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.”
https://twitter.com/brian_armstrong/status/1235314764219322371?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1235314764219322371&ref_url=https%3A%2F%2Fdailyhodl.com%2F2020%2F03%2F06%2Fcoinbase-ceo-says-bitcoin-btc-may-lose-cryptocurrency-race-to-altcoins-heres-why%2F
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.