Will Bitcoin Continue It's Dominance?

Bitcoins stance has always been to be a store of value. However is that store of value diminishing and being replaced by other cryptos?

The one thing Bitcoin does have going for it is how battle tested it is. The systems been under attack for years and constantly pushes back. As long as your keys are safe pretty much no one is ever getting into your wallet.

At the time of writing this Bitcoins dominance is at an all time low of 37.9% with Ethereum at 19.3%

The major changes that are happening are Cardanos recent rise to power, Binance taking a nice chunk with Solana and Polkadot all gaining traction. These so called alt coins really do one thing. They improve speeds and lower fees compared to Ethereum who has seen extremely high fees and a slower blockchain.

The only one really making moves however still is Ethereum. While the others still have a large cap to close in order to get anywhere near Ethereum levels.

The Taproot Bitcoin Upgrade

In November 2021 just 2 short months away bitcoin is getting it's first major upgrade in the last 4-5 years. Bitcoin is not known for upgrading it's blockchain it's one of the slowest and one of the ones where the dev team really doesn't like upgrading the blockchain and sees it as a store of value.

Last time bitcoin had a update was in 2017 which turned into a battleground and launch bitcoin cash a hard forked version of bitcoin. From there we had many more hard forks happens. Could we be repeating this again?

What Does Taproot Do?

Taproot should launch bitcoin into the current age we are in. Allowing for smart contracts on the bitcoin network. More importantly for them to run efficiently and cheaply.

The main things to watch for when this goes live is what kind of fees we are going to see and speed out of the new smart contracts for bitcoin. Will it be enough to remove the pressures of current existing systems such as Ethereum, Cardano, Polkadot and the likes? Or is this upgrade pretty worthless and wont see much action? Instead these other off chains would be used as bridges to bitcoin still?

In any case it will be a very interesting end of the year. There is so much about to happen in crypto in the next 2-6 months in terms of upgrades, new chains, new games, nft upgrades and much more. Trust me it wont be a boring time in crypto moving into the winter.