What Is The One Crypto That Will Rule The Market In 5 Years?
In the ever-changing world of cryptocurrencies, the crypto asset that will come out as the ultimate winner is like Eldorado. Everybody wants to find it, but nobody really knows if the stories are true or not.
picture source
Is it Bitcoin?
In 2009, Bitcoin was introduced to the world. Back then, only a few computer geeks and nerds knew about it. Most of them just messed around with it. Even fewer people actually saw the true potential in it. If you bought Bitcoin between the years 2009 and 2013, then I applaud you for being so far ahead of the market because I know I wasn't, even though I knew about it. Today, taxi drivers in New York are buying them because they think it's gold 2.0.
I like this analogy. Why? Because like gold, Bitcoin is slow and not very useful in the real world. In the past, people have used gold to exchange value but that isn't very practical by today's standards. Now, I'm not questioning the real world use of gold here. There surely are many other use cases for gold in many industries around the world. It just wasn't fast enough as a means of payment.
And so today, we find ourselves in the modern era, where we exchange numbers in a bank account. Still, even this doesn't seem to be fast enough for us. Or maybe it isn't unrestrained enough, decentralized if you will.
What we didn't see, or rather couldn't see are the issues we face today. It became much clearer in the past two years, that the Bitcoin network has some serious issues. The issues of slow transaction times, high fees and poor scalability. There are, however, means of solving these problems. How, if or when will they become a reality remains to be seen.
With all this being said
"I don't believe Bitcoin will rule the market in 5 years."
Why?
Because I think the first mover's advantage doesn't automatically make it a winner in the end. Do you remember companies like Kodak or Betamax? If you do, then you know that once they also had first mover advantage, but couldn't see it through. Many other examples like MySpace can be mentioned here. If we wanted, we could even go as far as naming Nokia. While it had its own time on the throne, it just couldn't keep up. And ultimately, this goes down to the people behind the scenes.
Also, it depends on what you mean by ruling the market. Is it the market cap? Is it the number of transactions per second? Is it the problems it helped solve?
Even though the Crypto world is essentially where technology meets money in a very direct way, it isn't only about money anymore. I mean, look at Ethereum, NEO, EOS or others. They aren't just a means of payment. They were never designed to serve such purpose. The possibilities they will provide, after overcoming initial problems, however, are almost endless.
Now, I'm going to stop right here because I think there are people far more entitled to do so. If you don't know who Andreas M. Antonopoulos is, I advise you to watch this video immediately.
Who will be on top, then?
The short answer is: "I don't know."
Maybe it hasn't even been built yet. (It probably has. Even though 5 years is like an eternity for cryptos, I don't think it could go this fast. Bitcoin being the prime example) Also, if I knew, I would make sure that I bought as much as I could. In the end, the only things that will matter are the features, attributes and qualities the coin possesses.
Attributes such as:
- Instant transactions
- High scalability
- Built-in self-governance
- Low/No Fees
- Open Source
- Good marketing
This piece has been written as a part of @dragosroua's May 30 Days Writing Challengeh
My previous posts in the challenge
Day #10: H20, My Favourite Morning Drink
Day #8: May 30 Days Writing Challenge - Day Eight: What’s Your Most Consistent Hobby For The Last 5 Years?
Day #6: You Wouldn't Guess What My Reason To Staying On Steemit Is
Day #5: Do you know the difference between investing and speculation?
Day #4: What Are My Top 5 (More Like 3) Witnesses On Steemit And Why Should You Care?
Day #3: What’s The Best Thing That Happened To You Thanks To Steemit?
Day #2: May 30 Days Writing Challenge - Day Two: If You Had 1000 STEEM, What Would You Do With It?
Coins mentioned in post:
Looks like you got the bot prize for crypto coins named in your post! Woohoo...
Well, as you can see, I went with Bitcoin, ultimately, because I don't know any other coins well enough to call them. I did go with scarcity and difficulty to produce or mine over utility and scalability, though.
Five years is a long time, and as you say, a lot can change, but I'm in agreement that to get to dominance status or ruler stage as you've put it the crypto needs to be around for a while. The only other option I thought there could be is if the company that created it was huge and had been around a while. Like Facebook.
The company probably wouldn't need to be that huge, but it would need a significant and fairly active userbase.
Anyway. Always fun to put things out there on the blockchain that (definitely in my case) we can all look back on and laugh at in five years. Providing we still can access this five years from now. :)
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