What if the king will no longer be the king...?

in #steempress6 years ago

There are a lot of thoughts and assumptions that are crossing my mind lately with the crypto market, and most of them are bullish, hopeful, incentive and why not weird. Bullish not only from a price perspective and the market cap growth of some of the ones that I like, invested in or followed, but also about their faith and some utopian possibilities that might occur.

One of those might be in, my opinion, for one of the top 10 cryptocurrencies to overtake Bitcoin on the charts and become the new king of alts. Now, after reading this you might think I'm drunk or smoked to just think like this, but none of this is true. I am actually the type that has too many what ifs in his mind and that's one that I'm currently expressing here on Steemit. One that might not attract me too many friends, but I am fine with that.

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image source

Keeping an eye on Poloniex, as my favorite trading platform, I couldn't notice that since XRP miraculously jumped in price to almost 3x of its value a few days ago it also took Bitcoin's no.1 place for trading volume and it's doing that for good days not giving any sign of weakness. It doesn't has that much volume as it had about two-three days ago, but it's still a lot more than BTC has. It's not the only one though doing that as XLM seems to have a burning fire at its back also with a nice spike lately and also a trading volume that overpasses the one from Bitcoin.

Now I know that this is not the first time this situation happened and probably will not be the last time either, but somehow this question popped into my mind due to this image of Bitcoin resting on the third place. What if the king will no longer be the king?. What if BTC will loose the number one cryptocurrency place from the crypto market to some altcoin like ETH, XRP or why not XLM? There could have been other options also but those are the ones towards which I'm biased.

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snapshot of my trading page on Poloniex a few minutes ago

In order for that to happen the altcoin that would become no.1 would need some serious 100+ billion dollars to be poured on it and a lot of hype around it whilst Bitcoin supposedly would loose a lot of fans and also make friends with the second place. Rationally thinking this scenario might have only about 1% percent chances to come true, in my opinion, but of course it's not impossible and the article is not about rational scenarios.It's about what ifs and why not.

I am curious though about how the whole crypto environment would interpret the situation if this thing would happen. What would the news say about it, what would Bitcoin maximalist say, what would crypto twitter say, what analysts would say about that and how this situation would change the way people invest and believe in cryptocurrencies and blockchain technology. I am curious also about your opinion on the topic and if you see that ever happening and how. So, feel free to share it. Even if it's just something like you're talking bullshit and you should go to bed. I won't mind...cuz I kinda have to, but I still have a lot of imagination and curiosity left to fill the evening.

Thanks for your attention

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I believe the question is not if, but when.

What can Bitcoin do, which no other altcoin can do better? Nothing! All its power comes from the network effect - and it has gone from having some 80-90% market dominance to having some 30-50% market dominance due to capacity problems, internal conflicts and the sheer expansion of the altcoin space.

Sooner or later something is bound to take over the market dominance - and we can only hope that it's a decentralized, censorship-resistant, permissive and secure blockchain based on open source.

We must also not forget that the Bitcoin "market dominance" is within a very tiny bubble of the economy as such. The network effect of Bitcoin is truly very tiny compared to the network effect enjoyed by the two major credit card companies. I'm quite concerned that if the banking industry and/or the two major credit card companies really sit down and decide to create some crypto-currency-like product, they will easily gain mass adoption, blocking the road for real cryptocurrencies to reach significant adoption.

This post has been selected randomly for upvote because you are a follower of @familytree. Enjoy your upvote and have a great day!

Coins mentioned in post:

CoinPrice (USD)📈 24h📈 7d
BTCBitcoin6703.895$0.02%2.98%
ETHEthereum244.737$2.61%10.77%
XLMStellar0.280$8.29%35.65%
XRPXRP0.573$-0.54%103.59%

@acesontop Thank you for not using bidbots on this post and also using the #nobidbot tag!

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