This is a common question and a frequent topic of discussion,
but there is only one legitimate answer: nobody truly knows.
I don’t know. You don’t know. There are 1400 digital currencies out there and hundreds more are coming. 95-99% of them are scams.
I’m writing this article as a caution to those who are new to cryptocurrencies. Don’t immediately assume a currency will be the next Bitcoin due to hype.
“This new coin rose by 1000% last week. It could be the next Bitcoin”.
A lot of low-ranking coins rise a substantial amount, many of which are quick pump and dump schemes which fall back down. I can name a hundred of coins which have shown massive growth but are nowhere near the top 100 now. A coin growing 500-1000% in a short period of time reason NOT to buy that coin; it’s at an all-time high and people are going to sell off.
“This new coin only costs a few pennies. It’s a steal.”
Just because a currency only costs pennies per unit doesn’t mean it is undervalued. Supply is also an issue. Bitcoin was able to reach such a high price because it has a relatively low supply (of 16 million). If there are currencies with billions of coins in circulation, of course it’s going to cost less than a penny (they’re a dime a dozen). The value of a coin is better accurately judged by it’s market cap.
Will there be a next Bitcoin?
I do think Bitcoin will likely be dethroned by another cryptocurrency in the next 1.5 to 3 years. However, it will more likely be a coin we’re already aware of rather than a coin that came out of nowhere, because it takes a lot of time for any currency to progress. Bitcoin definitely didn’t happen overnight. It’s not improbable that Ethereum or Ripple could surpass it, given enough time. However, I don’t think we will ever see the kind of monopoly Bitcoin once had?
