What, did he really say that ?!
"Bitcoin is the future!" "you are just bought by the bankers!" "Why are you even on this platform?!"
Hey guys,
In this article, I will talk about why I think bitcoin won't be as important in the future as many of us think.
So what leads me to say that?
I'm sure most of you are aware of the huge scaling problems with bitcoin, and no matter where you stand on the debate and what your opinion is about the forks, using bitcoin daily to pay small amounts is just not practical.
But as we all know Bitcoin was made to be a peer to peer currency for daily usage.
However, I think, the high fees on most wallets, which are a result of the scaling-problem will keep people from using it as much.
Another reason I believe Bitcoin to be not as effective as a currency is a time it takes to transfer money.
While it surely was quick in 2008, I'm sure most of you are aware of the alternatives which are able to process transactions way quicker and charge lesser fees.
And while Bitcoin probably was the coin that brought most of us here in the first place, we can already see, that people start to invest more in other currencies or projects.
This chart from coinmarketcap.com shows how bitcoin lost a lot of market share to altcoins and was even almost equal to ETH in July of 2017.
Furthermore, I believe that many people that see Bitcoin just see as an investment are going to invest more in altcoins since they are priced at the lot lower and big numbers are just scary to some people.
What I mean by that is, that if Bitcoin goes up x100 it will be at $1.387.600 per coin, but If a coin like Cardano goes up times 100 it will be at $78
( 01/12/2018 ADA price $0,78 / BTC price $1387,50 )
And even though it doesn't really play a role, I think Investors will subconsciously have that in the back of their mind.
So what will the future bring to Bitcoin?
I will talk more about that in my next post.
Until then, stay involved be interested and look forward !
Luca
Pictures and charts by
Coinmarketcap.com
cryptotradeacademy.com
