I'm a little pissed off by Bitcoin right now. Yesterday before the Steem price pump I wanted to buy some from the market, so I signed to my Bitcoin walled installed on my computer and sent $10 to Poloneix. I know Bitcoin transactions take more time than usual but I didn't expect to wait more than 24 hours. Now the price of Steem jumped and I still did not get a single confirmation. By the time I'll receive my $10 in Bitcoin Steem could easily be worth even more.
Consider the facts for a minute. Is Bitcoin really that great?
As much as I want to believe that Bitcoin will be the future of money and will cost thousands of dollars, the reality is quite different. Bitcoin is getting old and slow, and its price and maintenance are heavily controlled by China. It's not really decentralized. What's more, Bitcoin is losing its dominance on the crypto market for the first time in its history. This is an indicator that in the future more money will go to altcoins and better-performing blockchains.
Yes, Bitcoin's price is at all time high right now, but in terms of practicality it's next to useless, when transaction times are slower than VISA or most of the other cryptos. I predict that in a couple of years the next generation of cryptos will take over.
I'm not a crypto or trading expert. These are just my own thoughts based on experience. How do you see Bitcoin's future?
I don't do a lot of trading, but I have been using ETH as a transfer coin when going in and out of Poloniex.
It is better to always have $10 on the exchange. Yes, I know, they say, never keep btc or other coins on the exchange. But only $10 worth will mean that it is ready to spend if you need it.
But you're 100% right. Bitcoin transactions shouldn't take this long. That's one of the reasons they are turning to other things like Litecoin or Peercoin
Bitcoin is running on inertia from the early years. It has lost so much utility and so much potential that it has become closer to the Ponzi scheme it was initially called than the future of money.
Nice article. Thanks for sharing!
Don't say that or else I won't know what to do with my BTC ;)
Just invest it in a better coin that has more features than just storing wallet values. Ethereum for example is like a huge online computer that can run various decentralized apps. Steemit has the social factor and it's fast, every 3 seconds a new block is generated. You can do a little reaserach if you want to invest.
I'm still fairly new here and to cryptocurrencies in general. Do you have any recommendations for where I could a simple explanation of all the essential concepts?
Follow this link
http://lmgtfy.com/?iie=1&q=how+does+cryptocurrency+work
Hahaha well played.
Do you have monero? Is that a good one?
Yes, it's a good coin.
Thank you i'll check it out :)
Following, great Post! I agree with you, general public won't be happy to paying average 1$ to complete a transfer within 24 hours time period.
It's losing it's shine but at this very moment Bitcoin is the ''Petroldollar'' to the Crypto-space. Bitcoin will lose it Dominance
My Future Outcome:
Buy Bitcoin because it's the Oldest Chain - Good Track record and big Businesses (Casino's, Services & more) are using Bitcoin. I think there will be crash- money will flow into Bitcoin. It will be the rich people coins, only for it to be hacked because it's first coin out there!
This just a wild Theory! But definitely a lot money will shift to Bitcoin during a Crash. Crypto-space is small but rapidly developing, I would definitely want to invest in more upcoming Coins that can do exactly what Bitcoin but better
Right now most cryptos go through Bitcoin. Once this becomes obsolete and digital money become mainstream Bitcoin will be something like a relic, expensive and useless. Time will tell.
Steem on!
You can already buy Steem with Ether on Poloniex for example. It's just a matter of these pairs becoming more liquid.
When it takes many $ and hours to get your BTC transaction through to the exchange, people WILL start to choose less liquid trading pairs like STEEM/ETH. Since liquidity is a virtuous cycle and there's no comparable backlog issue, those pairs will eventually be the more liquid options.
There will need to be a big game-changer, as BTC is the foundation, Gold standard of crypto... ... And I don't know how to install the Ethereum wallet, if there even is one?
Let me suggest you look into ETH. It will soon begin to challenge BTC in a special way.
http://bfy.tw/BHQX
There you go.
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