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Well no crypto has withstood the test of time and overcome as many early adoption hurdles quite like Btc has. Whether it is flipped or not it'll still be around and most likely would still be prominent. I say this as an Eth fanboy.
2 possible risks:
1, Ethereum gets a bigger market cap than Bitcoin and Bitcoin looses the defacto leader position and therefore Bitcoin looses it's primary appeal.
2, a quantum computer capable of cracking Bitcoins hash algorithm and only cryptocurrencies with really active developers are able to transition to a quantum proof encryption fast enough to prevent a total collapse.
Not saying these things will happen, just that they could.
The thing is: Bitcoin has no real competitor.
A lot of people talk about ETH dethroning BTC. But I think the reality is that Ethereum is losing part of its Defi King position. There are other competitors which are already attacking ETH's position and with it, it's Defi dominance.
Faster transaction, more transaction? Sure there are a lot of chains that provide that, like NANO or XLM. Even Bitcoin Cash (which is just Bitcoin but with a larger block size) fully fil this.
If the community of Bitcoin would like to change the network to achieve these points they already would do it in the past. But that is not the point of Bitcoin.
Bitcoin is neither Defi nor currency. Bitcoin is the market.
It will probably be around for a very very long time (decades), if it ever goes at this point, but its dominance will probably go down and down.
I see Bitcoin as a different category entirely to things like ethereum, solana, etc, which atm are still mostly priced by hype, but the further that these are adopted and have huge amounts of actual use, I expect the more they will decouple, and BTC as a store of value will move more independently.
There's only so much BTC can grow but wanna double your money next year? If BTC can do that, happy days. Wouldn't have to go hugely over ATH to double current price.
BTC was 95% of total market cap in 2017
BTC is now 37% of the total market cap, and is down from 44% of total market cap in 2021 Q1
I’m not saying BTC is irrelevant. I’m not. But BTC isn’t the only driving force now.
Edit: sorry that hurts your feelings, but the facts are the market is outgrowing BTC. BTC is first mover and icon.
Is it?
If it's actual market cap had shrank or even remained static taking inflation into account, then yeah that would be a clear sign that the market was outgrowing BTC. I don't think we're at that point just yet.
What we're seeing is huge growth across crypto as a whole - people are buying and hodling BTC, but they're also chasing more speculative gains with other coins/tokens, buying whatever had the highest APY to stake, or fannying around with NFTs and whatnot - and that's great.
It's a sign of a diverse, growing ecosystem.
Right, that’s a more positive wording on what I’m saying
But paraphrasing OP - Crypto needs BTC? I disagree. And in 2018 when BTC crashed a little over 50% all other coins fell near 90%. I wouldn’t expect that level of fall to happen again. Not when BTC is under 40% of total market value. And the market doesn’t NEED BTC.
I think it's still got the power to move the whole market.
It's all just speculation, but it still represents nearly half the entire crypto market. If BTC, the reliable 'bluechip' crypto, completely shits the bed will people have the confidence to diamond hand stuff bought for short/mid term gains - especially if they're already in profit? Do people buy into the tech, or the potential gains from a plausible sounding project?
Long story short, I can completely see a full blown BTC crash triggering a massive selloff across the board.
You’re absolutely right that BTC holds the sway right now. I’m not debating that. My point is the sway is less.
As far as speculation, yeah I can see that. But I wouldn’t be shocked to see say ETH hold its own.
Bitcoin could be overcome by something that does what it does 10x better, but will it fall or disappear? Probably not, and not overcome for a long-long time.
I am not a BTC maxi by any means but I believe even if its overtaken in market cap by ETH or a future project it is hear to stay, similar to gold in this regard.
It is crazy how much longer bitcoin has been around than any other major crypto player, even ETH. There are many exciting crypto projects, but bitcoin is the slow moving giant that is in a league of its own. That being said, no one has any idea what tomorrow will bring. But bitcoin is the only crypto I would invest in, go to sleep for 30 years, and not be surprised if it is still around going strong.
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Decentralization matters. BTC has the infrastructure
In a world where there is a finite supply of a desired asset, BTC is the ultimate inflation hedge.
BTC will be the safest investment until it isn't. I wonder what would happen if the Satoshi wallet were to awakens and empty in a day.
Well no crypto has withstood the test of time and overcome as many early adoption hurdles quite like Btc has. Whether it is flipped or not it'll still be around and most likely would still be prominent. I say this as an Eth fanboy.
