In the era of cryptocurrencies, it is simple to trick people into thinking that a coin with a higher market capitalization and numerical value is superior to one with a lower value. But is this usually true? (Terra Luna coughs violently!!!)

When it comes to cryptocurrencies, Bitcoin has always been the star of the show. In fact, the majority of people use the term "Bitcoin" interchangeably with cryptocurrencies. The cryptocurrency market as a whole moves as Bitcoin does. Therefore, Bitcoin is crucial to the crypto industry. However, its importance is waning. A few years ago, a catastrophic attack on Bitcoin might have signaled the end of the cryptocurrency industry, but this time is different since Hive is now better than Bitcoin.

Let's speak about this more!

Devaluation

Devaluation over time is an indicator of the health of any currency, even though it may not always convey the whole story. So I dove in to see how Hive and Bitcoin had declined in value over the last six months. These numbers are provided. Hive's value has decreased by an average of 38% over the first six months of this year (down from 1.2USD to 0.46USD at the time of this writing). In sharp contrast, as of the time of this writing, Bitcoin had lost a staggering 43 percent of its value, from 48,000 USD to 20,000 USD.

That is a significant loss, and the bearish trend looks never-ending. Numerous minor crypto-projects were considered to have been destroyed by the cryptoverse's bearish mood. Small in the sense that they frequently price less than the larger dogs. But, do the big dogs like Bitcoin look more vulnerable, (or am I just wishing?)

Web 3.0 Future may not include Bitcoin

Have you seen recent discussions focusing heavily on the Web 3.0 innovation? Most frequently than not, blockchain technology and cryptocurrencies have been cited as key elements of Web 3.0 innovation. However, in my opinion and based on anecdotal information I have gathered, Bitcoin appears to be mostly absent from the discussion.

The underlying explanation for this is based on the functionality and architecture of Bitcoin. As a pioneering cryptocurrency project, Bitcoin was essentially a proof-of-concept rather than a functioning currency. Currently, Bitcoin can only be primarily linked to a reliable project as a store of value or wealth (I could be wrong). Moreover, the Bitcoin blockchain offers no DApps compared to others.

Owning Bitcoin doesn't always make you more valuable than someone who owns bees (Hive coin).

The American Dollar continues to be the widely used unit of measurement for financial worth (USD). Therefore, regardless of the quantity of currencies it could translate to, whether I own 100 USD worth of Hive and you hold 100 USD worth of BTC, we basically have the same amount of money. Therefore, having Bitcoin does not make one a crypto king or queen.

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Lastly

We are grateful to the people who invented Bitcoin for implementing cryptography in a way that had never been dreamed of before and for launching a new technological wave that gave rise to the Hive blockchain. However, a currency's value is more dependent on utility than on its numerical value.