Bitcoin (BTC) has a strong chokehold on the crypto market, with a dominance of over 40%. This dominance drives the rest of the market, in that, any time bitcoin drops in value, the rest of the market drops too. This has created a situation whereby good projects stagnate in value, simply due to bitcoin (BTC). That’s why there is lots of talk about crypto decoupling. But realistically speaking, which crypto stands the best chance of breaking away from bitcoin? Or better yet, which crypto stands the best chance of taking the top spot from bitcoin?
When these questions come up, most people think about Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and sometimes Litecoin (LTC). No one ever considers the possibility of IOTA (MIOTA) pulling a surprise and beating Bitcoin in the market, yet it actually stands the best chance.
One of the biggest factors that could push IOTA (MIOTA) to the top spot in crypto is quantum resistance. Bitcoin (BTC) and blockchain technology are vulnerable to a quantum attack, making the technology pretty much useless. You are probably thinking, well, we are far away from a quantum computer! While such a computer may not be in existence today, it won’t be long before these computers hit the market. To understand this, you need to know that according to the Snowden files, the NSA was working on a quantum computer as far back as the early 2010s.
It is obvious that much progress has been made since then. This means that by the 2020s, quantum computers will be a reality, and a quantum hack on bitcoin could happen. Corporations looking to invest in decentralized infrastructure understand this risk, and might prefer a crypto that is quantum resistant. And that’s where IOTA comes in. IOTA runs on tangle technology, a technology that is scientifically proven to be quantum resistant. Once the idea of quantum vulnerability of blockchain technology takes root, money will flow into IOTA and it could turn the crypto market upside down, and put IOTA at the top.
On top of quantum resistance, IOTA bests all other blockchain projects including bitcoin (BTC) on their key strengths. For instance, many of them sell themselves as having low transaction fees. IOTA beats them because it is feeless. Others use scalability as a key selling point. IOTA also beats them on this because it is infinitely scalable. This means that IOTA (MIOTA) can work better as a currency than almost all blockchain projects in the market today. It also beats platform blockchains with its project Qubic that is now giving it smart contracts capabilities.
In short, IOTA (MIOTA) is a next-generation cypto, one that solves today’s problems, as well as those that will arise in the future such as quantum hacking. It won’t take long before the market appreciates the power of IOTA, and this will see it outpace bitcoin (BTC) by market cap. As a matter of fact, it could make bitcoin (BTC) obsolete.