If by best you really mean the most functional, then I’m afraid that Bitcoin is one of the worst cryptocurrencies out there making this a hard topic to discuss. No, I’m not a Bitcoin hater – that’s just the truth. Bitcoin is the oldest cryptocurrency so it’s natural that the blockchain projects that came after Bitcoin were more efficient.

Check this chart:

If you read the figures in the line “block target time,” you will see how fast these cryptocurrencies are. Guess what? Bitcoin is the slowest one, with an average transaction speed of about 10 minutes. Sometimes it can take even longer.

If you check other systems, you can see that the average transaction time is several seconds, with Steem or BitShares being able to process dozens of transactions per minute.

Besides the slow transaction speed, check the features – does Bitcoin’s blockchain provide smart contracts? No – Ethereum, BitShares or Cardano have the smart contracts features. This means that people can negotiate between them without third parties. This feature alone was enough for Ethereum to become big after being targeted by giant companies like JPMorgan Chase, IBM, and others.

What about scalability? Bitcoin is the old currency and it has scalability problems. You can see them – low transaction speed, large block size, and so on. In fact, this is why you see so many Bitcoin forks – Litecoin, Bitcoin Cash, etc. They try to solve these problems. Other cryptocoins do much better when it comes to scalability – including Ethereum, EOS, and others.

Last but not least, what about decentralization? Is Bitcoin really decentralized? Check this chart:

It shows that 5 largest Bitcoin miners have around 70% of the hash power, which means the scary 51% attack is quite possible. Bitcoin became a bit centralized, which is why forks like Bitcoin Gold or Cash came out. Other systems, such as those using DPOS (EOS, BitShares) are much more decentralized.

So, which one is the best cryptocurrency next to Bitcoin? The majority of those listed in the top 20 could be considered.

Bitcoin has some things that keep it alive – it’s reputation, the fact that it’s the oldest, media hype, and the fact that many merchants accept it as a payment method.

Bitcoin is the most expensive coin, but it doesn’t mean it’s the best in terms of functionality and practical use.

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Posted by Min Park

Blockchain Marketing Consultant

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