Bitcoin is the first and most recognized cryptocurrency, but some coins have distinctive capabilities compared to bitcoin among other cryptocurrencies.
Litecoin, Peercoin, dogecoin took the lead from bitcoin. First, this article will compare these three major altcoins with bitcoins in market capitalization (market cap). Then, it’s time to determine which of these acts is superior to others in terms of transaction speed, security, and fees.
Litecoin was first introduced as an alternative version of bitcoin after its success. Dogecoin was inspired by an internet meme called doge, and it has no real purpose other than being a cryptocurrency that is fun to use.
Seven ways how bitcoin can beat by another coin
Market cap is the total value of all coins associated with a particular cryptocurrency. The following are a few distinctive capabilities that bitcoins have when compared to other altcoins:
1). Number of Coin Distribution –
Litecoin was introduced after bitcoin, and its maximum coin supply is 81 million, whereas there are only 21 million limits for bitcoin(of course, there may be some person who has not yet mined bitcoins)
2). Number of Active Addresses –
Bitcoin has 45 million active addresses, while litecoin and peercoin each have 1.5 million. Dogecoin was the first to introduce the concept of active address, where transactions have been made.
3). Number of Transactions –
Bitcoin has more than 1 million transactions per day, while other coins have a tiny fraction, i.e., Litecoin (55,000), peercoin (16,000), and dogecoin (26,000).
4). Maximum Transaction Speed –
In terms of waiting time, bitcoin indeed takes a lot of time to complete a transaction currently. It takes around 10 minutes for bitcoin, whereas bitcoin is almost instant, i.e., 2.5 minutes, and peercoin is even faster than that, i.e., 0.01 minutes. Just two months back, the median confirmation time of dogecoin was 5 minutes(it has now increased to 20 minutes)
5). Transaction Cost –
Transaction cost plays a significant role in the transaction. Bitcoin charges very high fees as compared to other cryptocurrencies. Currently, it costs around $3 for bitcoin, whereas litecoin and peercoin both charge less than 1 per cent transaction. Dogecoin charges 0.01 doge per transaction, which is almost negligible.
6). Security of Transactions –
In terms of security, bitcoin is superior as compared to other coins because it has been here from the beginning and has had a good market hold on its own. However, litecoin is also more secure due to its quick transaction speed, people who want a faster coin may choose this rather than going for dogecoin or peercoin. You can learn more at bitcoin trading of litecoin and other cryptos.
7). Number of developers –
Litecoin has many developers, while peercoin and dogecoin have a small team of developers working on it.
So these were a few points that make bitcoin stand tall compared with other altcoins. But unfortunately, these points also earn people think that any other coin can beat bitcoin.
4 Reasons why Bitcoin is better than another coin
1). Number of Transaction Confirmation –
The bitcoin transactions are confirmed in almost 10 minutes, while few other coins take much longer to verify their transactions, giving them an edge.
2). The First Mover Advantage –
Being the first and having a solid market hold, bitcoins do not need marketing. Its durability is one of the reasons why even after five years, it has not faded away, so its first-mover advantage is unquestionable.
3). The Use of Mining –
Mining bitcoins is different from mining other currencies. Due to the difficulty level, bitcoin mining gets more complicated with time and needs more processing power, i.e., hash rate. This makes it very difficult for other miners to compete with the powerful Bitcoin miners. This is one of the significant reasons. Therefore, bitcoin mining is more popular than any other cryptocurrency mining.
4). Bitcoin has a Strong Community –
Bitcoin has a vast and robust community, making it unique. In addition, due to its stronghold on the market, its value does not fluctuate much and is more stable than any other cryptocurrency.
Compared with other cryptocurrencies, bitcoin is superior and has a stronger hold on the market, and there are very few reasons that make it stand apart from others. The only reason why people still don’t prefer bitcoins or any other cryptocurrency is that they haven’t understood them yet, but in the tech world, everything new takes time to get accustomed to.