Top US crypto exchange Coinbase says that Bitcoin (BTC) currently has no meaningful competition.
In a new blog post, Coinbase says Bitcoin stands alone as a digital version of gold while most other blockchains have gravitated toward becoming platforms for decentralized applications.
With this in mind, the exchange attempts to refute some of the common criticisms against the king crypto.
“Proponents believe Bitcoin is in competition with Web 3.0 cryptos. It’s not. It is trying to be one thing above all else: digital gold.
Nearly every other actively developed cryptocurrency besides BTC has the same product vision as Ethereum: create a decentralized application platform, often called ‘Web 3.0.’
They are trying to build the next Internet, to enable ‘unstoppable apps,’ not build digital gold.”
The industry titan suggests that altcoins are fighting each other for Web 3.0 dominance while BTC has seen zero competition since its inception.
“The realization that BTC has a fundamentally different goal from the web3 cryptos reveals a crucial point: Bitcoin has no meaningful competitors. The Web 3.0 crowd is scratching and clawing at each other, while literally no one else is trying to play BTC’s game…
For any competitors that do decide to challenge Bitcoin, they will have to overcome Bitcoin’s enormous 13-year head start. Currently, no one else has yet entered the race.”
Not only does Bitcoin stand alone as a virtual alternative to gold, Coinbase also says that other blockchains have yet to even finish their product while BTC is already complete and working.
“There’s another key point to consider: Bitcoin has shipped. Digital gold exists right here, right now. It is ready for investors, financial institutions, and nations.
In contrast, none of the Web 3.0 projects have shipped anything close to their final product. Their current state should be considered as a successful proof of concept for what Web 3.0 could become.”
Bitcoin is exchanging hands at $48,907 as of writing, an 7% increase from its seven-day low of $45,682.
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Featured Image: Shutterstock/Pavel Chagochkin/Konstantin Faraktinov
