What are Bitcoin competitors this year?

What are Bitcoin competitors this year?

Table of content:

  • Opinion of Yaroslav Kabakov
  • Opinion of Denis Smirnov
  • Opinion of Mikhail Khrenov
  • Opinion of Kirill Shcherbakov

What are the alternatives to bitcoin in 2018? Will there be a competitor for at the world’s main cryptocurrency? Some experts believe that bitcoin has competitors which are much better and more functionally. What will be a rate for the main cryptocurrency? Will this whole exciting story turn into a burst bubble or will bring a great income?
In addition, this year cryptocurrencies will give way to decentralized services for their creation and sale, experts say.

Deputy General Director of the investment company “Finam”, an expert on cryptocurrencies Yaroslav Kabakov say:

We can assume that the bitcoin bubble will continue to inflate. I do not think that the rate will grow as much as in the current year – 90-100 times. But up to $ 40-45 thousand may rise.
Fundamentally, the growth in the cost of bitcoin is not supported by anything. Its price is the result of speculation. It took a leading position, because it first entered the market. But the main task of cryptocurrency as a payment instrument is to ensure fast and safe circulation of funds, and not to increase the rate at all. Bitcoin in this sense no longer meets the requirements for the largest cryptocurrency in terms of capitalization. It is rather a bubble, manipulation, speculative tool.
Now they talk a lot about bitcoin hardfork (changing the program code, which will speed up the operations in the system and reduce the commission for transfers to almost zero). But even this will not solve many key points related to the functioning of bitcoin as a cryptocurrency, which could be used directly in payments. In addition to the delay of transactions, there are other shortcomings in the operation of the system.
At the same time, at bitcoin there are competitors who are much better, more functional. So the decline of the world’s main cryptocurrency is inevitable. For some time the course will continue to grow, but by summer, maybe even in the spring, we will see the first stages of the bubble collapse.
If we talk about other cryptocurrencies, I would highlight XRP, created on the Ripple platform (a cryptocurrency platform for payment systems, focused on operations with currency exchange). Over one hundred banks have already joined Ripple, transactions have been launched in Japan and South Korea. All this positively affects the capitalization and the demand for this cryptocurrency. Probably, in the dispute between Ripple and SWIFT (the system of international interbank settlements), Ripple will win. I think the standard of cross-border operations will be launched at this cryptocurrency.
Also we are waiting for the launch of the “killer of the ether” – EOS. Let’s see how this startup will justify itself in terms of functionality. In any case, the “ether” (the second most important crypto, created on the platform Ethereum) has competitors. Although, it is important to track a development of the “ether”. In addition, I would note such cryptocurrency as IOTA, which entered the top ten in terms of capitalization. Its idea is to become a platform for secure payments between computers with regard to the “Internet of things”, and this is the first cryptocurrency without blockchain. It uses a different distributed registry, its architecture is called The Tangle, and this innovation provides three important properties of the system: free transactions, offline transactions and infinite scalability.
The news about the recent partnership with Microsoft made the system more famous and raised it in the ranking of the most valuable cryptocurrency.

Blockchain consultant and researcher of cryptocurrency Denis Smirnov:

This year I would expect the growth of bitcoin about two times the maximum values of this year. That is, $ 40-50 thousand seems to me quite achievable bar.
Last year, the merger of the traditional and cryptocurrency economy occurred only in the format of selling bitcoins futures. But this year this trend will continue. We can expect the emergence of new exchange products that will allow existing investors to inject into the cryptocurrency industry.
If we talk about whether any other cryptocurrency can outdo bitcoin in value, or at least achieve some competitive values, it can be called “ether”. This year Ethereum platform has a lot of serious updates, which will further increase the audience and spur the course. By the way, last year the increase in the cost of the “ether” was due not so much to the improvements of the platform as to the number of cryptoprojects that were implemented on the basis of Ethereum.
All the promising cryptoprojects I would divide in three directions. Platforms for creating block projects are one of them. Along with Ethereum, this year working versions will be launched by such platforms as Lisk, Stratis, EOS. Already in 2018 they will be worth much more than now.
The second direction is the projects of decentralized exchanges and cryptocurrency exchange services. Today, platforms on which you can sell crypto are centralized, that is, all information is stored in one place – on the server. Such platforms are easy to crack, in the last two years we have seen this many times. It turns out that nothing can be stolen from the projects themselves, on the basis of which cryptocurrencies are created. But as soon as the cryptocurrency goes on sale, the risks increase.
Most likely, in 2018 we will see a rapid growth of new decentralized exchanges, which will be another step towards the safety of crypt operations. At least three projects last year showed a good start. Among them, Kyber Network and 0x protocol is a decentralized project that allows to trade cryptocurrency between users not through a centralized server, but through a decentralized one – based on a blockbuster.
The third direction is decentralized computing. Here we can call SONM which is a completely Russian project, which should replace almost all cloud services. In June 2017, it raised $ 42 million for it promotion. Also they launched a beta version, which normally works.
Most likely, this year we will see several solutions in this area. Among them, STORJ is a decentralized data warehouse, and SHIFT is a decentralized hosting of web sites.

Director for Development and Marketing of the Blockchain.ru Group Mikhail Khrenov:

Bitcoin this year has a number of significant challenges. First of all, it is its legalization. From this, the course will depend directly. If the advanced economies support the idea of legalization and give bitcoin access to the masses, the rate will continue to grow. The second important issue is the question of scaling (the maximum number of transactions being processed and their cost). If the point with it (implementation of Lightning) is resolved, bitcoin will receive fundamental support as an asset and means of payment. And, of course, everything will depend on the mood of investors and their moves. If we do not see large lots on the market for market manipulation, if the bullish sentiment on the market does not change, if belief in bitcoin is an asset, then we are waiting for the continuation of growth. If investors understand that there will be something more functional and convenient on the market, bitcoin may expect a secondary role of the benchmark, but growth is unlikely to continue. Moreover, a significant drop in the price is possible.

Kirill Shcherbakov, Senior Analyst, Group of Companies blockchain.ru:

We need to closely monitor the top-60 currencies in terms of capitalization: exactly there the leaders are most optimistic about the market. To say which of them specifically shoot now, it is impossible. Moreover, most likely, this year we will see some new solutions that bypass the existing ones on a number of parameters: the quality of scaling, the quality of management, and energy costs. We need to follow and track new solutions. In my opinion, the most probable areas in which worthwhile solutions will be found are fintech, logistics, document circulation, smart contracts, platforms for constructing their own block-systems.
The world of cryptocurrency is not constant, it always changing. These year new methods and cryptos are going to appear. As we see, there are a lot of alternatives to bitcoin, the main thing is to try to track and earn on them.