I love Bitcoin but I fear for its long term survival or am I wrong

in #flippening7 years ago

Each day I learn a little more about this fascinating technology and it has taken me several months to just get to the stage that I can have what I think is a reasonably intelligent conversation with others who also know just a little about Bitcoin. I can go back to 2009 when I remember seeing something on the Internet about using your computer power to generate coins or money or whatever it was. However I failed to follow this and made the mistake of using my computer power for SETI instead. Needless to say I don't think my computing power actually found any little green men. Now had I have mined Bitcoins yes I would be rich. The point being that we just do not know what is coming.

My worry now is what lays ahead for Bitcoin. I have now invested in some Bitcoin and I am really excited about its current price. After testing 3000 USD on several occasions it is floating around 2564 USD (on Coinbase as I write this). Now the thing that really scares me is Ethereum. Bitcoin has 46.6 Billion dollars in market capitalization while Ethereum is rapidly catching up at 34.4 Billion dollars. Bitcoin has dropped to only 38.8 market dominance when earlier in the year it was over 70%. We are now all talking about the "Flippening" which is an imaginary point in time when Ethereum becomes the dominant cryptocurrency and has more Market Cap than Bitcoin. Given the problems that Bitcoin has with its transaction times and the infighting on how to solve this are we looking at a real risk of people dumping Bitcoin and going to Ethereum. Could this cause the death of Bitcoin? I don't know but you have to think about this. Just like MySpace gave way to Facebook are we going to see something similar happen here? Facebook proved to be vastly superior to MySpace and given the more advanced capabilities of Ethereum it could be argued that the same will happen again and Ethereum will be the future. Just a thought!! What do you think?

Sort:  

Congratulations @grahamsnoplus1! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

You got a First Reply

Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

Ethereum blockchain is almost as big as as bitcoin's blockchain (150Gb or so) while Ethereum has 7.5 times less transactions and is only ~2 years old (bitcoin being ~8.5 years old). It just shows that Ethereum has a scaling issue and can crash at any time with having more ICOs every day raising funds in Ethereum.

Coin Marketplace

STEEM 0.18
TRX 0.15
JST 0.029
BTC 63747.71
ETH 2543.33
USDT 1.00
SBD 2.66