Bitcoin Cash Could Be a Potential Competitor to Bitcoin
Lorien Gamaroff, the CEO and founder of Bitcoin Cash wallet Centbee says that bitcoin be moved from market by its rival sister. He said:
“Bitcoin is slow and expensive and its market share is being eroded by cryptocurrencies that are quicker and cheaper” .
In 2017 Bitcoin surged to 1,250 % in a market cost over $200 billion, because speculators moved into the digital currency. Google’s third most searched “how to” was “How to buy Bitcoin”.
The widespread publicity that accompanied Bitcoin’s rise has made it difficult for fund managers and regulators to ignore.
Also we can say that there are above 1,000 alternative virtual currencies to bitcoin, known as “alt-coins”. Among them the more visible coins are Litecoin, Bitcoin Cash, Ripple, Neo, Cardano and Monero.
Ripple (XRP) surged nearly 35,000 % in 2017 with a market value of $78,9 billion.
The CNBC reported earlier, that after Ripple reached to $3,80 its co-founder Chris Larsen became one of the 5 richest persons in US.
Monero (XMR) describes itself as a “private digital currency” that uses “stealth addresses to obfuscate the origins, amounts and destinations of all transactions”.
The digital coin increased by 2,300 % during 2017. Currently, it is trading nearby $379. It is possible for cryptocurrencies to rise in marke value.
Deon Gouws, a chief investment officer at Credo Wealth says that cryptocurrencies were too speculative to be an asset class and should not form part of portfolios with a wealth preservation focus.
“Most cryptocurrencies we see launching today are likely to fail, but there’s still a lot of money to be made if you can identify the long-term winners successfully and early,” said Gouws, who has a personal interest in cryptocurrencies.
He also thinks that at this moment the identity of such future winners is unknowable.