Last year one of the big topic was the rise of alt coins and the ICO hype. Many find the insane growth unhealthy, too fast and simply sick.
There is a lot of energy that is flowing into marked this way. Yes some of it will be wasted but much of it will spark innovation that were not even possible without crypto and blockchains.
What would happen if bitcoin would have smaller market cap than ethereum or some other coin?
I think there are a few contenders that could take over bitcoin. We are far away from it now, but given the speed of growth this could happen faster than anticipated.
My guess is that this would mean that bitcoin falls and potentially becomes worthless. But this may be wrong.
Currently bitcoin has the strongest market brand and recognition as well as the best infrastructure. But would that not all change when some other coin would gain more marketshare than bitcoin?
I am not entirely sure what the answer is, and one thing I have learned in the crypto world is to be open minded about such theories. Most likely we will not be able to comprehend and see all forces at work, given how new this ecology is and how few working models and history we have for it.
After all this is why so many of our bets turn out to be profitable.
Check out my lates video where I dive into this question.
Thank you for your attention!
Bitcoin does indeed have a lot of infrastructure, but that advantage won't last forever. For example, there are more and more ATMs adding support for the major altcoins.
In October of 2017, 29% of all Bitcoin ATMs had support for altcoins, At the start of January, 35% had support for altcoins (https://steemit.com/bitcoin/@techwizardry/2017-ends-with-2000-new-cryptocurrency-atms-first-monero-atm-goes-live-in-texas).
I would say by the end of 2018, more than 50% of all Bitcoin ATMs will support ETH and Litecoin.
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Very good point. This is exactly what im trying to point out.
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When I saw Ripple in secon position , I sort of got scared in a way because I saw that’s bitcoin has been falling for the past few weeks . But today’s bitcoin stood its stance and took a rise even though the whole market crashed afterwards
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I think by mid 2018 it will regain a lot of its dominants it lost over the last couple months but if another crypto were to pass bitcoin it would probably be towards the end of the year.
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Personally I think it is quite likely that BTC will remain 'the big one', at least in 2018. It is the safest store of value of all the crypto.
Next to that, I think we will experience a lot of projects not delivering upon their roadmap they set out in 2017, especially the ambitious roadmaps of a lot of projects that did an ICO in the previous 6 months. This might lead to a good clean-up of bad projects, but will bring a negative sentiment with it about alts with its decreasing effect on price.
Maybe from 2019 onwards we'll see BTC no longer at position 1, but still top 10. Some scalable platform coins might take over. Who will tell?
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Bitcoin's price is so high because people are willing to pay that amount. The question is, why are they willing to pay that amount? For a lot of folks, it's because they believe they'll make an easy buck.
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An excellent view of what is happening, you are right, Bitcoin has many rivals and has problems with bandwidth, but I think in 2018 Bitcoin will solve all the problems and remain as always "digital gold." Thank you @knircky
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The fast rise of several alts like Cardano, Ripple, IOTA, EOS, or Tron, shows that everything is possible, especially when the big players come.
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I deeply agree with you. Crypto world is free of artificial regulations done by some one who is akin to control this world. It is decentralized for God's sake. In our real world governments, banks and influential corporations create barriers between us and control effectively every aspect of our lives. But as Crypters (not french word for cryptographers but citizens of the crypto world) we have to get used of this natural evolution of coins.
Bitcoin is on the apogee of his life. It approaching his real All Time Height which will be the ultimate last one. From this point on it will retreat gradually from crypto Olympus and this will be the time for other crypto gods and semi-gods to take a throne. For me it is not big deal, which of them will take a lead. We can talk about the list of them and I want to add Steem and BitShares also on that list, but what counts in Crypto World is that the best one will win. Because we are all equally influential in this flat decentralized structure of Crypto Word we will always find a consensus about which crypto will be the king.
We will rearrange our portfolios accordingly and show will go on.
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XRP’s rise in 2017 was 24 times steeper than bitcoin’s own ascent...the strongest coin will ripple
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Of course! Bitcoin still 2018 will be above all.
