Hello, in this lesson we are going to cover why one would just not use Bitcoin because there are several other cryptocurrencies that does Mineiro that Litecoin does ripple does alternative alternatives to Bitcoin that are just hard forks like Bitcoin cash, Bitcoin gold and the theory I'm about to mention that one that's the second biggest, but why would you use any of them other than Bitcoin? So first of all, we'll cover the four for Bitcoin. So, why you would want to use Bitcoin. So I would say the first thing if it was first, it was the first cryptocurrency and as a result, it is more mature in many aspects it off the market cap, there's over half. I mean, it has over 100 billion market cap as well. It's November now.

It's just first of November on record as of recording this video in November 2017, as it has over 100 billion dollars and the market cap for cryptocurrencies in total is less than 200. So it has a big chunk of the mark and all the other ones are very tiny compared to it over half the market cap. So that a nova reason for using it. It's tried and tested. It's almost been around for a decade. In just general economic term that's not long at all cryptocurrencies.

That's a lot of time. It has more awareness. Most people don't even talk like crypto says they talk about Bitcoin, even when they're actually not talking about Bitcoin, they they say Bitcoin whether that journalism media outlet, or that's just the average Joe when they're actually talking about cryptocurrency where they took my blockchain decentralized and distributed currency systems, they make Bitcoin they they don't just mention you have an example they say Bitcoin and then what they're talking about. So people know about it that much that that's their go to one, it has many users. And at the end of the day, no matter how good a system is, unless he has the users on both sides, people will not adopt it. Because we've already seen there are other cryptocurrencies, such as data such as Litecoin and Manero.

And if you're him that have certain things that are better than Bitcoin, where it's scaled Ability where with the ease of use, but they don't have the users it also has many merchants. So it's a lot easier to get stuff using Bitcoin compared to other crypto currencies. So those are the I would say the main reasons for using Bitcoin so how about some reasons for not using Bitcoin so against so this isn't for any one particular alternative cryptocurrency This is just in general. So one a scalability so the different bitcoins gala Billy t, so all the different Bitcoin that we got some Bitcoin, the regular one got Bitcoin cash, Bitcoin gold. They've been hard forks, because there's been debate around how to handle the issue of scalability. Because blocks have a hard coded size value, which in turn means they can only process a certain amount of transactions in a given time, which is, which is bad for a system that is growing immensely in a system that people want to replace the current fiat currency.

So, if you want to be handling that many transactions, it needs to be able to scale it can't just remain small and only be good for the enthusiasts of the world. So scalability different currencies handle this in different ways. But this is one reason you may not want to use Bitcoin. So are the other use cases Have currency because at the end a Bitcoin is nothing more than a currency system whereas report is a intermediary, it farion or ether is the currency fearing is the blockchain network. And a theorem can be used to handle any sort of asset. So, as a result, if you are looking for non currency applications using a decentralized and distributed network, then Bitcoin just isn't the way to go at all.

So, it's not like you couldn't use Bitcoin, you would have to use an alternative. So there are certain cases where you want to use some sort of some sort of crypto network and that what you need it for, you just call you Bitcoin for it. So as I mentioned, ripple can act like an intermediary for exchanging assets around the world world. So that's another reason. So if you want to add a intermediary instead of an alternative currency, so some of these against using Bitcoin are going to be one because Bitcoin can't handle it, or two, because it doesn't directly compete. So we're not without saying that you're going to use Bitcoin or you're going to use an alternative, you might use both.

You might use Bitcoin for your currency, you might use ripple for some sort of intermediary for exchanging assets. You might use an aetherium based network to basically have an audit trail for smart contracts to track stuff in might be for wills, for example, or certificates. So there's definitely plenty of room. If you look at history, you find that only three to five companies or systems usually thrive in a given set Tell me like really, really for you. So we'll probably within the crypto sector, we'll probably have a current currency, or probably hasn't been as an intermediary. And we'll probably have something that handles everything else for assets.

Then we do this start after it's better. And another reason is diverse SCI. fi keishon. So if you're looking into cryptocurrencies to invest, you might want to diversify, because that's something that you generally should be doing as an investor, whether you're a seasoned trader, or whether you're just the average person and you want to invest some of your money outside of just the one system diversification So how have I been in Bitcoin have a bit in Mineiro dash light coin, so you won't always be using an alternative to Bitcoin and for the reason of it's better, maybe it's more diversified and a nova reason if uncertainty in general uncertainty in general. So there is a lot of uncertainty in regards to cryptocurrencies in regards to how this will fit into the current systems of economics of governance of people interacting with merchants. So, for that reason, you might want to go to a different system that is a bit more like the conventional currency and there are some out there.

So, that's it for the fourth and against of using Bitcoin compared to a nova cryptocurrency. I'm not saying that you should use Bitcoin or that you shouldn't use Bitcoin, but it's worth noting that there are use cases for using Bitcoin or using some thing out and all in make sure you do your research. Don't take the word of just one individual with me, your friend or the government. Do your research. That's my biggest recommendation. So if you have any question, feel free to reach out.

And as usual, thank you for watching, and I look forward to seeing you in my next lesson.