bitcoin has a lot competitions: those from altcoins, though now they are all small, and those using blockchain technologies..
Where is the competition with alt coins? Any altcoin which is yet really competing with
BTC? Sure some use alternate algorithms and some of them are really promising. But I still don't see a real competition.
//alex
You will see it after a lot of the financial institutions are using hyperledger, soon. A lot of the thing with getting sync with hyper and totally the serious competitor for bitcoin has come. Just a problem of times.
Altcoin like a small fruit below of the big tree.
People are adopting with bitcoin not because of it's system where transactions can be track easily online but more on the decentralized factor of the system, as it is decentralized, we have the full confidence to do online transaction whatever we want as we are comfortable with whatever we do, may it be illegal or not, our money will not be freeze like the government normally does.