When it comes to Altcoins, people have wondered which of the members of the altcoin space are going to be at the top of the food chain.
When looking at all of the Altcoins by market cap the best Altcoin is Ethereum. Ethereum has held its values more than the rest of the Altcoins. Stability in an Altcoin is probably the most important factor in judging Altcoins. Ethereum is the Altcoin that has held up the best through all of the Cryptocurrency storms.
Altcoins have been created to solve problems. In other words, they exist because there are things that they can do that Bitcoin as a cryptocurrency cannot achieve.
This has made many people wonder if the altcoin space is a viable one- it is.
Since the end of crypto winter, the altcoin space has experienced a decline in activity in many projects. This is because many of the crypto assets didn’t hold any real value as such.
What Next After Crypto Winter?
Still, as crypto winter ended last year, there was an increase in the number of altcoin projects as interest in the crypto space increased as well. Massive institutional investment in cryptocurrency projects all across the world ensued.
As such, many new altcoin projects also dotted the cryptocurrency landscape. People now started to begin believing in the crypto space again.
Bitcoin still accounts for about two-thirds of the cryptocurrency space.
This fact about cryptocurrency dominance alone has also created a new paradigm. One where the altcoins are still struggling to be recognized by the members of the cryptocurrency community while the rest of the world is struggling to understand cryptocurrencies.
This has created the big problem of adoption that many of the members of the cryptocurrency community are talking about.
Over three thousand cryptocurrency tokens having only about 33% dominance. the question of global cryptocurrency adoption will remain far from reality.
Altcoins Present Different Use-Cases
Altcoins can be pretty interesting. From the concept of smart contracts presented by Ethereum’s ecosystem to that of full anonymity with Monero. The global cryptocurrency space still does not yet have a full grasp of the full impact that the existence of altcoins will bring to humanity.
It is this prevailing mentality that is driving the few creative guys that keep running the crypto space This is. despite the lack of dominance by the altcoins.
Altcoins are the real future of the crypto space. What most people don’t realize is that we are already seeing the best Altcoins for this dispensation of innovation.
This is because of the Altcoin space as it currently stands represents the first generation of cryptocurrencies. They exist as a result of the fact that an anonymous hacker called Satoshi Nakamoto thought that it was possible to create such a system in the first place.
Is there a Best Altcoin?
The many issues that surround having the best Altcoin are driven by several factors.
The first of course is the ease of use. The easier technology is to use, the better the technology will do in terms of adoption. Microsoft Windows is a particular case in point.
There were several operating systems. What made Windows stand out, however, was its ease-of-use. Microsoft through this particular operating system became the world’s most popular operating system at the time.
With an easy-to-use system, newbies will be able to jump on the cryptocurrency train and get to use them as they see fit.
It will also answer several questions currently occurring. The first of these is the adoption question. Many new users will occur as far cryptocurrencies are concerned.
The number of members of the Altcoin crypto space will increase exponentially.
The second issue is the issue of Bitcoin’s dominance. With an easy-to-use system, many people will flock to the new system and Bitcoin’s dominance will reduce drastically.
Thirdly, the issue of integration with other financial systems will be seamless. People tend to trust simple things. This will go a long way in helping move the cryptocurrency space forward.
The second issue has to do with security. Once a decentralized system is secure, people will adopt it one way or the other.
The third issue to consider is the use-case scenario. Once an Altcoin can fulfill a true use-case scenario, then it should scale and be adopted by the wider cryptocurrency community.
This is already happening with several cryptocurrencies in the crypto space. Several altcoins have achieved realms of capitalization that we have not seen before now. That number is only expected to grow.
Education About Cryptocurrencies is Key
The issue, however, is if the education problem that is slowing down adoption can be tackled. Too few people know or understand exactly what cryptocurrencies are, how they work and what they can be used for.
Way too many of the materials that exist for cryptocurrencies is highly technical in term of the language used. Many people don’t understand how exactly cryptocurrencies can change their lives for the best.
Once this is achieved, the altcoin space will grow faster and deeper than previously seen.