for.
There is a golden rule in the crypto community around the world: if cryptocurrency is useful, it will overcome all difficulties and will continue to grow.
It’s a fair assumption: if something is rare AND useful, people will try to get it. Of the roughly 1600 or so cryptocurrencies that exist, there are some that are flashy and expensive but have no particular use. Over the years, this currency has tended to fade and be forgotten.
For cryptocurrencies, there are many factors that determine their usefulness. First of all, they may need to have a certain type of mission – meaning that the “useful thing you want to happen” will happen right after you pay that amount of cryptocurrency, without any additional steps. After all, one of the next determining factors for Bitcoin is the coin’s usefulness.
They should also be available easily and quickly. However, this does not mean that they have to be cheap – on the contrary. They should only be available through major marketplaces and trading sites on the internet.
One of the main features a cryptocurrency must have which aims to answer the question “Who is Bitcoin’s Successor?” (and what other similar guides often fail to mention) is the company and the strong development team behind it.
If crypto lacks in some area of its use and cannot keep up with the market, it will die sooner or later (usually sooner).
A good coin has a team that cares about its well-being – they manage the position of the coin on the blockchain, ensuring that the transaction speed is appropriate, and even create and develop side projects related to the cryptocurrency in question.
Good and potentially possessing crypto coins should also be open source. While Ripple tends to be the big exception in this regard, decentralized cryptocurrencies are usually the ones above centralized ones.
Crypto being open-source allows others to contribute to its prosperity and development, which in turn can accelerate the coin’s rise to the top.
Now that we have talked at length about the main features and characteristics that a successful cryptocurrency should have, let’s give it a try and include it in a simplified and specific bullet point list.
The cryptocurrency will have the highest chance of success and be the answer to the question “what will be the next Bitcoin?” if it has these characteristics:
- It is open-source;
- Have a strong team of developers and investors behind it;
- Have clear and achievable goals;
- Quick and easy to access;
- Offer services that people need;
- It is transparent not only before or during the ICO but also after.
Who is Bitcoin’s Successor?
Now that we’ve covered the history of Bitcoin and some of the key features and characteristics a successful cryptocurrency should have, let’s talk about a specific example of “Who’s Bitcoin’s Successor?” possible answer questions.
When you think about what is the next Bitcoin and try to google the answer, usually three big names come up. In many cases, people want to know the answers to these three questions:
Is Litecoin the Next Bitcoin Successor?
Is Ripple The Next Bitcoin Successor?
Is Ethereum the Next Bitcoin Successor?
Litecoin, Ripple, and Ethereum – according to popular opinion, these are the three main contenders to become the next big cryptocurrency.
Let’s try and analyze each one separately and see why people think that these cryptos could be the answer to the question “Who is Bitcoin’s Successor?”.
Without going into depth with each of the cryptocurrencies described earlier, I will only try to offer you the main reasons why people tend to think that these three cryptocurrencies are predicted to be the future of Bitcoin.
Litecoin
Litecoin was created and developed in 2011. It is considered one of the original altcoins.
Litecoin is very popular and respected for several big reasons. First of all, Litecoin is a direct spin-off of Bitcoin. The technical parameters that these two coins have are almost identical.
Because of this, Litecoin is famously four times faster than Bitcoin. To be honest, this is a huge problem in terms of transaction speed and hash rate.
So, is Litecoin the next Bitcoin just for this reason? Given its market presence, it’s possible – but we’ll just have to wait and see.
Ripple (XRP)
Before we begin the other part of the discussion ‘Who’s Bitcoin’s Successor?’, you should know one interesting fact: Ripple is the name of the coin company, XRP. However, people are used to calling the coin itself Ripple, so to avoid confusion, I will call it Ripple as well.
Ripple is interesting because it is the only cryptocurrency on this list that is centralized – meaning it is owned by a single company and cannot be modified or altered by third parties.
You would think that this would be the downfall of this crypto, but it is often referred to as the “Bitcoin killer”. Why?
Ripple is designed for everyday use, which means it has much faster transaction speeds and significantly cheaper rates.
In addition, the coin’s primary focus is being genuine for use by banks – this means that Ripple can avoid many of the regulations and other checks that other cryptocurrencies have to go through.
Perhaps Ripple’s biggest feature, however, is that it has a minimum price benchmark and is exchangeable for other currencies out there (fiat, gold, etc.).
This allows HUGE mobility and at one point even managed to briefly place Ripple in the #2 position in the crypto market, right after Bitcoin.
Is Ripple the next Bitcoin successor? There are truly quite a few advantages to Ripple Coin, but in the end, it will be the market’s decision.
Ethereum
Perhaps the most famous cryptocurrency on the list of ‘Who’s Bitcoin’s Successor?’ is Ethereum which has become Bitcoin’s biggest competitor for the number one spot in the market.
If you ask someone “Who is Bitcoin’s Successor?”, the most common answer is probably Ethereum.
But, what is Ethereum, and why is that?
Well, Ethereum is considered superior to Bitcoin in almost every way.
The main point people are making is that although Bitcoin is just a cryptocurrency, Ethereum is a whole technology ledger.
Ethereum allows other Ethereum network-based cryptocurrencies to build and develop themselves on the network provided by this technology.
In this sense, you can say that if Bitcoin is a board, Ethereum is its home.
Therefore, is Ethereum the next Bitcoin Successor?
With such a list of potential competitors, only time will tell.
Conclusion
As you probably know, there are many cryptocurrencies that aim to be the answer to the question – Who is Bitcoin’s Successor?
Bitcoin has a very interesting history. Since its inception, coins have been considered by many to be an “evolutionary currency”.
After more than eight years of fluctuation, Bitcoin has finally managed to skyrocket to the mainstream. By doing so, it opens the door for many other cryptocurrencies as well.
People often ask: is Litecoin the next Bitcoin? Is Ethereum Bitcoin Next? Is Ripple Bitcoin Next? Or is (insert any cryptocurrency here) the next big thing in the crypto world?
To be honest, no one knows the answer for sure. The cryptocurrency market is a very volatile place – at any given point in time, something very big might happen.
However, it is possible to speculate. There is a lot of speculation circulating on the internet. Some of them have merit, others are blind guesses. If you want to do your own speculation, always remember one simple rule:
Cryptocurrency will thrive as long as it is useful.
People place their speculations on various things – prices, history, events in the crypto market, etc. While these things contribute to the coin’s well-being, the main determining factor remains its usefulness.
The three cryptos mentioned in this tutorial are useful in their own way, but there are plenty of other coins on the market that is also very interesting in their own way.
Whatever the answer to the question “Who is Bitcoin’s Successor?” Really, one thing is certain – no one can predict the future.
If you want to speculate, do your research and stay alert – the world of cryptocurrencies can be a very chaotic place at times.
If you decide to try and answer yourself Who is Bitcoin’s Successor?, I wish you all the best!