Bitcoin future status, my thoughts.

in bitcoin •  7 years ago 

The bitcoin dominance. What will this Aug 1st do to our cryptosphere.

One reason bitcoin's volume is so high is that the vast majority of altcoins only trade in terms of bitcoin. If I want to buy $200 of Dash, Komodo, etc., with dollars - then I have to buy $200 worth of bitcoin, then trade the bitcoin to get the altcoin. Bitcoin gets $400 of trade volume for a $200 alt-coin trade.

Coinbase has branched out to Eth/litecoin and now
that there are now places like Kraken where you can go straight from USD (or other fiat) to Dash, never touching Bitcoin. Bitcoin is rapidly losing its "reserve currency" status in the cryptosphere.

So with the upcoming fork, where do you believe bitcoin will end up? What I am hoping for lower transaction fee's and faster time. I hope there won't be a bitcoin classic or lite. I don't know how that will affect my other investments.

But when this dust settles, bitcoin will still be the alpha coin. image

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Good job!, upvote

Thank you, I'll upvote your post as well.

good post I followed you please follow me back

Will do, I'll upvote your post now

Would be nice to get some STEEM directly, I've just been using bitcoin to get it as you described.

I agree, so many little fee's until we get what we want.