Is Bitcoin the Myspace of Cryptocurrency?

December 29, 2017

Bitcoin may just be paving the way for other cryptocurrencies to take over the space, according to one industry expert -- just as Myspace did for social media years ago.

Jonny Dubowsky, Cyberneticist and Blockchain Architect, told Cheddar that, as a digital currency, Bitcoin’s technology is too convoluted and time consuming, and investors are noticing.

“It costs one hundred dollars to send a transaction; it takes 45 minutes,” he said Friday. “As we find that Bitcoin isn’t meant to do all of the things that we’re trying to do with it...maybe the secondary blockchain protocols will help us make this useful for everyday consumers who shouldn’t have to know how to unlock this very deep learning curve.”

Smaller players such as Ethereum and Ripple have been gaining momentum and market prominence. While Bitcoin is up 42.5 percent in the past month, Ethereum has grown about 61 percent. And Ripple, which briefly surpassed Ethereum as the second biggest token Friday, jumped 35 percent in just 24 hours.

Dubowsky told Cheddar that other platforms will surpass Bitcoin as consumers gravitate towards easier-to-use technology.

For now, though, Bitcoin remains at the top. It accounts for 40.7 percent of the market, with a market cap of $247 billion, according to CoinMarketCap.

For full interview click here.

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