[dtube] Can Cryptocurrencies Survive Without Bitcoin?
In this video, I'll be discussing whether or not I think the cryptocurrency market could continue to survive and thrive if something were to happen to Bitcoin.
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
***I am in the process of adding many of my videos from YouTube on to DTube. Apologies for any posts that you've already seen before!
Original date of upload: August 23rd, 2017
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Seen this picture before. I love it :)
yeah is a classic :P
I think we need decentralization and independent money. Even if BTC ends up disappearing one day it has shown us what to do. That we can have independent money and that the governments and banks hate this idea of us handling our money without their help and control.
Obviously we'll be able to survive without it but there will be new ideas and projects and ultimately we will win. The need to be independent and self sustained is among basic human instincts. Now that we know it's possible we'll make it our goal. You'll see.
Technically, yes, there are many implementations of blockchains that do not use bitcoin. But it really depends on what you define as success and who you ask.
In the 1 year bitcoin dominance went from 80% to 40%, so i think other currencies will continue to eat at BTC's marketcap.
BUT, BTC has 400 developer currently working on it and i think it will probably be the leader as they improve its functionality and build out the network.
You definitely cant ignore the other currencies at this point.
I like to hold many different cryptos and then adjust my holdings monthly as changes happen in the market.
I think it can survive but If we lose Bitcoin we would see a lot of people quit investment in cryptocurrency. So the other crypto would have hard time to be popular
Does your current car work without a Model T, yes of course. In some ways Bitcoin will always be king though.
Right now everything depends on bitcoin. Since its the coin that costs most, when it goes down, people think cryptos die -> they dont buy other coins too -> price goes down.
Anyway, if they buy bitcoin -> the focus on bitcoin buying and not buying other cryptos -> small cryptos doesnt increase at all.
hope in the nearby future that will change.
Yours faithfully, Sveto.
They would survive, but their value would be 1/100 what they are now.
This question depends heavily on timeframe. Right now, with it being the brand name of crypto currency and being the most secure network I think things would fold fast. Only way it could work is if was a fork of bitcoin that replaced it.
I think bitcoin has become popular because people are disenchanted with the current financial system and want sovereignty over their money. So in this respect BTC is a means to an end & if it disappeared it would be replaced by something else. However unlikely, the demise of BTC would certainly be a backward step in terms of crypto adoption as BTC is still the dominant coin out there, and as such is the apex of the current crypto ecosystem