Bitcoin has around for a decade now, with the tech that made it possible having been in development long before. The currency hit a peak during 2017 but has suffered a drop in value since then, having been damaged by a social media advertising ban that fuelled negative perceptions of it.
This leaves Bitcoin facing three potential futures: it may still succeed in replacing standard currencies, although this does not seem likely just now; it could collapse in value completely, or it could enjoy a slow growth in value without replacing existing currencies. There are also rival cryptocurrencies around now, so how could they affect the future?
Market Rivals Emerge
While there are thousands of cryptocurrencies flooding the market right now, 90 percent of this sector is controlled by just 25 of them. Along with Bitcoin having 59% of that market share. The first real rivals to Bitcoin emerged during 2011, in Litecoin and Namecoin. The former is now valued at around $4.27 million, compared with Bitcoin’s $119.98 billion, while the latter is fairly obscure.
Litecoin is currently ranked as the sixth biggest cryptocurrency in the world, but its valuation shows that it is a long way behind Bitcoin in size and reach. This is a market where new products are being launched all the time. While 2018 saw the debut of several new cryptocurrencies.
The Class Of 2018
One rival currency that was launched last year was Qravity. This is a production studio and decentralised platform targeting visual artists and movie makers. It had its Initial Coin Offering to raise cash between July and September with Qravity coins costing a mere 0.0002 ETH to buy. The actual currency is called QCO and creators using the Qravity platform are paid in it. Along with the amount, they receive depending on how many Qravity Project Tokens (QPT) they earn.
It is being cited by those in the industry as a promising investment, as is another 2018 launch: BitSong. This is a decentralised platform for streaming music. This was launched in August last year and the idea is to generate income for artists in the form of its BTSG coin by attracting music fans to stream their songs via the site. Thus it is setting itself up as competition to streaming sites like Spotify as well as to cryptocurrencies like Bitcoin. Having targeted a hard market cap of $25,000,000.
Finally, there is Lunch Money, which launched its ICO last August. This is a platform providing restaurants with exposure as well as allowing people to explore discounted food options. The currency is a token called LMY and an individual one is presently valued at $0.0012. As with the other 2018 launches it is viewed as an intriguing investment for those interested in getting with new cryptocurrencies.
Whether investing in a new pretender or Bitcoin, cryptocurrency is a risk. But it can be worth it for the rewards.