Bitcoin is the first mover, it has the brand, it has the most trading pairs, it has the public image. If you go talk to regular folk, most of them know very little about cryptocurrency and refer to the whole market as just 'Bitcoins'.
Bitcoin at this stage is digital gold, it is acting as such and is also the gateway the majority of people use to get into the market. It is the gold standard of crypto, if you will. It won't be toppled unless there is a reason, an alternative. This is an extremely young and immature asset class and all the alternatives have not yet reached full potential. just because the Swiss Frank is healthier than the US dollar doesn't mean that everyone will starting trading in it, Bitcoin has the market share and is a lot healthier than the US dollar by comparison. Silver has more utility than gold and is reported to now be rarer but it is gold that sits on the top as king.
I honestly think that Bitcoin will evolve and improve before it is so unhealthy it gets knocked from the top, Steemit is great and Steem should do well as Facebook cannibalises its own user base but it ain't digital gold.
Agree 100%. People tend to miss this point, just because crypto investors are aware that there are possibly other coins with more utility and potential than bitcoin, the money that has entered the market only really knows Bitcoin, thus will more than likely get their feet wet by buying bitcoin first so to speak.
Exactly, the volatility is huge and the gains can be fast in this game. Bitcoin being the standard, the reserve, isn't going to change at such a quick pace as people think. but then again I dunno if I see it staying on top for the usual 80-120 years that traditional fiat reserve currencies historically last for, even if I could live that long.
Good point indeed, thanks for your comment....however in the future, steem will be digital gold...keep steeming to more success