Will Bitcoin stay the number one cryptocurrency?
I have entered the cryptocurrency-sphere in the end of 2017. I have seen a lot of videos about crypto, read a lot of articles about it and asked myself whether or not to buy Bitcoin. In the end I have decided to not buy bitcoin, because I dont see Bitcoin to prevail in the future.
Here is why:
Although it has opened blockchain to a broader audience because it is in the news constantly, it is nothing but a bubble. Dont get me wrong. I like Blockchain and the ways it could/will(?) change our lives/economy. The projects with use cases that solve a problem (utility) and real world adoption will stay alive and become big potentially. You can say Bitcoin has both of it, but this is not the case. Sure you can buy stuff with Bitcoin and there are also ATMs for Bitcoin. But ask yourself if You would buy a pizza with it and please be honest! Bitcoin was ment for being a currency. But the way it works is just not suitable for being a currency. Here is why:
The volatility (this is also true for biggest part of all so called cryptocurrencies except Tether, USDT etc.)
I believe most of the people buying Bitcoin are doing this because they hope its price will rise and so not buying things with it.Its tiny supply (max. 21 million coins, minus the already lost Bitcoins)
If we were only lets say 21 million people living on Earth that could work, but we are not.
Devide this by around 6 billion people living on Earth. That would be 0,0035 Bitcoin for each person. That is just ridiculous.
Even if problem number 1 is solved, number 2 will hinder Bitcoin to stay the dominant cryptocurency. In my mind Bitcoin is just something for people expecting/hoping the price will rise again or further in the future.
This is my personal opinion and no financial advise!
Always on top.
That is possible. But not in my opinion. We have already had declines in Bitcoins dominance. But who knows.... :)
Just wait for whales to start their pumping bots,btc will moon when they decide.