As everyone watches the price of BitcoinCash (BCH) rise, I have to wonder about the future of Bitcoin as a whole.
In a turbulent market such as cryptocurrency, you see coins go up and down all the time. This is what makes crypto so appealing to investors. The volitility is what drives most investors to the market, there are far bigger gains to be made in cryptocurrency then in most other commodities markets.
Recently, Bitcoin has gone through two hard forks, BitcoinGold (BTG) and BitcoinCash, and threatened another (B2X). Now, speculation on these coins seems to be at all time highs, but, for how long?
I am relatively new to crypto, I have been mildly involved for not much more than a year and I have redoubled my interest in the markets as I am trying to forge a legacy for my family and myself.
I have come across good investments and scams alike and the recent turmoil with Big Daddy Bitcoin has been very concerning to me of late. Bitcoin is supposed to be the main crypto, the currency that binds the cryptosphere together. It should be the most trustworthy as well. Lately, I have been losing trust in Bitcoin. I don't know who to believe or which Bitcoin is the real Bitcoin anymore. In this kind of climate, I start looking around for other cryptos to replace my BTC holdings both present and future. I am not the only one who feels this way.
Obviously, people are searching for Bitcoin replacements, coins with a track record of cooperation within their communities are on a tear. (I do not endorse Dash, I am just citing the best example.)
Monero is also up a few percent. Litecoin is not rising to the challenge, though that was the first alternative I thought of. Maybe there is too much BTC in it for people's liking, I have no clue.
The point is, cryptocurrency is a concensus-based commodity, and lately, Bitcoin has been severely lacking in concensus. Big money always screws everything up in the long run.
The blatent manipulation by the BCH people should be a sign of things to come within the Bitcoin community and hopefully the users will put a stop to this madness. Mining has become the gateway to centralizing the Bitcoin ecosystem, so, maybe Proof of Work is not how coins should be maintained. Maybe only the users should be able to mine and at a limited rate. This would be actual decentralization as opposed to what is going on with the huge miners regularly trying to put the investors in danger with their greed and lack of cooperation. Maybe P.O.W. should only be done by CPU, giving everyone a chance to participate, thereby pushing big money back to where they belong, the dollar market.
When I got into cryptocurrency, I was under the impression that it was supposed to be the field leveller between big money and humanity as a whole. It looks to me like Bitcoin no longer holds that ideal.
Oh, well, there are literally thousands of coins in line to replace it. Maybe it will be STEEM? Think about it, instant, no cost transactions.
Perhaps all of these hard forks are precisely trying to undermine Bitcoin so people will lose faith in it?
I was wondering that myself. I don't get why people would want to tear down their own house though.
Interesante cuestión, mucho se especula sobre que quieren bajar a BTC para que se de la oportunidad a las demas Altcoins.
Aunque igual la historia nos ha demostrado que BTC tiene una naturaleza mas pura y su verdadera filosofia termina ganando.
Todo puede pasar.
Esa es una perspectiva mucho más positiva. ¡Gracias por eso!
@matthewtiii thank you for sharing your thoughts. I always enjoy reading different perspectives. I think you will be interested in watching my latest episode of Crypto Nights. My interview with Ryan indirectly looks at your concern regarding the price. Whilst we focus on the price of Steem we do look at the price of Steem and by using EWA, Ryan states that he sees the price of BTC to rise. Check it out. Would love to hear your thoughts and comments!
Up-voted and followed.
Anton
I just hope they can pull it together and think of the future. Watched your video, upvoted and followed. Thanks. It would be awesome to see $5 STEEM !