The crypto pricing hype appears to have ebbed away as a way of comparing digital coins. Investors are not interested in the past performance of any asset but instead are looking at the current and future value proposition and the technology that delivers on their expectations. Bitcoin (BTC), VeChain (VET) and NEM (XEM) have specific use cases and their routes to market are quite varied.
Bitcoin has built its brand name by virtue of its early entry in to the crypto verse. There is not what one can talk about cryptocurrency without mentioning the coin. However, its glory days are diminishing by the day thanks to the grand entry of altcoins including VeChain and NEM among many. These new coins are actually not competing with Bitcoin but filling the huge gaps that the market leader has not been able to bridge between crypto demands and fiat failures.
Bitcoin (BTC) Market Dominance and Use Case Failures
At the time of compiling this report, Bitcoin dominance in the market stood at 56.0% with the rest of the 1,929 altcoins controlling 44.0%. This clearly indicates its popularity in adoption and market cap but the entry of the challengers in the market means there are areas that the coin has failed to address.
Bitcoin oversight has seen it fail in making it easy to offer a 100% alternative in the banking sector. The coin vision was to disrupt the industry by offering a global system that comes with scalable solutions, high transaction speeds and low cost transactions. Instead, the ecosystem has been hit by issues of scalability; the network is congested resulting in increased transaction rates and low speeds which are not any different from the traditional baking.
Simply put, Bitcoin became the necessity creator of VeChain (VEN) and NEM (XEM). However, these two altcoins are market specific and do not offer blanket solutions to the global user needs. VeChain and NEM niches complement Bitcoin efforts and their technologies are advanced in tandem with modern consumer demands.
VeChain (VET) Dominating the Supply Chain Management Sector
The financial sector is quite broad and VeChain has zeroed on one real life use case; the supply chain management. For the years the coin has been in operation it has proved to deliver on scalability and its seamless integration with logistic service providers makes it stand out from the crypto crowd.
Its Collaboration with DB Schenker is a revolutionary move towards streamlining the industry with the consumer being the beneficiary. The arrangement protects the consumer against counterfeit goods due to its transparency and immutability. This makes it easy for the consumer to tack their products from the manufacturer through the warehousing system to the point of sale.
The traditional supply chain sector is set to benefit from the VeChain and the goods tracking process has seen the elimination of middle men who have made the market the haven for counterfeits. This is an area where Bitcoin has failed but VeChain is thriving in by virtue of being industry specific. This brings us to another Bitcoin failure; its inability to help users in financial management an area where NEM (XEM) has exceled.
Why NEM (XEM) is Better that Bitcoins and Different from VeChain (VET)
While the stellar performance in the supply chain management has turned VeChain to a global brand, NEM is taking over the investor financial management function by storm. The platform allows their users to create and launch their own digital coins on the ecosystem, something that Bitcoin cannot.
Given the slow transactions speeds that Bitcoin offers, NEM has gone the extra mile to introduce global mobile money transfers. What’s more, you can create your custom “PayPal” other escrow applications on the NEM ecosystem and you get all the support and tools you need.
By looking at the roles that Bitcoin, VeChain and NEM play in the market, it is easy to understand there is no one coin that can fit all the modern consumer needs and this has seen each coin branching out of the Nakamoto’s vision and go their own way. This is a clear proof that the blockchain technology has a wide usage cutting across a wide industry spectrum that Bitcoin cannot shoulder single handedly.