(Image by WorldSpectrum from Pixabay)
I was in a heated argument! Facts, opinions, truths and possibly some lies were traded with strong emotions surrounding each exchange. The argument wasn't about global warming or climate change, neither was it about suppressive world leaders and corrupt politicians. Nope! We are arguing about Bitcoin and the alt-coins. The bone of contention centered around Bitcoin dominance and the relevance of the alt-coins.
I had made the assertion that the future of cryptocurrencies doesn't lie with Bitcoin and my friend, who is a strong Bitcoin loyalist, found the statement offensive and therefore considered me an "Alt-coin Rebel", to borrow his phrase. (Hence the title of this article).
I will once again highlight a stance I have always taken which is that "the future of crypto lies in the hands of the alt-coins".
Why do I say this?
Let's start with a little recap. For the current financial sector, Bitcoin has brought about a revolution which can be compared to what the automobile did for transportation. The introduction of cryptocurrency has literally pushed financial systems to the next level in the evolution of money.
Once upon a time, humans traded via direct exchange of goods and services. The introduction of money eased the awkwardness associated with the former trade method. Before long, gold and silver became the de-facto money due to their intrinsic properties. But as society evolved, other forms of money that were more feasible were developed and used. Gold and silver became mere stores of value, suitable for large long-term holdings but quite useless for everyday usage.
I see history repeating itself and the same thing happening to Bitcoin. By design, Bitcoin has properties that make it unsuitable for daily retail-level activities but just like gold, its historical status (especially in the crypto world) makes it a potentially good store of value. And just like gold, this doesn't take away its relevance.
Alt-coins on the other hand, are what will actually drive crypto adoption. Most "genuine" alt-coins have been developed with retail use cases in mind and are just like the paper money and bank notes/checks of traditional finance that we use for everyday real world transactions.
With emphasis on low fees, faster transaction speeds, scalability, among others, alt-coins provides features which the gold bullion and Bitcoin lack. And given that the economy largely consists of retail level transactions, alt-coins will eventually dominate as crypto adoption increases.
In conclusion, in the far future (or maybe even the near future) Bitcoin will still likely remain relevant but largely as a store of value similar to what gold is today. Alt-coins, however, are the backbone on which the crypto-based retail industry will build. And, in my opinion, the sooner Bitcoin maximalist realize this and stop looking down on alt-coins, the better for everyone in general.
I'm curious to know what others think of alt-coins eventually flippening Bitcoin.
Thanks for reading.
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