Will the Flippening take place?
For those of you who haven't heard of the term Flippening, you're not alone. I hadn't really heard it up until recently, but now I've heard it I'm hearing it a lot more.
The Flippening is a term coined relating to Bitcoin loosing its crown as the King of the Crypto's. At the time of writing this, BTC has a market dominance of 60.9% of the $200BILLION crypto market. The gap between Bitcoin and its closest rival Ethereum as it stands at this moment is colossal, nearly $100BILLION market cap difference.
But this won't always be the case. Bitcoin is an old technology, its not currently as advanced as other products available such as ETH. Bitcoin is also embroiled in a series of damaging scandals that will most likely lead to its eventual downfall.
Bitcoin has put itself in a position of just being too damn confusing. At current count on Coinmarketcap there are 8 separate currencies that have bitcoin in the name. This makes it hard for new users to know who or what to trust.
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I believe that Bitcoin has lead the way through new territory and sat on the kings throne for nearly a decade but its days are numbered. It has become the well respected old monarch that is starting to show signs of insanity. The rival factions are scheming in the background plotting how to topple the Mad King.
This is going to be no different to the battle between Myspace and Facebook. Everyone had a Myspace page, this lead to people getting used to sharing their life, their interests and passions online and gaining fans. But then Facebook came along, it was much easier to use, had more uses and eventually to toppled Myspace.
I believe that with a few more of these hardforks occurring, the trust in Bitcoin and the value will disappear as more investors look for a more stable and advanced currency to utilize. Maybe it'll be Ethereum, Maybe it'll even be STEEM who knows at the moment. Maybe there won't even be 1 true king, it may be a ruling pair or trio such as 1 currency, 1 utility and 1 social token, so maybe it'll be Litecoin, Eth and Steem.
Only time will tell, but no matter what happens it going to be an interesting 12-18 months.
Bitcoin has weathered many storms, and still somehow manages to come out on top, and stronger. Etherium is snapping at its heels though, so I wouldn't write anything off for now. The newer technology of Etherium etc. makes their blockchains a lot more versatile, so it stands to reason that they should outgrow the old Bitcoin tech eventually. 12-18 months... things are moving quickly these days...
Couldn't agree more. As much as I love bitcoin, I can't help but come to the same conclusion.
If we get chatting here, and I decide I want to buy one of your handcrafts, do we want to work out the price converting AUD into bitcoin, have you send me your public address, have me log into a different site, pay a fee, wait 10 hours for the network to accept the transaction and then come back here to confirm it's all complete?
Or do I want to just go to my wallet, and send you the relevant SBD?
I can't see any way bitcoin will be here in 10 years. Which is sad.
100% agree. Bitcoin is WAY too slow, and so much can happen in those 10hours. Your $5 coffee could end up being a $50 coffee or 5cent coffee.
Between you, me and the blockchain, I have been plotting ways of building a consultancy business to get more businesses accepting SBD at point of sale solely for the instant transaction.
Ethereum Fork 2.0 Incoming lets see how that works out. Ethereum forks because people make mistakes, BTC forks because a lot of people have talked and debated it for a long time and no consensuses was reached. BTC forks its for a reason, ETH forks every time someone makes a mistake, who will make the next 150m mistake? Smart contracts are not ready to deal with the amount of money that is going threw them, people will lose alot to untested tech. and bring in the regulators harder on such a thing. BTC stands up to issue after issue and continues to hold its market dominance not because its a king but because it works, has been tested, has stood up to massive scandals and loss of money (losses no one got there money back, where in the real world do you get your money back when you make a mistake like that) and for now at least is still decentralized. What comes next for both Techs is yet to be seen, but the network infrastructure that supports BTC is not going any where, that investment in HARDWARE( EXAFLOPS of Hash power) will be put to use somehow to secure some network that use's ASIC mining, that you can be sure of.
I suggest you HODL BTC and question what Ethereums functional price, I.E. funding GAS to pay for Hash power can really be. Think about it, code a DAPP now with a certain gas and have the price of eth go threw the roof, now you cant run that DAPP because it cost a fortune, woops. Lets test this tech without a bunch of babies worrying about here monies, These are not investments, they are gambles on the future of the financial system....
the future Hodls
I am no expert at all but trying to learn more
You post makes great sense but the resilience of Bitcoin till now has been beyond most people’s expectations
I do agree it will eventually be dethroned but it may take looks ngervthan anyone expects