Why is blockchain and cryptocurrency technology so powerful?
Beyond the practical uses as a means of payment and an immutable store of value, think about what it actually represents.
For the first time in hundreds, if not thousands of years, people again have control over their own money and their own assets.
Think about this tweet put out a couple hours ago by Ari Paul:
"Cryptography and cryptocurrency are naturally defensive in the extreme. With $25 of computer hardware, I can encrypt a message that all the world's intelligence agencies can't decrypt, and can transfer value in a way that they can't censor or seize."
(Source: https://twitter.com/AriDavidPaul/status/966208606902333441)
It was one in a line of tweets talking about how technology and weaponry can be used both offensively and defensively.
However, I think it has very profound implications in its own right.
What do you think?
On a completely unrelated note, it is interesting to see Bitcoin taking back some of its market dominance.
As you can see, Bitcoin is at 1 month highs in terms of market share:
(Source: https://twitter.com/iamjosephyoung/status/966235244075667457)
Bitcoin's market dominance climbed close to 40% earlier this morning, which would mark the highest it's been in some time.
Interestingly enough, Bitcoin has spent most of its life valued above 50% of the entire cryptocurrency "market cap".
In fact, for years it hovered around the 90% mark.
Personally, I would not be surprised to see Bitcoin start to take back some of that market cap dominance in the coming months as fees continue to come down and as the Lightning Network is eventually implemented.
That might not be good news for most altcoins (steem not included).
Steem should have some real utility by then, both from the social media aspect but also as a fabric for all the SMTs that are rumored to be launching.
I would expect fabric chains like Ether, EOS, NEO and some of the others to continue to do well in spite of Bitcoin taking back some of its market share.
All in all, Steem is headed in the right direction, potentially joining those types of coins.
Stay informed my friends.
Follow me: @jrcornel
Interesting topic bitcoin dominance also nowadays is very difficult to predict what is going to happen considering how big and important the company who issue the altcoin are.
We will see
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@marcopizzuti, i agree completely with you, bitcoin is going through different phases and only a few who are able to study the market will end up making the right decision on bitcoin.
Crypto generally is gaining more acceptance even with some big fish that had once rejected it in its infancy stage, since btc is gaining more relevance, i am sure that we would see crypto especially btc go high in value in weeks from now.
Btc has always found a way to get back and take its first place on the crypto board.
Steem of course can't lack behind, many more people are getting on steemit and even the big fish who also discuss steemit with their various followers.
The best days of steemit are here now!
Thanks @jrcornel for this informative post.
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Once Lightning network is released, can BTC get back to 50% dominance?
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You can never quiet tell what the future will hold can you. Guess we will wait and see.
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Another excellent piece of writing and great information, topped by personal prediction from one who has been around for a while... Good for you, good for us all!
Personally, I can't help but think that, as you presented in the very beginning of the article, crypto-currecnies are turning a page in history when it comes to giving power to individuals, not the central banking system. Something that has not been seen in a VERY long time, in deed. It deserves the tag of disruptive technology alright and for good reasons, disrupting the establishment monopoly that has reign over the centuries by decentralizing the distribution of wealth, thus allowing for the re-establishment of a natural economic ecosystem.
In relation to Bitcoin, who are the new big figures who are acquiring BTC? I am not surprised to see it regain territory over the last lost value. I believe it was meant to happen and organized as well...
Thanks again for this article and giving us a chance to partake in the sharing of our thoughts on this matter.
Namaste :)
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Thats definitely true steemit is headed the right way
I would also want EOS,ETHER, NEO to do well why bitcoin takes over the market share. And i believe in few months time bitcoin's dominance will be the greatest ever experienced in the history of technology
To end this i would conlude by saying bitcoin and cryptocurrency is very powerful
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Alts will drop, if you can't handle that... just do not allow yourself on your exchanges and dont look at your holdings :D
Bitcoin will suck up the value from the alts and then when it takes a break that new money will flood back into alts.
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Thanks to the powers that be, it appears BTC dominance is here to stay. 😭 But I hope I'm wrong.
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Cryptography, encryption, and privacy are all trends that are growing in reach. The fact that crypto assets align with these trends and work to hinder manipulation of savings and value by external forces is the entire point of the talk of revolution. Something I go into more depth on here!
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Bitcoin is really affecting other Cryptocurrencies the fall of bitcoin means the fall of the others and vice versa
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We'll just have to see who wins in the future. I guess right now, I would focus my effort on what's in front of me. You did a short but good post @jrcornel. I hate to read very long ones.
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When the day comes where we can actually think in terms of Bitcoin, rather than fiat, is a day I wish to be a part of.
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By 2020 broskii
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Definatly
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Defence and economics have always been coupled; the tweet insights the reality that the two are simply no longer in the hands of a monopolized authority mechanism. Money is to be free because it now has a built-in security apparatus (my gold comes equipped with the best vault and fortified castle on Earth), and so people can no longer be dependent on central authorities to negotiate their instrument of value, freeing us to not only participate with anyone in the world that we choose but provide new markets to enter into with anyone as well. This provides us unequivocally power that we no longer have to sacrifice in exchange for protected instruments of exchange. The internet provided access to the world, crypto offers us access to people (big difference, though, we did need the former to get to the latter). Imagine if the Magna Carta was presented simultaneously to not just one king by a group of Englishman around a small table in the woods, but to all authorities by all people at once? Crypto can be the ultimate charter, the ultimate peace treaty.
