I am not Nostradamus, neither am I a prophet of doom’s day. The recent pressure on Bitcoin prompted this article. I’m only reporting the minds of some Bitcoin users. Now Bitcoin loyalists don’t be fast to criticize me as this post is not really against Bitcoin, but a pointer to STEEM developers to get ready and fully equipped on how to handle future pressure that might surface as a result of so many more people running transactions with STEEM in the near future.
When I did my first Bitcoin transaction, it was an unforgettable experience. The transaction was easy, fast and cheap. And I at once fell in love with not just Bitcoin, but the whole idea behind the creation of Crypto currency. In my heart, I concluded that Crypto currencies would make PayPal, Payza and other online payment medium lose their core values. My reasons are simply because, Bitcoin is faster, cheaper and easier to use. Besides, PayPal has so many restrictions on people from certain geographical locations. I even insisted that my friends living abroad should send me the Bitcoin equivalent of money they wanted to send to me.
BTC The King of all Crypto Currencies 
However, the tables have turned around in recent times. Bitcoin has stopped being what it used to be. I agree it is appreciating in price, but with all the high transaction fees and delayed confirmations, I believe most people will start seeing Btc as an asset to invest in only. Maybe buy some Btc for keeps, but move on to run regular transactions with other user friendly coins. Imagine an instance where you have to wait for several days before you get your transaction confirmed, or pay higher transaction fees to make it faster. Even with the higher rates, you still would wait for hours. At the moment, there are thousands of unconfirmed Transactions.
Why are people still holding on to Bitcoin?
Probably because, they are yet to fully trust/accept Altcoins. And maybe they don’t even know about them.
In my own case, I can’t do without Bitcoin in as much as I would want to abandon it right away. That’s because, Btc is the only Crypto currency that can be easily changed to our local currency at the moment. So when I earn other Cryptos, I have to exchange them for Bitcoin before I can get them exchanged to our local currency. Once there is more awareness of Altcoins and more acceptances of theses coins as payments medium, Bitcoin will be in a serious mess. Now BTC Dominance is at 50% down from almost 80% in Dec 2016.
As for now, BTC still remains the King of all Crypto Currencies and I hope its developers will solve these scaling problems and make it returns to be the cheap and fast payment medium it was before. It shouldn’t be treated as the case of “Titanic Is Too Big to Sink” In other words, “Bitcoin Is Too Big to Crash”.
BTC still earns my respect as the first Crypto Currency
7 years from now, what do you think would happen to Bitcoin?
image source: salon.com
core team is the problem.
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it will still be around and traded
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Only time will tell where this big ship sails baby!
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Cool! lets watch and see.
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As I love steem lets hope the screw around long enough for us to pick up some of there followers lol 😎
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Hahahaha! @thelifeofbrian, That's funny. I love Steem too, but I still cherish Bitcoin as the First with such idea.
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It all depends on that the banks and governments do with it. Restrictions are bound to increase and who knows what quantum computing in their hands will do to the blockchain. I'd rather hold physical silver and only keep enough crypto to trade with until they make it illegal.
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Quantum PC will not come overnight. It will take em years, decades, and maybe centuries, to be afraid off. Personally I am too old (62) to be concerned about these PC beasts. Never the less, my attraction to silver/gold has not vanished even one small bit during last 5 years. And I am very very VERY crypto addicted.
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So which coins do you see as the future?
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Thanks for the post! I also have similar mindset: rather realistic and data-driven than too-unjustifiably-optimistic. To my opinion we are in a crypto bubble now. Here is the data supporting this assumption:
https://steemit.com/cryptocurrency/@alex13/another-crypto-bubble-and-the-rise-of-altcoin-markets
Would you agree?
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