Bitcoin had a monumental 2017, with its price rising by more than 1,400pc over the past year. However, it was far from the best-performing cryptocurrency.
Of the 10 most important digital currencies by total value at the time of writing, six have been around for more than a year. All six have experienced price rises that eclipse Bitcoin, ranging from 2,870pc for Monero to 31,560pc for NEM.
As the first blockchain-based cryptocurrency, Bitcoin contains many flaws that later rivals have aimed to iron out. Transaction numbers per second are severely limited, “mining” – producing – Bitcoin consumes huge amounts of energy, and the transaction fees required for a payment to be processed quickly have been spiraling out of control.
All of these problems place doubt on Bitcoin’s ability to become a widely adopted means of payment, and ultimately on its value.
Gary McFarlane, a cryptocurrency analyst…
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