Related: Bitcoin Is Going To $25,000 By Year End
While some market observers contest bitcoin’s status as a store of value, there is no denying it has some practical uses, including quickly transferring money, a trait that gives it some advantages.
“But the fact that bitcoin has established use cases is what gives it the competitive advantage over other cryptocurrencies, Smith said,” reports CNBC.
Issues such as scalability must also be resolved before cryptos gain wider acceptance. Additionally, regulatory hurdles remain, including central banks in some countries outright banning transactions denominated in cryptocurrencies.
For more information on the cryptocurrency market, visit our Bitcoin category.