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BTC is the market leader and after this plunge, I think it needs to re-establish itself before money flows back into what people might see as the more speculative projects (other cryptocurrencies). So I don't mind if it leads for a while. Others will catch up again. And at some point, investors may become better at choosing projects which have some actual value, since many cryptocurrency projects have nothing tangible to offer.
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@donkeypong i hope you visit my blog someday
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As with everything in Crypto, there are highs and lows. Bitcoin dominance is going up once again but I highly doubt we'll ever see it approach its previous levels of dominance.
We have to remember, Bitcoin is the oldest, and some can argue, the most secure Cryptocurrency out there. Because of these reasons, people think it's safe to keep their money there, especially when it looks like it is about to enter another bull run. But typically when the BTC bull run ends, that's when we see the alts start climbing up again.
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The reason BTC still have a big dominance os because It has proved itself over time.
All other coins still have a lot of catch up to do.
Steem included, because even though It is a fully functional coin, with some effective use outside speculation, there is still a lot to do to reach a mass adoption.
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I really like your performance hopefully always be the best
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Steem is headed in the right direction and has already decoupled somewhat from Bitcoin. The SMTs will gives us even more market share... exciting times ahead.
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Bitcoin will always lead the market when a price direction changes. In this recent increase, I believe we have more buyers looking at existing and established assets over those that are promising and still under construction.
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There is a lot of power shift in the crypto market as of late but I feel bitcoin still dictates the fate of other crypto to some extent. However what I think can be a turning point for steem is if they are able to expand the technology behind the steemit platform to accomodate more investors
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"Steem should have some real utility by then, both from the social media aspect but also as a fabric for all the SMTs that are rumored to be launching."
I feel that you make a good point here. For me as a content creator it's the social media aspect of steemit that attracted me in the first place.
Now I am starting to understand more behind it all, but it's this initial attraction that is gonna make the difference for Steem i expect.
Good post @jrcornel
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Although I didnt touch on BTC market dominance exactly, just this morning I wrote about BTC's future looking bright because of lightning network adoption, particularly with Coinbase recent move to implement it 100% on their transactions. Add to that Bitfinex implementing Segwit, which also helps transaction speeds, and fees, and we begin to see an aswer to the long standing "scale" criticism lauched at BTC.
check out my post if you like: https://steemit.com/bitcoin/@infidel1258/bitcoin-is-scalable-coinbase-implements-lightning-bitfinex-segwit
2018 might just be another magnificent year for BTC.
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I sold some Bitshares and Lisk today for BTC. I had to dump my STEEM and SBD yesterday since I thought the price would dip even further today and it did :-D
I have a feeling BTC is going to come back with a vengeance for its territory.
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Why rumored?
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Because technically it hasn't happened yet. :)
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Oh I see. :D
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Check out https://cryptopiece.com/
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bitcoin silent now
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Bitcoin seem to be shaky at the moment but it is and will remain the dominant coin. It's the mother coin, after all most of them coins are shitty, if you ask me.
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woou beautiful view
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So pleased that Bitcoin could lead the pack again, on it's upward trend.
Thank you for the encouragement! @jcornel
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Excelente información, gracias por compartirla es muy interesante. Realmente me gusto mucho tu post!
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First of all, I am in no way surprised by Bitcoin's steady return to higher dominance. After the crash the market just went through I think that a lot of people are looking to keep their money invested in something that they know isn't going away and the king of crypto is Bitcoin. There is altcoin after altcoin flooding the market and so many of them are absolute trash. People lost a lot of money on altcoins over the past month and I'm guessing they are shying away a little until some of the crap can be swept out.
As for the use of the technology, I don't think any of us truly know the absolute capabilities of the blockchain technologies that are being produced. If they are capable of doing some of the things that we are enjoying and looking forward to using then I can only imagine the possibilities.
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Interesting and exciting development, I think most altcoins will become mostly useless if Bitcoin manages to implement Lightning and succeeds to scale every aspect including the on-chain layer.
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Good
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Glad to see that both BTC and Steem/SBD are staying strong recently. Also read that BTC price went below $1 from $34 that was back in mid Dec 2017. Whether it's temporary yet relieving and most likely seems to give it a push upward.
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Nice observation! Blockchain technology is one of the most powerful invention's ever created by man. It completely altered the way people went about their financial transactions.
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my gutfeelings tells me the same. i'm still new here on steemit. so far i like it even though I don't fully understand the Rewarding-System. Also it seems pretty hard in the beginning to get some feedback like upvotes and a wider range of interaction with others on this platform. Any Advice I kind of like the Idea behind Steemit and would like to find my Place in the Community I still think BTC will hit 20.000 again later this year.
Cheers!
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Follow Me
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I think that Bitcoin has the market dominance over the other coins right now mostly because it is in the media the most. When someone mentions crypto currencies the first thing people think of is Bitcoin. So, since it's practically synonymous with cryptos it's going to be the front runner until the others become more popular with the public.
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Gonna be pretty difficult for bitcoin to lose that first move and name recognition advantage...
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Bitcoin will more dominat in the futur. Altho some alts have great ideas they dont really need to be on the blockchain. Money needs to be on the blockchain to stop central banks endless printing.
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would like to see BTC lose all its market share to the alt coins
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hehehe - major change etc etc
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Here's hoping steem maintains it's momentum
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Wow amazing, I so like your post useful for us.
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Time to invest
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Time to jump on the money train again. Maybe we can make it to the moon in december again. HODL!!!!
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FREE COINS February, 22th (will be supplemented) #AIRDROP #Bounty #bitcoin#USD #ICO
https://steemit.com/free/@riann/free-coins-february-22th-will-be-supplemented-airdrop-bounty-bitcoin-usd-ico
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