Why Bitcoin Alternatives Matter
Bitcoin alternatives like Litecoin, Bitcoin Cash, Bitcoin SV, and others have been experiencing a lot of criticism due to how similar they are to Bitcoin. Some altcoin maximalists, especially DeFi traders on Ethereum, have been saying that these first-gen altcoins would not survive in the upcoming years due to their lack of adoption and their lack of use cases. Yep, many people assume these old altcoins were simply not good enough and lack of adoption when it comes to the newest trends.
But in my opinion, and I believe many people would agree, the crypto market actually needs these altcoins. The fact that many of them could still be in the top 20 market cap rankings has proven it all.
The Right Things Behind These Altcoins
So, some people might be wondering, what’s the history behind these first-gen altcoins and how could they stay on the top of crypto rankings while so many other altcoins that can do the same thing have been mostly going down? Well, they have done a lot of things right. First of all, they have a good marketing presence and influence.
Take a look at Litecoin. Charlie Lee, the creator of LTC, was working for Coinbase. He also had experience working for Google. When he created Litecoin, he envisioned it to be the light and faster version of Bitcoin. He successfully gained many followers over time due to his active time on Twitter and social media. This was perhaps the biggest difference between him and many other Bitcoin clones from the early years.
Even until now, there are still a lot of traders who believe that Litecoin is silver to Bitcoin’s gold, which means that Litecoin would always go up in price as long as Bitcoin itself goes up. So even if there’s not much hype anymore around Litecoin and even though some newer altcoins have surpassed LTC in terms of market cap (i.e., BNB, DOT, and LINK), it’s still able to remain relevant, and traders still like to speculate with its price.
Bitcoin Cash took a different approach but similar strategies. Roger Ver of Bitcoin.com has become a heavy shiller of BCH since before they made a hard fork out of Bitcoin. Yes, Bitcoin Cash was forked from Bitcoin Core, and since then it has become a success story. It remains one of the most consistent altcoins in the top 10 rankings.
There are, of course, other altcoins that try to piggyback Bitcoin’s popularity but they don’t have much social media presence and marketing influence. This is perhaps the reason why they fail. Good technology is still not relevant in the crypto space without a marketing and social media presence.
These Altcoins Provide Better Focus For Adoption Case
Apart from the fact that litecoin, bitcoin cash, bitcoin’s satoshi vision and others provide good opportunities for crypto traders, they also provide better focus for the adoption case. As we all know, the year of 2020 has been mostly the year of DeFi. Many short-term speculators have been out of focus, and keep jumping from one DeFi protocol to another. Most of the lenders and borrowers have been always looking for greener pastures, making it a full time job. However, the problem remains the same since years ago that they are not used in the real-life. They are just used for hungry speculators.
Litecoin, Bitcoin Cash, and others are here to stay because they are also focusing their attention on adoption. For people to actually use these coins for gains. Litecoin has been tapping into the privacy feature with MimbleWimble. Bitcoin Cash has even sponsored a UFC event once. There are a lot of things that these altcoins are trying to get into in the mainstream world. For the casual traders that are not always on CoinMarketCap or CoinGecko every day.
So, will they be around when Bitcoin goes much higher than the current price? I believe so but let’s see!