Bitcoin's future in development & fate of new altcoins
I've been doing research on the historic development on the famous cryptocurrency, as a developer, economics enthusiast I often do transactions on BTC through various platforms, I've seen the increase of usage of BTC as have everyone with eyes, ears and Internet connection.
I've read recently that for the first time, Bitcoin cccounts are for Less Than Half Of Market Cap Of All Cryptocurrencies, this carries that for the first time, Bitcoin’s capitalization as a percentage of all cryptos has dropped to below 50%.
Given that Bitcoin has been for the longest time accounted for more than 90% of the value of all blockchain-based assets combined I remember how Altcoins were considered as a low-achieving highly risky step-cousin .
It is fascinating to see how Alternative cryptocurrency emerge into the light and usage of so many people that a little more than 2 years ago never even heard of thought of the possibility of a decentralized cryptocurrency (specially in Latin America where Bitcoin took a little longer to take grasp but now is the most solid way of savings)
Bitcoin's future is without a doubt going to surpass every known expectation in reaching and setting up camp above the $10K (even the $20K) in the upcoming years, but, As with gold Will bitcoin be moved to a long time investment or means of savings as opposed to a practical solution to today's needs of low-fee, fast transactions?
As we know bitcoin's development is stalled bad, with a more than two-year-long issue has left progress on its network stalled. The network was stuck staring down the same question of how to expand the network to accommodate more transactions that it first faced in early 2015 for far too long, while young and powerful (and cheaper in regards of low-fees and even no fees) have been stealing ground from the juggernaut cryptocurrency. Today we see a bright future in Eth and Litecoin, with hundreds of other promising altcoins rising every other day, Will Bitcoin turn into a Bitgold (not related to the former bitgold) and altcoins will be the cash based and supported on that gold?
What do you think about its development in the pockets of the everyday user?
My view is yes that is exactly what happens to bitcoin. I do not see how it ever evolves into money. It simply does not appear to be useful for micropayments. The network is way too slow and costly.
I do believe that Bitcoin is not going to be knocked off the mantle and will end up being the digital store of value. Bitcoin is the most well known which serves it well with the big money starting to enter this sphere. In the end, there is no reason for people to move away from this as a store of value. The limited number of coins coupled with the familiarity the masses will have with it make it ideal for that.
As for money, I see LTC taking over that arena. That is Lee's vision, something I think he will accomplish. With the atomic swaps being added in the future along with a crypto vault concept, I think it sets up ideally for micropayments.
Agreed, you've made a very strong point, It will be interesting to see how the Cryptocurrency community will evolve within the next 5 years as more and more people are discovering (and using) different Altcoins.
I appreciate your comment, Thanks for stopping by!