You are viewing a single comment's thread from:
RE: Why Bitcoin Could Fall Lower From Here
I don't see any reason for Bitcoin to stay up so high in price. Bitcoin was the first crypto to come to existence and then was used for exchanging to altcoins, but now there are new promising altcoins that will do a better job at exchange between currencies.
Before i had to buy BTC and exchange it so some other altcoin. Now i use ETH more often. Cryptos for instance like COSS will try to offer an exchange between other currencies.
Lightning network might promise to fix Bitcoins issues, but it might just be easier to adopt a cryptocurrency that doesn't need fixing.
Speculation has nothing to do with these things, it's about the 21 million limit and about the 'classic.'
I never used btc for any sort of transaction. I never used gold to pay for food.
It's only a rational market to a very small part.
@jojof hits it on the head pretty well with the gold analogy. Even though BTC is less useful comparatively to many other altcoins, it is still the "grand-daddy" of cryptos. The original/classic currency tends to keep value even if it seems illogical. That's not to say it can't "pop" at some point, but the whole market will most likely follow suit. As to how they all rise from the ashes thereafter... that will be the exciting part :)
The reality is that very little of this bull run has to do with tech as majority of these cryptocurrencies have limited use cases and even though they might be able to scale to Bitcoin's size in terms of transactions, likely couldn't handle Visa level anyway. It doesn't matter though because reality is that the problem with almost all cryptocurrencies is that they are generally inferior to their centralized counterparts, frequently include tokens that aren't required (even some of the cryptocurrencies I'm invested in fit this criteria) and have awful user experiences. It will take a long time to fix those problems, so they will likely all undergo a metamorphosis in the long-run. Bitcoin will stick around simply for the fact that it is the king, affects other altcoins' prices and is the cryptocurrency most people know about.