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Coinbase says nothing remotely competes with Bitcoin – here’s why

According to the leading US crypto exchange Coinbase Bitcoin (BTC) currently no significant competition.
In a new blog post, Coinbase says that Bitcoin stands alone as the digital version of gold, while most other blockchains have evolved into platforms for decentralized applications.

Against this background, the exchange tries to refute some of the common criticisms of the royal crypto.

“Proponents believe that Bitcoin competes with Web 3.0 cryptos. It is not. Above all, it tries to be one thing: digital gold.

Almost every other actively developed Cryptocurrency besides BTC has the same product vision as Ethereum: Create a decentralized application platform, often referred to as “Web 3.0”.

They are trying to build the next internet to enable ‘unstoppable apps’, not building digital gold. “

The industry titan suggests that Altcoins battle for supremacy in Web 3.0, while BTC has not seen any competition since its inception.

“The realization that BTC pursues a fundamentally different goal than the web3 cryptos reveals a crucial point: Bitcoin has no significant competitors. The Web 3.0 crowd is scratching and scratching each other while literally no one else tries to play the game of BTC …

All competitors who choose to challenge Bitcoin must have the enormous 13-year lead of Bitcoin overcome. Nobody else has entered the race at the moment. “

Not only does Bitcoin stand alone as a virtual alternative to gold, Coinbase also says that other blockchains don’t have to finish their product while BTC is already done and working.

“There is one more important point to note: Bitcoin has been shipped. Digital gold exists right here, right now. It’s ready for investors, financial institutions, and nations.

In contrast, none of the Web 3.0 projects came close to delivering the final product. Your current state should be viewed as a successful proof of concept of what Web 3.0 could become. “

Bitcoin is trading hands at $ 48,907 at the time of writing, up 7% from its 7-day low of $ 45,682.

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Source: Crypto News Deutsch

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