Rethinking Bitcoin and The Cryptocurrency Market

August 22, 2019 2:55 am Published by Leave your thoughts

There are many people in this space who think of Bitcoin as the next form of money. There are many things going against this, and with good reason. I think it’s time for many in the crypto-sphere to rethink BTC and this market as a whole.

Lets look at the facts:

Bitcoin as of writing is not scaling, it is considered more to be a store of wealth, rather than a form of money. It is like digital gold, it’s heavy and cumbersome.

Bitcoin becomes expensive to send from point A to B when the price of Bitcoin is high. If BTC makes it to 100K it will be extremely expensive to use.

It is slow, more so when the price and transaction levels are high.

There is a very low supply. Even though it can be broken down and thought of in decimal places, unless we start counting it in satoshi’s instead of whole coins, no one is going to want to relearn how to spend money, as in these groceries will cost 0.00400000 BTC.

Bitcoin is not the end all and be all of the cryptocurrency market at large.

With this said, to me thinking of the future of crypto, I personally (and many others in the space) see Bitcoin as more of an index of the greater cryptocurrency market as a whole, like the S&P or the DOW, and the cryptocurrency market at large as either an upgrade from the traditional markets or an extension to it. Whats more is that there will likely be another coin or multiple other coins that will be used as digital money, used both online and at physical locations.

Cryptocurrencies can represent anything, wether it be a physical thing, nonphysical, a service, utility, loyalty points, anything that is tokenized and more. It works more efficient than our current money, easier to move and transact. Easier to send abroad and with everyone holding a cellphone, easier to use. The market at large is more inclusive and allows anyone, anywhere to learn and get into the market. It allows anyone with an idea to get funding from the general public and if that idea is good, to grow, and decentralization allows us all to maintain our freedom and own our content whilst maintaining privacy as we see fit on a personal level.

And the biggest elephant in the room. With tech companies like facebook and google growing evermore powerful, cryptocurrencies help mitigate the balance of power in the grand scheme of the world we will leave behind for our children. Centralization and decentralization is the difference between a future where big, centralized tech companies control the internet and governance of our lives, vs citizens having a say in that governance, being able to vote and come to consensus on what should and what should not be.

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This post was written by BlockAdvisor

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