What is the Future of Bitcoin — A Cryptocurrency Rapidly Becoming Obsolete?
Bitcoin was the first cryptocurrency ever, and was groundbreaking in that way, but is rapidly becoming obsolete as more and more better coins come out that can beat Bitcoin at just about all of its functionality.
For example, coins like Nano and IOTA are much better at transacting value, and work much better as a currency. Plus, Ethereum boosts Bitcoin’s smart contract abilities to new limits, with a turing-complete language for writing smart contracts.
But Bitcoin is still the top cryptocurrency by market cap, and takes up 43% of the total cryptocurrency market cap. People could blame this on the lightning network or other projects designed to empower Btcoin, but it is much harder to fix an old product than ship a new one.
So how can Bitcoin succeed in a future where its technology has become obsolete in the face of hundreds of new cryptocurrencies?
If we look at Bitcoin transactions and exchanges, we see that, currently, a large percentage of Bitcoin’s use is in speculative actions (aka trading, investing). So right now it seems that Bitcoin’s biggest use is for speculation, as an asset.
Bitcoin is a very special asset, though, because it has a totally fixed supply and doesn’t have any intrinsic value. This is unique from all other types of assets, from stocks to bonds to loans to commodities. Does Bitcoin have a place solely as a financial asset in the future?
My answer is yes.
Already, with a market cap in the hundreds of billions, Bitcoin has established itself in the world of finance, but still has a long way to go. It has no intrinsic value, so its value is only determined by speculation. This allows it to grow to heights that many would call a bubble, but without popping.
Plus, with a small fixed supply and what will soon be deflation, Bitcoin is a rare asset, which allows its value to be held without fear of the total supply growing and decreasing a Bitcoin’s value.
These requirements may be met by many other cryptocurrencies, but because Bitcoin is the first, it is far ahead of any competitors.
bitcoin is the reserve currency of the world...beyond just crypto. It the base for the accounting system. it;s got to be somebody. It's got time on it's side as a point of trust and reliability in that it's still here...a lot of days being battle tested.
Lightning network and other similiar solutions will create ease of movement. Also- EOS will able interchain communication ...making bitcoin able to move for free on the eos blockchain. Kind of a crazy concept...but in a way eos will be able to house bitcoin which i think is incredibly promising for the future of eos.
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