Topic: Altcoins Use Bitcoin Ecosystem to Leapfrog Forward, Grow Faster (Read 228 times)
It seems to me that the explosion of altcoins this year will be even more in the next, mainly due to the ico.
September 11, 2017, 06:46:33 AM
https://cointelegraph.com/news/altcoins-use-bitcoin-ecosystem-to-leapfrog-forward-grow-faster
Quote
Bitcoin’s very success has paved the way for challenges from would-be contenders.
These so-called “altcoins” find that there is no need to reinvent the wheel. It took years for Bitcoin to gain the kind of traction needed for people to build Coinbase, Bitpay, Blockcypher and others. Yet a promising altcoin can usually be integrated into any of these services within weeks or months.
There is no need for altcoin investors to wait years and hope that savvy businesspeople will come along and build a quality exchange, or payment processor, or API service. Altcoins are able to very quickly capitalize on the work Bitcoin has done.
Bitcoin businesses, for their part, would be foolish to ignore the money that holders of the top altcoins can bring to their platform. Since these digital currencies don’t have to wait years for new companies to be built to service them, they are able to grow and mature much more quickly than Bitcoin did.
Lawyers and accountants who specialize in Bitcoin don’t have to relearn everything in order to assist customers with other forms of digital currency. Their expertise applies to altcoins just as well as it applies to Bitcoin.
Dash doesn’t have to lobby Congress for friendlier regulation. Neither does Ethereum, or Litecoin, or Zcash, or any of the other hundreds of coins in existence. Bitcoin has already cleared the way, and continues to do so.
Many developing countries never bothered to build a wireline telephone network. There was no need. By the time they were able to fund such a project, mobile phone technology had already been invented. In this way, the developing world skipped decades of waiting for technological progress, instead advancing quickly to the present state-of-the-art.
The cryptocurrency world is advancing in much the same way. When Bitcoin developers create promising new code, it is quickly copied by eager altcoin developers.In the meantime, innovative altcoins continue to develop new features that Bitcoin can’t - or won’t - adopt for its own. Bitcoin is too big to take the risks that many altcoins can take. After all, it’s much easier to risk breaking a $100 million network than a $70 billion one.
Bitcoin’s biggest advantage is branding and network effects. There is no easy way to duplicate that. In every other way, expect altcoins to continue surging ahead as they take advantage of the smooth road Bitcoin has cleared.
These so-called “altcoins” find that there is no need to reinvent the wheel. It took years for Bitcoin to gain the kind of traction needed for people to build Coinbase, Bitpay, Blockcypher and others. Yet a promising altcoin can usually be integrated into any of these services within weeks or months.
There is no need for altcoin investors to wait years and hope that savvy businesspeople will come along and build a quality exchange, or payment processor, or API service. Altcoins are able to very quickly capitalize on the work Bitcoin has done.
Bitcoin businesses, for their part, would be foolish to ignore the money that holders of the top altcoins can bring to their platform. Since these digital currencies don’t have to wait years for new companies to be built to service them, they are able to grow and mature much more quickly than Bitcoin did.
Lawyers and accountants who specialize in Bitcoin don’t have to relearn everything in order to assist customers with other forms of digital currency. Their expertise applies to altcoins just as well as it applies to Bitcoin.
Dash doesn’t have to lobby Congress for friendlier regulation. Neither does Ethereum, or Litecoin, or Zcash, or any of the other hundreds of coins in existence. Bitcoin has already cleared the way, and continues to do so.
Many developing countries never bothered to build a wireline telephone network. There was no need. By the time they were able to fund such a project, mobile phone technology had already been invented. In this way, the developing world skipped decades of waiting for technological progress, instead advancing quickly to the present state-of-the-art.
The cryptocurrency world is advancing in much the same way. When Bitcoin developers create promising new code, it is quickly copied by eager altcoin developers.In the meantime, innovative altcoins continue to develop new features that Bitcoin can’t - or won’t - adopt for its own. Bitcoin is too big to take the risks that many altcoins can take. After all, it’s much easier to risk breaking a $100 million network than a $70 billion one.
Bitcoin’s biggest advantage is branding and network effects. There is no easy way to duplicate that. In every other way, expect altcoins to continue surging ahead as they take advantage of the smooth road Bitcoin has cleared.
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