The total market cap of the cryptocurrency market has reached a new dimension and it has exceeded the $750 billion mark. However, Bitcoin, which has always moved the cryptocurrency market forward, is experiencing its worst period of all time in terms of market dominance.
When it was first formed, Bitcoin was seen as a revolution in currencies with its low transaction fees and almost instantaneous transactions, but these features are coming a long way.. Perhaps, along with these features, Bitcoin’s place in the crypto money market is also going away.
It’s Not What It Used To Be
Everything started with Bitcoin challenging the established order of money, currencies, banking and economy.. In the beginning, individuals joined Bitcoin to gain personal freedom, while traders were included in the market to adapt to individuals.. Bitcoin, which challenged the whole system and offered a better system, was almost the perfect currency.
Currently, an average transaction fee in Bitcoin is $ 20.. Earlier this year, the average transaction fee was $2, and even then, people were saying that Bitcoin was deviating from its origins. said, and as a result, Bitcoin Cash was born.
Currently, we do not analyze whether Bitcoin or Bitcoin Cash is better.. Whatever your thoughts on these two cryptocurrencies, it must be admitted that the original Bitcoin has ceased to be what Satoshi Nakamoto wanted it to be.
SegWit2x and Digital Gold
With the implementation of SegWit2x, it is now Everything that was shown as a problem with Bitcoin (transaction fee, transaction waiting time) could be solved and Bitcoin become a more useful currency. However, Bitcoin, which experienced huge price increases, was preferred to stay as is and the original SegWit2x plan was put on hold.
Roger Wu, founder of digital marketing organization Cooperatize.com, sums it up as follows:
“The big question is: are people willing to pay with Bitcoin? The truth is that most of our customers are from other businesses and other businesses do not use Bitcoin.”
While Bitcoin, which is also nicknamed “digital gold”, is skyrocketing, people should not miss this unprecedented price increase, He wanted to get involved in the industry.
The problem is that Bitcoin has now found its own path, and because of that path, it has become “obsolete” in perhaps one of the most innovation-oriented industries in the world.. Considering that each crypto currency in the market has its own value, Bitcoin’s goal of becoming digital gold is not a difficult target.. In fact, we think that there are people who do not know what crypto money is, but know what Bitcoin is.. If cryptocurrencies were widely used in payments worldwide, the most prominent currency could be Bitcoin.. However, this is no longer the case.
There are coins on the market that are both a “store of value” like Bitcoin and have different advantages, and now people are starting to realize the value of altcoins.
As an example. Ripple
Ripple, which has a very different purpose compared to Bitcoin, experienced a massive 36x growth in 2017 because people are aware of what Ripple can achieve when used as a payment system between banks.
Ripple has innovations, powers that Bitcoin does not have, which attracts people. Ripple is just an altcoin that we give as an example.. There are dozens of different coins that bring brand new features to the market. The point to be emphasized is that Bitcoin is no longer “owning” the market.
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