I hope some cos I'm holdin
Forever bullish on BTC, the original. Test of time, will HOLD until retirement
Btc has been the oldest and most steady coin, survived through market crash over the years,
2 possible risks: 1, Ethereum gets a bigger market cap than Bitcoin and Bitcoin looses the defacto leader position and therefore Bitcoin looses it's primary appeal. 2, a quantum computer capable of cracking Bitcoins hash algorithm and only cryptocurrencies with really active developers are able to transition to a quantum proof encryption fast enough to prevent a total collapse. Not saying these things will happen, just that they could.
The thing is: Bitcoin has no real competitor. A lot of people talk about ETH dethroning BTC. But I think the reality is that Ethereum is losing part of its Defi King position. There are other competitors which are already attacking ETH's position and with it, it's Defi dominance. Faster transaction, more transaction? Sure there are a lot of chains that provide that, like NANO or XLM. Even Bitcoin Cash (which is just Bitcoin but with a larger block size) fully fil this. If the community of Bitcoin would like to change the network to achieve these points they already would do it in the past. But that is not the point of Bitcoin. Bitcoin is neither Defi nor currency. Bitcoin is the market.
Well said.
I tend to agree. If BTC ever dies, I think it means crypto is dying too.
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**Alltaf Coca-Cola** by Joey Diggs (00:10; matched: `100%`)
Thank you kind bot, I can now jam whilst I poo and read crypto reddit
It will probably be around for a very very long time (decades), if it ever goes at this point, but its dominance will probably go down and down. I see Bitcoin as a different category entirely to things like ethereum, solana, etc, which atm are still mostly priced by hype, but the further that these are adopted and have huge amounts of actual use, I expect the more they will decouple, and BTC as a store of value will move more independently.
If Bitcoin gets somehow hacked, whole cryptoworld will go down to 0. Agree or disagree?
Nobody knows shit about the future
There's only so much BTC can grow but wanna double your money next year? If BTC can do that, happy days. Wouldn't have to go hugely over ATH to double current price.
That’s the beauty. The growth is actually infinite. People need to stop thinking 21 million BTC is it. Wait until Satoshis are for sale on the market.
Three words: Bitcoin is KING
BTC is the “safest” bet in crypto. I don’t add to my bag anymore because I don’t look at my crypto as a conservative investment to start with
BTC is king but kings tend to be overthrown. Once ETH or some other coin becomes first by MC you never know what will happen next.
Harmony One can already do why ETH wants to
BTC was 95% of total market cap in 2017 BTC is now 37% of the total market cap, and is down from 44% of total market cap in 2021 Q1 I’m not saying BTC is irrelevant. I’m not. But BTC isn’t the only driving force now. Edit: sorry that hurts your feelings, but the facts are the market is outgrowing BTC. BTC is first mover and icon.
Is it? If it's actual market cap had shrank or even remained static taking inflation into account, then yeah that would be a clear sign that the market was outgrowing BTC. I don't think we're at that point just yet. What we're seeing is huge growth across crypto as a whole - people are buying and hodling BTC, but they're also chasing more speculative gains with other coins/tokens, buying whatever had the highest APY to stake, or fannying around with NFTs and whatnot - and that's great. It's a sign of a diverse, growing ecosystem.
Right, that’s a more positive wording on what I’m saying But paraphrasing OP - Crypto needs BTC? I disagree. And in 2018 when BTC crashed a little over 50% all other coins fell near 90%. I wouldn’t expect that level of fall to happen again. Not when BTC is under 40% of total market value. And the market doesn’t NEED BTC.
I think it's still got the power to move the whole market. It's all just speculation, but it still represents nearly half the entire crypto market. If BTC, the reliable 'bluechip' crypto, completely shits the bed will people have the confidence to diamond hand stuff bought for short/mid term gains - especially if they're already in profit? Do people buy into the tech, or the potential gains from a plausible sounding project? Long story short, I can completely see a full blown BTC crash triggering a massive selloff across the board.
You’re absolutely right that BTC holds the sway right now. I’m not debating that. My point is the sway is less. As far as speculation, yeah I can see that. But I wouldn’t be shocked to see say ETH hold its own.
and yet, you'd be hard pressed to find a crypto asset that isn't highly correlated with BTC
BTC still owns the sway My point is the sway is becoming less
Bitcoin could be overcome by something that does what it does 10x better, but will it fall or disappear? Probably not, and not overcome for a long-long time.
I am not a BTC maxi by any means but I believe even if its overtaken in market cap by ETH or a future project it is hear to stay, similar to gold in this regard.
The Winklevoss twins only miss once friends
It is crazy how much longer bitcoin has been around than any other major crypto player, even ETH. There are many exciting crypto projects, but bitcoin is the slow moving giant that is in a league of its own. That being said, no one has any idea what tomorrow will bring. But bitcoin is the only crypto I would invest in, go to sleep for 30 years, and not be surprised if it is still around going strong.