It's not about Bitcoin. The tokenized economy has begun.
At the beginning of the year, exchange between digital assets other than Bitcoin was just 3% of all ShapeShift transactions. Today it is over 50%. This is not about Bitcoin; tokens are an emerging asset class that will flourish with or without BTC.
ShapeShift is a service similar to Blocktrades or Changelly that allows for fast trades between different tokens and cryptocurrencies without the use of an account. Historically most of their volume was between 'altcoins' and Bitcoin; most altcoins and exchanges share similar Bitcoin-centered volumes. The announcement today shows Bitcoin's historical kingdom may be coming to an end.
Today their CEO Erik Voorhees took to twitter to announce what they have seen happen on their exchange:
Six months ago, "Alt to Alt" was ~3% of ShapeShift's transactions. Today, for the first time ever, it's over 50%
This represents a stark contrast to the types of transactions happening last year or even early this year. Cryptocurrency and decentralization are both Bitcoin agnostic; we are headed into a polychain future. It only makes sense that cross-altcoin transactions are coming to dominate the space. ShapeShift and their API driven exchange enables the new Bitcoin features to reach many different areas.
Digital tokens, cryptocurrencies and other tokenized assets are expanding into an ecosystem with the ability to transact in entirely new ways. The asset class is expanding rapidly and it does not care about the success of Bitcoin. Digital assets and decentralized exchanges between them will flourish out of necessity.
Interestingly to note is ShapeShift is still keeping their profits in Bitcoin (primary) and ETH (secondary). A project profiting from the altcoin traffic, apart from their liquidity pools, does not hold altcoins. It will be interesting to see how this changes in the near and long term future.
Get ready for a multi blockchain and multi asset future.
-Kyle
This I think fits into your discussion on the crypto markets and investing.
I have been sharing this info on something not widely known/talked about, crytpo related stocks. For me , just another opportunity to capitalize on this new and exciting paradigm. They are currently trading for pennies.
The stocks I think, give that still large segment of people who are not ready to learn about crytpos and exchanges, but have been on the sidelines hearing about all the excitement and gains, the opportunity to get on board this earth shaking crypto move, but within their own comfort zone by simply buying a stock that is related to bitcoin.
Most of these people already have a stock account they know how to use and in this way can participate easily. There are very few crypto stocks so these are already starting to skyrocket just in the last couple of days but may present an very unique opportunity. As a warning, there is not really a ton of info about them so use risk capital only!
I have put some money into them in just the last 1-2 days, already up significantly which means they may skyrocket further, or pull back hard, I do not think anybody can predict. Dollar cost averaging is probably the best way to enter at this point as they are just moving so fast now and price points could be anywhere next week. Anyways, I thought I would share, fwiw.
Here is a link with some of the info on 2 of the stocks crypto stocks that I just put together for myself and others as a starting point for due diligence.
https://steemit.com/bitcoin/@motowngold/global-arena-holding-inc-gahc-another-rare-bitcoin-and-blockchain-stock
Good luck investing!
A crypto investor I was watching (citation unavailable ATM) was pointing out how the "more units" aspect of alt investing has it's own compelling nature as well. This is true for me especially in light of all the coins (like ETH and DASH) that I've personally owned below or around $1 and also between $100 and $200. Alts with a purpose are the wave of the future.
Great post! Though Bitcoin has lost some of it's dominance as far as market share goes, I don't think an expanding ecosystem of altcoins is necessarily bad for bitcoin's long term health.
Most of the coins are dumped back into bitcoin in the event of a dip, and they tend to complement each other.
"A rising tide raises all ships," as they say.
Nevertheless, it is great to see the other altcoins rising as well, it will definitely be interesting to see how well mainstream society will deal with cryptos in the near future.
-O.T.
I agree to an extent. Only time will tell. Bitcoin has been the anchor in the past.
Yes, indeed. Bitcoin has gained a lot, time for the other cryptos to rise up finally ;)
Thanks for the post. Will watch out for your upcoming posts.
Just give it few more months. I promise you it will rise even more. Thank you for the great post.
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