Will Bitcoin Die?

in bitcoin •  6 months ago

Will Bitcoin die?

My answer is "Yes" and "No".  

Confused? Let me explain.

Bitcoin (BTC) one of the greatest inventions of the modern day history is the 1st cryptocurrency and is still leading the market with more than 40% market dominance. The price of one bitcoin increased from $1000 to $22000 within the year 2017. That time was great for all of us who were into cryptocurrencies. 

Now the Bitcoin (BTC) price is $6500. It has been 7 months since the market started to crash. $22000 to $5500 is a scary bear market but people are still optimistic about the price. They believe it will go beyond $22000 once again within the next couple of months. Is is possible? Yes it is. It will happen eventually but not when we expect. We can't predict when, but it may happen because people are bullish on Bitcoin (BTC), only because they wanna be rich. Not because they believe the tech behind Bitcoin.

Now back to the original question. Will Bitcoin die?

Why Yes?

The original Bitcoin invented by Satoshi Nakamoto has already changed it's path from a "Peer to Peer Electronic Cash System" to a "Digital Gold". Bitcoin was created to use as Peer to Peer Electronic Cash, but the people behind Bitcoin (BTC) are now openly opposed for it for being a peer to peer electronic cash system. Bitcoin on early days was working as exactly as it was created. It was used as cash, with almost zero fees and fast transactions. Since the growth of the network and the increased number of transactions the transaction fees became high and the network became full. To fix this what Bitcoin had to do is just increase it's block size so that the transaction throughput capacity would increase and the fees would be low and transactions would be fast again. Unfortunately some people who came to Bitcoin lately were opposed to increase the block size and they proposed a different solution, the "Lightning network" an off chain solution to scale Bitcoin.

Lightning network is not 100% ready yet and it has so many problems. Let's talk about them in a different post. Since the lightning network is not ready and Bitcoin cannot scale, people moved to alternatives. Bitcoin lost it's 100% market dominance and it's merchant adoptions were dropped day by day because of the crazy network fee and the unreliable slow transactions. Bitcoin (BTC) still have all these problems and there isn't a proper solution yet. Taking all these things into consideration I believe Bitcoin (BTC) is dying slowly. The price action, the Bubble will remain until people realize Bitcoin is useless if there aren't any ways you can spend them. Eventually people will realize the price depends on the usability of Bitcoin and if they can't use Bitcoin, there is no value.

Why No?

We know Bitcoin was forked in 1st of August 2017 in order to fix the scaling issues of Bitcoin. Some people were opposed to increase the block size to fix the issues but some other people believed block size increase is necessary. So they increased the block size and forked Bitcoin and it was called Bitcoin Cash. I described in one of my previous posts why I think Bitcoin Cash is the real Bitcoin. (https://steemit.com/bitcoin/@agsupun/bitcoin-cash-is-bitcoin) So this is why I say no. Bitcoin (BTC) still have the scaling issues but Bitcoin Cash (BCH) has solved them and continues to grow it's applications and merchant adoptions. So Bitcoin will not die because Bitcoin Cash has fixed it and since it shares the same blockchain and still is "Peer to Peer Electronic Cash", Bitcoin (BCH) will survive and grow even bigger in the long run.

That's it for today. I highly encourage you to do your own research about Bitcoin and why Bitcoin (BTC) cannot survive and why Bitcoin (BCH) will. It is necessary to decide for yourselves because most of the the Bitcoin community is is brainwashed by the censorship. Please do your own research and be wise to chose the correct side because the only Bitcoin which scales is Bitcoin Cash.

Image source - "https://www.bitdegree.org/"

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To the question in your title, my Magic 8-Ball says:

It is decidedly so

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@agsupun you were flagged by a worthless gang of trolls, so, I gave you an upvote to counteract it! Enjoy!!