| | OCTOBER 20218IN FOCUSCan All Cryptocurrencies Survive?BY CEO INSIGHTS TEAMNot all businesses survive. Free markets are designed to allow competition, and only the strongest survive. What is also true is that there are many different types of companies. Successful companies can find a niche in the marketplace and thrive because many other businesses do not want to participate in that endeavour. That could be because costs are high or the barrier of entry is a challenge. For whatever reason, there are many opportunities for businesses around the globe to compete. The same theory is likely in the cryptocurrency space. There will be new entries all the time, which help focus on different areas that are of interest. Not all cryptocurrencies will survive, and there will eventually be consolidation in spaces where the demand is outstripping supply.THE PAYMENT MECHANISMSeveral alternative digital currencies have followed in the wake of Bitcoin. has survived crypto trading during a pandemic and its primary bear market, as the world attempts to adopt an alternative currency to the sovereign coin. While decades are likely to pass before all countries pave the way for Bitcoin as a payment mechanism and El Salvador has become the first country in the world to adopt Bitcoin as legal tender. The move came after the El Salvadoran Congress approved President Nayib Bukele's proposal to embrace cryptocurrency. Now payments can be legally made for any good or service purchased in El Salvador using Bitcoin. The move by a country to adopt Bitcoin is a big deal to some extent. However, cryptocurrency supporters view the move as legitimizing the emerging asset. Payments using Bitcoin are also available through PayPal. One of the world's most significant payments provides customers to pay with Bitcoin on its 27 million vendor platform. The same can be said for Square, which is another large payment provider that allows clients to use Bitcoin as their method of currency. Bitcoin has many things going for it, and since it is the most liquid of the cryptocurrencies and was first to become mainstream, it will likely be the digital coin that holds the payment mechanism spot. However, one of the issues that Bitcoin faces is that the mining process uses a lot of energy. The amount of electricity used to mine a coin is staggering and harmful to the economy. For this reason, many believe that an alternative should be found to reduce the strain on the mining process.THE PLATFORMWhile Bitcoin will likely see consolidation with other payment mechanism coins, the platform that is likely to be the most popular is Ethereum. Ethereum might replace the internet as programmers migrate to a world where digital information can be stored on a ledger. While blockchain technology is coveted, it generates strain in the ecosystem and uses a lot of energy. Despite these drawbacks, most of the coding and domains that are getting built are occurring on Ethereum. To use the platform, you will need to THE FIRST TO THE MARKET CONCEPT IS VERY HELPFUL AND WILL LIKELY KEEP BITCOIN AND ETHEREUM AS THE LEAD DIGITAL COINS THAT WILL CONSOLIDATE OTHER DIGITAL COINS
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