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I do believe bitcoin will be overtaken as a payment cryptocurrency by something else. Bitcoin is now digital gold right? So bitcoin doesn’t need to be fast and cheap to send payments then. I do not believe bitcoin will be utilized by the majority of the commerce world as a method of payment. I believe mass adoption for blockchain will mean companies/ industries adopting industry specific stable coins to conduct transactions. I believe bitcoin does have a bright future as an alternative store of value but it will struggle to become accepted within the mass adoption of blockchain technology.
@kryptokenzie, I’m not sure this is the place to post this reply. Your view of Bitcoin being digital gold and it not needing to be fast and cheap to transact with is not realizing it’s potential.
Is it not possible to have a currency that is both a good store of value (like gold) and also have cheap and fast transactions when needed (we are in the digital age after all, things have moved on from armored trucks moving bars of gold)?
Bitcoin doesn’t need to be used by the majority of the commerce world to have a significant impact on the world, it only needs to be an established go to digital money that is relatively stable when compared to some national fiat currencies.
Why invest in other stable coins? these are no different to holding fiat. You don’t hear people shouting Tether’s are going to the moon. Other cryptocurrencies that have fast and cheap transactions are far from stable and far less established than Bitcoin.
I think the reason Bitcoin maximalists believe what they believe is because Bitcoin is slowly evolving, it’s not a one-trick pony. It may be the best horse on the track now, other better horses may come to the race and win now and again, but none of the horses in the race remain the same, they all evolve with better tech over time. Bitcoin still has the first mover advantage and is more established. If Bitcoin ever exceeds or reaches near the market cap of gold, it’s going to be an eye opener for the world. Imagine what a few Satoshi could buy you then.
In the meantime, let’s hope the whales cash out some of their massive wallets for dirty fiat and invest in the world economy.
I can appreciate that point of view @kryptokenzie
If I look at the majority of development going on in the crypto space, bitcoin is blowing everything else out of the water, in terms of quality of engineers and implementations.
But I’m not completely disregarding the idea that something other than layer 1 bitcoin will be the primary transaction cryptocurrency.
Could be lightning, could be other level 2 or level 3 solutions…could be another crypto…but based on how I’m seeing the space mature and develop my money is on bitcoin, not just as sound money and a store of value, but as the most likely to fix the scaling and throughput issue in a way that doesn’t sacrifice security of the 1st layer chain, before any other project.
I would be willing to change my tune if I start seeing evidence of the contrary though.
It’s not my view that bitcoin is digital gold. Bitcoin maximalists have this view. My original view of bitcoin is that it was intended to be a censorship resistant currency, investment or whatever you want (point being its censorship resistant). But that intention has strayed to presently being the dominant currency to transact with altcoins and pump and dump the crypto market.
I’m not a maximalist either, but I prefer my money in Bitcoin over fiat. Digital gold is a nice trait of Bitcoin, but it is is also my money and savings.
Pump and dump happens in traditional markets too, which is done with fiat.
In the end it hardly matters, manipulation occurs with crypto whales or traditional whales.
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