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If I had just one wish for free, then I'd wish that Bitcoin dies^^ No seriously: This grandpa is drawing to much attention from medias and the wide mass itself. Still most people think that a blockchain is digital money. It's time to change this and give attention to the really interesting things :)
Just sold almost all my bitcoins and only have 0.01 btc now. Just to tell my kids that daddy used to have some ^^
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I think bitcoin will have a great future because his strategy is good in the digital currency world @knircky
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This year it is not possible because there are many countries where bitcoin is only choice ...alt coin are not available ..we first need to buy bitcoin then convert to other ...and still bitcoin is more popular then alt coins ... if market rise in future then there is equal chances that bitcoin will grow too...
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All that rise in alt coins really surprised me. And I guess it's only natural, because most coins have better and faster technologies that bitcoin. It will be an interesting year indeed!
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I really hope that bitcoin won't hold it positions, it is simply old dinosaur :) big fees , slow as fuck , nothing behind it from project point of view ( same steemit has platform , idea etc) . It is time for changes, maybe not in 1 year, but 2-3 for sure
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i own some cryptocurrencies and i always trust my dad about them he is the best for that :)))
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100%
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Lately I had to transfer some Bitcoin and I remembered why I didn't like doing that. Very high transaction fees and very slow transaction times.
In my opinion Bitcoin is probably at the bottom of the list of coins that I would recommend except for the fact that the public knows so much about it.
Despite this..... I think it's going to go up about 5 times this year. Not as much as last year but still pretty high and stay the top contender.
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I wouldn't be surprise if some other currency would overtake Bitcoin.
I still remember a few weeks ago when everybody was getting crazy and was seeing Bitcoin going up to 100.000 or even a million dollars.
Then after the dipped lately the same people declared that Bitcoin gonna die now.
Better not to listen to those bandwagon jumpers.
As you can see today it slowly recovers and goes up again, but I kinda feel the next few weeks could determine were we are going for the rest of the year.
Let's lean back and watch
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btc come here for long lasting.
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@knircky Can we expect your analysis on alt-coins, if you own any in your portfolio.
transaction time would be a bigger issue for BTC in near future.
Question about steemit: who is the competitor to steemit, can ReddCoin be considered as a competitor?
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as long as it is not ripple I am more or less fine with another coin becoming nr 1 but I would rather see BTC on that spot for a while.
If one thinks about precious metals Gold will probably the first one which comes to mind even it is not the most used one.
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Bitcoin will come up with solutions to its speed and fees and will continue staying as number 1 coin.
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why do we need solutions for bitcoin if steem already have zero fees and a great scalability?
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Fascinating question.
I don’t know that it will be this year, but at this point I think it is likely to happen.
Bitcoin core has not shown any signs of upgrading their tech. All the bitcoin hardforks - upwards of 15 last time I checked - are only encouraging the core team to stand put imo.
If not this year, then most likely by 2019, I think we will see Litecoin as the top market cap. The lightning network is coming along swimmingly. Atomic swaps are on the way, and Charlie is hinting at ICO’s on the Litecoin network. Add to this the rumors that Litecoin will be a payment option on Amazon soon, and you have a monster in the making.
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Nice video! Yes, thats the crucial question. My gut is telling me bitcoin will stay the boss and will push foreward the whole market.
As well, very good promotion for steemit.
You only missed mentioning "buy steem" :-9
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Bitcoin is like Prometheus! It had bring light and fire in our Crypto World and we have to be thankful for that. But as sadly as may seem to be that Bitcoin is going on long walk, this is on the other hand a positive wind of evolution.
Other even better coins will follow and it is really not important which one will be the next king of Crypto world. This world is decentralized and it will always find a consensus about the king coin. Competition is open and free and nobody can play dirty games here, because trust and decision making is dispersed among us.
I also have high opinion about your will to contribute and advance and prosperity of Steem and Steemit platform. I think that I'm right that you is one of good Steemians try to promote sharing of value on basis of good contribution to this community.
Value and wealth must be the blood of Steemit. It must circulate to those who make the biggest effort for producing new valuable content to the platform. I get an impression than you are more than willing to promote all who's intentions are noble, and valuable to our community and you also have a wealth intended to be shared as rewards to any one willing to be true Steemian.
As a small red fish in this aquarium I make a stand that to Upvote Myself no More. This is in my current situation almost only noble stand that can I fulfill. It intention is to show people here that is not the wealth and money what connect us. It's simply us that is this connection. With slogan "All the money of this world is worthless if we lose each other!" I started a campaign For Better Steemit #1, #2. Till now it get 0% attention. Maybe you will be the first of the noble influential Steemians to support this campaign.
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