Alternative Coins that can substitute the role of Bitcoin is desperately needed

in #cryptocurrency7 years ago (edited)

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Bitcoin was created in 2009 by mysterious person called Satoshi Nakamoto just after the subprime mortgage crisis happened in the United States. The purpose of this coin was to be free from the greedy and powerful government who can print paper bills as many as they want. We call it 'decentralization'. Being decentralized benefits us in a way that there is no single administrator that controls the currency. The good thing about this is that the price of the currency is not determined by fiat of the government.
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Since dozens of centuries ago, people wanted to get away from the government's surveilance and be free from its power over individuals. Then a formless kind of money called bitcoin was invented. At first, people doubted about it saying it's nothing more than a scam. Then as the value of the coin had been disclosed, people started buying it with trust. Even though Bitcoin was speculative and its price was unstable, the price kept going up over time hitting highs everytime.
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More and more people will start hearing about Bitcoin and new money will flow into the market. This is why the market's cap is increasing regardless of the intrinsic value of the cryptocurrency itself. However, people faced a problem as Bitcoin's price kept getting up: High transaction fees, slow transaction and expensive price etc. Even if we paid more network fees, the transaction speed became so much slower than the past yet transaction fees are becoming more expensive since the Bitcoin price inflates.
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Nowadays, Bitcoin is more like gold that is just a luxury asset rather than being actively exchangable. Would Satoshi Nakamoto have wanted this or expected this when he first created Bitcoin? I think the answer will be yes and no. He might be happy because he became a super billionaire by his creation, but I suppose he did not expect this when he created Bitcoin.
I think the bubble will keep growing until people realizes it's not worth the price currently being traded.
I expect that Bitcoin's bubble will eventually pop and the result will be disasterous.
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Different kinds of altcoins were being made since 2013 in need of substitution of Bitcoin. Most of Altcoins' price have jumped hundreds of times, but they failed to become alternative coins. The result was that Bitcoin's price insanely inflated hitting $11000 as all-time high. As i said above, this is a drastic result of people buying Bitcoins hearing words to mouth. Even banks and governments are buying Bitcoins. It seems like the bubble is almost impossible to burst. Bitcoin has been a key currency in buying altcoins. Nevertheless, when the time passes people will realize the need of altcoins and Bitcoin's public interest will subside thus making its price stable and settled down. I do not know what it will be, but time will only tell and at the moment, it's the best that we invest in a long period and wait and see. I reckon that more money will flow into the cryptocurrency market in the next few years than the past 8 years.
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