10 Reasons for Buying Other Cryptocurrencies when Bitcoin Price Going Down:-
The popularity of Bitcoin has gained momentum and people in general are using Bitcoin to make quick bucks. However, there is a significant rise in the number of other cryptocurrencies to which people are given priority over Bitcoins. Some reasons regarding this are briefed in this article!
1) One should have other choices over Bitcoin:-
Keeping in mind the popularity of bitcoins, it should never be the only cryptocurrency one chooses out of choice.
There are possibilities that in coming future bitcoin would not rank in the leading cryptocurrencies because some researchers are concluding that Bitcoin has reached its apex and will now be on declining point. However, there are other researchers who are of the view that Bitcoin’s value will rise more. This clearly shows that the future of Bitcoin is not clear and one should not take a risk with this cryptocurrency at the present time.
2) Impressive returns from other cryptocurrencies:-
There are risks associated with cryptocurrencies including bitcoin but some of them are offering higher gains in comparison to Bitcoin. So why invest in bitcoin when alternatives have more to offer?
3) Bitcoin’s value may reduce to zero at anytime:-
It is possible that bitcoin may reach a price of 1 million dollars, but it can be reduced zero at any moment! Markets can crash anytime and one could lose all savings in pursuit of getting high gains.
4) There are cryptocurrencies which give faster transactions:-
Bitcoins take nearly 8-10 minutes for a single transaction. In the world of instant happenings, nobody likes to wait for anything. As there are other cryptocurrencies which takes much less transaction time (for example DASH) preferences for such currencies would be more in future rather than Bitcoin.
5) Presence of other more readily available cryptocurrencies:-
There are other cryptocurrencies which are more conveniently available in comparison to Bitcoin. For example, if we talk about Latecoin, it is slightly cheaper than bitcoin but its use is increasing at a very quick pace. Its processing is a bloc 2.5 minutes as opposed to every 10 minutes, according to Arc Technia. Latecoins target people who are interested in many small transactions so Bitcoin could easily be replaced by this segment of people.
6) Increased transaction fee in Bitcoin:-
Apart from slow-paced transactions, the fee that is charged for each transaction is also high in case of Bitcoin and other cryptocurrencies like Ether can be prioritizd for users over Bitcoin.
7) The Popularity of other cryptocurrencies can surpass Bitcoin:-
If we talk about Stellar’, we see that it is focussing on building financial products for cross-border transactions. In 2017, it really gave a performance similar to its name by making the XLM 10,400% to-date-gain. These types of events are given a glimpse that other currencies can easily eclipse Bitcoin.
8) Bitcoin is expensive:-
People who have already invested in Bitcoin are finding it to be expensive. Firstly, because its current value is so high that the loss can be devastating and secondly because it has high transaction fees. So people who are trying their luck through cryptocurrencies are choosing others like Dash, which has shown a substantial increase from $15.20 to $46.
9) Technical Bug That results In Stealing of the coins:-
A bug is reported in Bitcoin during transactions process that has allowed the stealers to steal coins. This is a major flaw and can lead to complete rejection of Bitcoin in coming future.
10) Economic Flaw In Bitcoin:-
What if there come changes to the economic rules of Bitcoin itself. This has never been done, nor discussed in Bitcoin before. What we can predict is that Bitcoin requires solid consensus for changes and changes of this nature cannot be done without the support of almost all of the community which is a herculian task.
