Site icon Pojo.com

Which cryptocurrency is the next Bitcoin?

This is a common question and a frequent topic of discussion,

but there is only one legitimate answer: nobody truly knows

I don’t know.  You don’t know.  There are 1400 digital currencies out there and hundreds more are coming.  95-99% of them are scams.

I’m writing this article as a caution to those who are new to cryptocurrencies.  Don’t immediately assume a currency will be the next Bitcoin due to hype.

“This new coin rose by 1000% last week.  It could be the next Bitcoin”. 

A lot of low-ranking coins rise a substantial amount, many of which are quick pump and dump schemes which fall back down.  I can name a hundred of coins which have shown massive growth but are nowhere near the top 100 now.  A coin growing 500-1000% in a short period of time reason NOT to buy that coin; it’s at an all-time high and people are going to sell off.

“This new coin only costs a few pennies.  It’s a steal.”

Just because a currency only costs pennies per unit doesn’t mean it is undervalued.  Supply is also an issue.  Bitcoin was able to reach such a high price because it has a relatively low supply (of 16 million).  If there are currencies with billions of coins in circulation, of course it’s going to cost less than a penny (they’re a dime a dozen).  The value of a coin is better accurately judged by it’s market cap.

Will there be a next Bitcoin?

I do think Bitcoin will likely be dethroned by another cryptocurrency in the next 1.5 to 3 years.  However, it will more likely be a coin we’re already aware of rather than a coin that came out of nowhere, because it takes a lot of time for any currency to progress.  Bitcoin definitely didn’t happen overnight.  It’s not improbable that Ethereum or Ripple could surpass it, given enough time.  However, I don’t think we will ever see the kind of monopoly Bitcoin once had?

Exit mobile version