The Death of Bitcoin Dominance
Bitcoin this! Bitcoin that! I'm so sick of everyone talking about Bitcoin. When will it reach 20k again? When will it hit 40k? Who cares? There are so many better technologies out there already, including Steem. Bitcoin is the sad 1.0 version of the blockchain. The end of Bitcoin dominance is coming so much sooner than most people think.
Every percent loss of Bitcoin dominance on the market cap is a great thing for the cryptospace. I was seriously distressed during the bear run when it just kept going up and up. It almost made it back to 50%. As the market is crashing, Bitcoin is the trusted brand that many retreat to. It is the face of blockchain with first-to-market advantage. However, is this the face we want?
Many skeptics who don't understand blockchain technology (permissibly so because of the complexity) look at Bitcoin like the biggest scam in history. They don't understand how cryptocurrency is extremely resistant to corruption because each one has its own rules for inflation and distribution that must be followed. Corruption runs rampant through our debt-based fiat economies, making the blockchain the obvious solution to centralized exploitation.
Unfortunately, the current face of cryptocurrency is a blockchain who's only purpose is to store value. Perhaps now with the Lightning Network we'll actually be able to use it for day to day transactions but it's still just money.
Outsiders see what Bitcoin is capable of (digital transfer of money) and assume that it's worthless because we've already had that technology for decades. The complexity of blockchain tech means that many people are only looking at Bitcoin. The face of cryptocurrency needs a makeover. Application Protocol Interface (API) coins are the way of the future.
Ethereum, EOS, Cardano, Neo, Steem, etc. are the safe bets in the cryptosphere. Not only can one use these coins to transfer corruption-resistant currency, they can also be used to build applications on top of the blockchain and spawn new coins. Once one of these coins slaps down Bitcoin dominance it will be a great day for the entire world. The new face of cryptocurrency will actually do something that isn't just transferring money. The value of blockchain will be much harder for the naysayers to deny.
The death of Bitcoin dominance may even spark mainstream adoption, ushering in a whole new paradigm of cooperative decentralized capitalism and abundance for everyone. Once this point is reached it won't even matter who the early investors were. The entire world will benefit.
I am personally rooting hard for EOS. I don't even have any EOS stake yet because I'm not comfortable buying a garbage ERC-20 token with no guarantees. I could have bought at $4, but the EOS community continues to HODL at every turn lately, pushing it up to $20 today... it's absolutely insane that the #5 coin has a 17 billion dollar market cap and it doesn't even do anything yet. Imagine what's going to happen when @dan delivers and people like me jump on board?
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EOS has the absolute best chance of slapping down Bitcoin dominance. When it does it will bring millions into the space. As you can see it has already broken out of the winter peak and can only continue to spike up during release. The stranglehold that Block.One has on Ethereum is massive. They have over 10% of all Ether in existence and you can bet that they are going to spend that money wisely. I fully believe that EOS will be worth more than $1000 per coin in five years, maximum.
Now that we are in a bull market, Bitcoin dominance continues to fall and I can breathe a bit easier. I honestly can't wait for the day that everyone stops talking about Bitcoin and starts talking about the superior API coin that takes the #1 spot. I do have respect for the Bitcoin team and everything they are bringing to the table, like the Lightning Network, but they simply do not deserve to be the face of this movement anymore.
totally agree.. especially in regards to EOS...
Important about EOS:
If you are invested in EOS tokens or plan to do so soon, you should understand that you HAVE to register your EOS tokens in order to convert those into the actual EOS tokens starting in Summer 2018.
Quote from EOS.io webpage:
If you hold EOS Tokens in an Ethereum account and fail to register your Ethereum address to your EOS public key, then your EOS Tokens may not be part of a Snapshot (as defined below) a third party may wish to create when the EOS Tokens become fixed and non-transferable on the Ethereum blockchain. In order to be part of such Snapshot, it is important that you generate an EOS public and private key pair (see the “Generate EOS keys” button below) and register your EOS public key with your Ethereum address prior to the EOS Tokens becoming fixed and non-transferable on the Ethereum blockchain which will occur within 23 hours after the end of the final period on June 1, 2018 at 22:59:59 UTC.
What sounds terrible is actually pretty easy... but a lot of people give very different advice how to do it.
Here is a youtube video giving a step by step easy tutorial how to do it in 15 minutes solely via the original EOS.io site.
for me it worked perfectly but of course I can not take liability and responsibility for an external link...
I am more than willing to figure out how to register the coins and everything, but I've also heard that EOS ERC20 tokens are technically illegal in America... which is weird. I really don't want an ERC-20 token I just want to buy EOS straight up... gonna be saving until July 1 to do so. The spike is going to be massive I hope I don't get burned... lol
yup.. was just posting it again because I fear that some who do own EOS and do not register could be in trouble..
waiting of course is a safe play.. hard to predict what could happen.. I could argue both ways from 1. of June on.. up and down...
You have a minor grammatical mistake in the following sentence:
It should be its own instead of it's own.What's happening with EOS is crazy, yet I need to read more about them. What are your thoughts on Bitcoincash (BCH)? 4th in the rank for quite a while.
My brain just naturally wants to hate anything with Bitcoin in the name. If there was a Bitcoin API coin I could probably jump on board, but so far all the Bitcoin brands are just boring proof of work coins that waste a bunch of energy. The only POW coins I'm interested in are POW 2.0 where the coin uses the computing power for a practical task instead of just wasting energy on the hash lottery.
If you want some info on EOS I discussed it a month ago.
Coins mentioned in post:
I always figured so ether may be the next big thing
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STOPSeriously, I can also see the end of bitcoin dominance. The likes of Steem, eos and the rest of them very exciting to look at
Amazing post! I love it. Hey UPVOTE my post: https://steemit.com/life/@cryptopaparazzi/chapter-one-let-there-be-the-man-and-there-was-a-man-let-there-be-a-woman-and-there-was-sex and FOLLOW ME and I ll do the same :)