Bitcoin and the world of cryptocurrency, though it has reached mainstream consciousness in recent years, is still a close-knit community, with some of the most established voices carrying a lot of clout among investors and companies.
The question for investors is whether bitcoin will endure, or whether other cryptocurrencies will emerge to take its place. Bitcoin has some notable advantages – it is a first mover, which brings it widespread recognition. This is important for a unit of payment, meaning it has stolen a march on many of its peers in terms of building its network and the number of retailers or service providers who will accept bitcoin – Microsoft, Expedia and Overstock all now accept Bitcoin.
The bitcoin price is currently hovering around $6,500 after falling below the psychological $6,000 barrier last week for the second time this year. The bitcoin price is down almost 70% from its highs at the end of last year and many of newer cryptocurrencies that have been created in the last few years have been all but wiped out.
There remain questions over whether other cryptocurrencies can do what bitcoin does, but better. Ethereum, for example, is faster than bitcoin. Transactions are completed in seconds rather than minutes. Its supporters suggest that its uses are more widespread than bitcoin, potentially acting as a platform for distributed computing. There are still concerns about the amounting of computing power it takes to support bitcoin, and whether it may limit its long-term growth. Here, other newer cryptocurrencies may be able to provide more efficient options.
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