Something to think about... and Bitcoin Dominance rears its ugly head again.
Why is blockchain and cryptocurrency technology so powerful?
Beyond the practical uses as a means of payment and an immutable store of value, think about what it actually represents.
For the first time in hundreds, if not thousands of years, people again have control over their own money and their own assets.
Think about this tweet put out a couple hours ago by Ari Paul:
"Cryptography and cryptocurrency are naturally defensive in the extreme. With $25 of computer hardware, I can encrypt a message that all the world's intelligence agencies can't decrypt, and can transfer value in a way that they can't censor or seize."
(Source: https://twitter.com/AriDavidPaul/status/966208606902333441)
It was one in a line of tweets talking about how technology and weaponry can be used both offensively and defensively.
However, I think it has very profound implications in its own right.
What do you think?
On a completely unrelated note, it is interesting to see Bitcoin taking back some of its market dominance.
As you can see, Bitcoin is at 1 month highs in terms of market share:
(Source: https://twitter.com/iamjosephyoung/status/966235244075667457)
Bitcoin's market dominance climbed close to 40% earlier this morning, which would mark the highest it's been in some time.
Interestingly enough, Bitcoin has spent most of its life valued above 50% of the entire cryptocurrency "market cap".
In fact, for years it hovered around the 90% mark.
Personally, I would not be surprised to see Bitcoin start to take back some of that market cap dominance in the coming months as fees continue to come down and as the Lightning Network is eventually implemented.
That might not be good news for most altcoins (steem not included).
Steem should have some real utility by then, both from the social media aspect but also as a fabric for all the SMTs that are rumored to be launching.
I would expect fabric chains like Ether, EOS, NEO and some of the others to continue to do well in spite of Bitcoin taking back some of its market share.
All in all, Steem is headed in the right direction, potentially joining those types of coins.
Stay informed my friends.
Follow me: @jrcornel
Interesting topic bitcoin dominance also nowadays is very difficult to predict what is going to happen considering how big and important the company who issue the altcoin are.
We will see
@marcopizzuti, i agree completely with you, bitcoin is going through different phases and only a few who are able to study the market will end up making the right decision on bitcoin.
Crypto generally is gaining more acceptance even with some big fish that had once rejected it in its infancy stage, since btc is gaining more relevance, i am sure that we would see crypto especially btc go high in value in weeks from now.
Btc has always found a way to get back and take its first place on the crypto board.
Steem of course can't lack behind, many more people are getting on steemit and even the big fish who also discuss steemit with their various followers.
The best days of steemit are here now!
Thanks @jrcornel for this informative post.
Once Lightning network is released, can BTC get back to 50% dominance?
You can never quiet tell what the future will hold can you. Guess we will wait and see.
Another excellent piece of writing and great information, topped by personal prediction from one who has been around for a while... Good for you, good for us all!
Personally, I can't help but think that, as you presented in the very beginning of the article, crypto-currecnies are turning a page in history when it comes to giving power to individuals, not the central banking system. Something that has not been seen in a VERY long time, in deed. It deserves the tag of disruptive technology alright and for good reasons, disrupting the establishment monopoly that has reign over the centuries by decentralizing the distribution of wealth, thus allowing for the re-establishment of a natural economic ecosystem.
In relation to Bitcoin, who are the new big figures who are acquiring BTC? I am not surprised to see it regain territory over the last lost value. I believe it was meant to happen and organized as well...
Thanks again for this article and giving us a chance to partake in the sharing of our thoughts on this matter.
Namaste :)
Thats definitely true steemit is headed the right way
I would also want EOS,ETHER, NEO to do well why bitcoin takes over the market share. And i believe in few months time bitcoin's dominance will be the greatest ever experienced in the history of technology
To end this i would conlude by saying bitcoin and cryptocurrency is very powerful
Alts will drop, if you can't handle that... just do not allow yourself on your exchanges and dont look at your holdings :D
Bitcoin will suck up the value from the alts and then when it takes a break that new money will flood back into alts.
Thanks to the powers that be, it appears BTC dominance is here to stay. 😭 But I hope I'm wrong.
Cryptography, encryption, and privacy are all trends that are growing in reach. The fact that crypto assets align with these trends and work to hinder manipulation of savings and value by external forces is the entire point of the talk of revolution. Something I go into more depth on here!
Bitcoin is really affecting other Cryptocurrencies the fall of bitcoin means the fall of the others and vice versa
We'll just have to see who wins in the future. I guess right now, I would focus my effort on what's in front of me. You did a short but good post @jrcornel. I hate to read very long ones.