Bitcoin (CTC) Could Lose The Crypto Race To Altcoins For This Reason, Says Coinabse CEO
The crypto market is trying hard to recover following the recent significant price drops of Bitcoin.
There are various factors that led to such massive price falls, and according to more analysts, they include the coronavirus global threat, natural corrections ahead of the halving event which is scheduled for May, whale selloffs, the PlusToken scam and more.
At the moment of writing this article, Bitcoin is trading in the red and the most important digital asset in the crypto space is priced at $7,841.20.
BTC could lose the crypto race to altcoins
Brian Armstrong the CEO of Coinbase believes that there’s a possibility that Bitcoin might be losing the crypto race to altcoins.
In other words, other digital assets could surpass BTC as the crypto industry is getting more mature.
On Twitter, Armstrong highlights the parallels between the early internet and cryptocurrency.
Early Internet vs. today’s crypto industry
He says challenges that early Internet developers faced are comparable to those that hound today’s young crypto industry.
“At Netscape, they were working with early internet protocols. Things weren’t very scalable (dial-up modems), you had to be somewhat technical to figure out how to get online, and early websites were pretty basic (static sites, looked like toys). Sound familiar to crypto at all??” Armstrong said.
He continued and explained that “They figured they’d try making a shopping cart (see if they could build a first-party app). There was no way to save the state or create a session (for instance, to make a shopping cart), so they created the concept of cookies. Then, the next problem was that nobody wanted to put a credit card into the internet, because everything plain text over http. So they went and invented SSL/HTTPS.”
In conclusion: I think it's still very much up in the air which blockchain will help get crypto from ~50M users to 5B. The chain that manages to ship some of these scalability, privacy, decentralized identity, and developer tool solutions will have a big leg up.
— Brian Armstrong (@brian_armstrong) March 4, 2020
More than that, as the online publication the Daily Hodl explains, Armstrong also cites a few features that the digital assets need for the crypto industry to reach mainstream adoption.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.