Why Bitcoin Is King

in bitcoin •  3 years ago  (edited)

Bitcoin will dominate the market in the second half of the year and well into next year, leaving ethereum in the shade for a while.

A variety of factors are colluding that will elevate bitcoin above the current dialogue within cryptocurrency at present.
Any technical discussion or innovation within the crypto space will be of lesser significance as wider socio-political elements are brought to the forefront.
Bitcoin is the battleship and the other coins are just part of the convoy.

The recent achievements of ethereum and other altcoins has been incredible, the creation of The Dao being a significant milestone in the development of decentralised networks.
I noticed the same questions around legality and scaling that surrounded bitcoin a few years earlier are now being asked in relation to the DAO.

It will be a while until ethereum dapps become available for use by the general population, whereas bitcoin already has a use as a currency.
With the development of platforms like LISK and Counterparty's recent announcement bitcoin will be able to answer many of the questions set by ethereum, sufficiently enough to secure it's short to medium term position.

Bitcoin is way ahead in terms of public understanding and name recognition, it will be the 'go to' crypto for situations that may occur in the near future in regards to the world economy and government intrusion.
I think most will agree that we are due for an economic shock soon and historically it comes during the changeover of administrations in the US, that's this year.

During a time of economic upheaval the priority of people who are seeking to exit fiat currency will be in obtaining a recognised alternative money and not a programming platform currency such as ethereum. That is not to say that ethereum won't also see a rise in it's value but that it will be insignificant compared to that of bitcoin.

On the same scale China will be the dominant player compared with the rest of the world. In China bitcoin is becoming increasingly popular and could soon cross into the mainstream, all it takes is for a few bitcoin millionaires to be created and the Chinese appetite for bitcoin speculation will grow.

The Chinese also see bitcoin as a store of value and any future actions of the Chinese government to devalue their currency will surely help it grow
The upcoming halving of the bitcoin mining reward will also add to the cocktail.

Bitcoin has by far the most developed ecosystem, it has the most services and infrastructure and it is the biggest gateway for fiat.
The crypto scene will continue to evolve but altcoins may have to take a back seat while bitcoin takes over and takes care of business.

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We're going to the moon, Bitcoin to be $1000 by January! :D

sooner, I think August maybe

I think you are right about Bitcoin being the king coin but this will help ether and other coins . Bitcoin will be the old reliable while coins like ether and Nxt will actually gain from bitcoins resurgence as people see there cutting edge advancements in blockchain tech.

you are right bitcoin will dominate in local people across the world and litecoin might catch up the train as well. However, ethereum will be the most valuable among developers and tech savvy people, i can see ethereum atleast half the price of bitcoin if the developer team continue to persist meanwhile, because of where actually we are heading.

NXT will also gain signifant value if they market their roadmaps and continue achieving their targets.

Steem will gain a value as a business, not as value exchange so does synereo.

Happy cryptocating :D