🐱🐉 Is Bitcoin Becoming A Dinosaur ?
Bitcoin still holds that name of the first thing you think of when someone says Cryptcurrency to you. And yes most people will understand what your talking about if you say bitcoin instead of Litecoin or Ethereum. However while bitcoin prices are going up recently the transaction volumes are now back to where they once where in 2016!
Does this single a decline in popularity and spell disaster for Bitcoin?
While some may think so my own opinion on this is as follows.
Other crytocurrencies have now taken the place of everyday transactions such as doge, litecoin, bitcoin cash, ethereum and many others. As a way to make smaller transactions.
However even that when you start to look at transaction levels on those networks they have also declined leading me to believe the the entire cryptocurrency world is seriously taking a low right now.
To me cryotocurrency has instead taken a store of value level at the moment as people are stockpiling it those who saw those massive gains and just waiting for the next huge pull. At the moment however cryptocurrency as a whole seems to really fizzled out in terms of popularity and the willingness for companies and people to adopt it. There has always been must talk about adoption of crytocurrency into everyday life but ever time its been semi attempted it has fallen short.
That is not to say it wont happen but until something groundbreaking happens such as these coins picking up better scalability I feel like we are going ot be in a hold pattern till that happens.
For me this is a buy and hold and earn and hold type of market at the moment.
Bitcoin is TOAST. End of story. It's proven that it cannot handle the workload, when taxed (meaning used excessively, not government taxed), it backlogs hundreds of thousands of transactions and transaction fees go to the moon,
It is struggling to keep it's price over 10K, but that too will soon run out of gas and will slowly decline into obscurity.
Bitcoin is the 21st century Tulip bulb.
I haven't really seen any major retailers that accept other forms of alt cryptocurrencies yet. Bitcoin is still king.
Good point I guess we are waiting for lightning then in order for bitcoin to really start taking off from the looks of it the scalability issue is still on peoples radars and preventing them from adopting it in.
Lightning has already been implemented on Bitcoin Core ... I know this since I've used BTC to transact for airline and hotel stays ... and the wait times are less than 3 minutes, and the fees are less than 5 USD, instead of the ridiculous 30+ USD from back in January. Bitcoin is still here to stay ... its the most prevalently used cryptocurrency to transact at the moment.
Other altcoins such as LTC or even Ripple that keep claiming "fast times" and "low transaction" fees ... need to differentiate themselves other than just claiming that .. because Bitcoin can always implement updates that help it keep the fast times and low transaction fees. LTC and Ripple don't do much else.
As ETH is more of a platform, rather than an actual currency, I see ETH (and the Chinese equivalent NEO), along with all of their respective tokens still growing.
My view is Bitcoin is going to be the store of value and for large transactions.
We see people buying cars and houses with BTC....so while the transactions might be down, the amount of those transactions will be up. This will continue over time I believe. Companies will pay their overseas suppliers in BTC, but people will not buy a cup of coffee with it.
BTC and ETH both have scaling problems which they will solve to a degree but have a tough time hitting close to what STEEM, BTS, and EOS (when it comes out) are able to hit.
This is going to be a major hurdle for those tokens.
In other words, Bitcoin would be like the "Gold" of crypto. However, a lot of this depends on the performance and feasibility of the Lightning Network, not only in Bitcoin, but other blockchains too. If LN works as intended there will be a major shake out of altcoins that don't use it.
Fortunately, my holdings in Alts, at least my two biggest, are STEEM and BTS...two that dont require lightning.
But you are right, I see BTC improving with SegWit and Lightning...it will not be this old grandpa animal people are trying to make it out to be. Also, as you stated, as gold, transaction time is less important. Does an overseas supplier care if it takes an hour to get $125K in payment versus 3 seconds? The banking system takes days.
Agreed, I see there being many crypto-currencies that each do something in their own way unique and well. However there does still need to be a central currency they are all based off of which I feel will end up being BTC.
You have a point sir...
"a buy and hold and earn and hold type of market at the moment."
Beautiful thought...
Something tells me that Bitcoin will just kind of sit around at $10,000 ish for the next couple of months while altcoins pump; then when Lightening gets implanted soon Bitcoin will start going up again, volume will increase, and altcoins will dump.
The market tends to go in cycles like that. I don't think this is cause to raise an alarm yet.
It seems to me from my ignorance as a newbie. It seems to me that this is mostly due to the large amount of cryptomonniques that exist today. It's as if we used to have a pipe with a single faucet, there would be a lot of flow through that single faucet, now there are many faucets and many pipes. It is saturated and lowers interest, but will always have some growth.
True spread out across all is very possible not really hard to pull those numbers however for all major crypto currencies all transactions are down back to 2016 levels.
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@petvalbra chequea.
I do actually like the idea of lower transaction/ trading volumes. It might stabilize the Price to a point where many people see Bitcoin as an actual currency and not as a way to earn money by predicting ups and downs of the BTC/USD trade.