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RE: Gold continues to strengthen its hold as the best store of wealth as creation of more and more cryptocurrencies saturate market
I agree precious metals will continue to serve as a store of value in the future but I do think crypto certainly has a role to play (otherwise I wouldn't be here). I do agree that the proliferation of coins is damaging crypto as a concept but I think many of the over 900 coins which don't have proper use cases will simply die out as crypto goes more main stream!
Right, but do any cryptos have proper use cases? The few biggest ones are pretty effective for making the process of moving money across borders easier (albeit, only an advantage where that might be controlled or otherwise difficult).
Payments processing is a big opportunity, but it's a bit of a chicken and the egg problem where you need magnitude to spark interest / use and you need interest / use to grow and gain magnitude. BTC has the uptake but can't handle the volume, and while others (most notably ETH) seem to have addressed most technical hurdles and can handle the volume, but there are so many and they're so fragmented that no magnitude has built up.
I think several cryptos have solid use cases. Those such as Bitcoin/ Ethereum/ Steem etc have a real life application and can solve a problem. The vast majority of the others have no real use case and are simply clones being used for speculation. Over the next few years I think many of the alts will die off as people realise they serve no purpose. Those that actually solve real world problems will flourish. I see core coins making upgrades (such as segwit (whether you agree its a good thing or not)) rather than forking off new coins instead. How can we hope for mass adoption when we keep forking coins? Which coin do retailers etc use? They want to accept payments, safe in the knowledge they will get their money, not worry about which fork to follow etc! This will not help adoption but will slow it down.
Lots of cryptos are junk, but not being able to see the importance of the block chain and crypto currency is foolish.
The world is evolving and these new cryptos on the blockchain are a fair stock exchange. Each coin is like buying stock in a company. The old system is dying and this one is taking its place, those that do not adapt will be left behind.
I also love gold and silver but can also the importance of this paradigm shift
Well, no. When you buy a share in a company, you're buying something that creates value and return to you the shareholder. When you buy crypto, you just buy an asset that's supposed to have value for the exchange of goods and services.
Crypto can create value in some of the more advanced applications (e.g. smart contracts) but even there it's minimal.. value comes from the creater of the contract and the services behind it.
Crypto itself, as far as I see it, is more analogous to gold or fiat currency. The difference is that the former has thousands of years of history being a unit of value for transactions and the latter the backing of every major state in the world. There are lots of other things I could get into too (e.g. scarcity of gold providing some stability to it's price) but won't.