The evolution of bitcoin !
This is my participation to the following contest : DCC tag contest - Let's support #bitcoin.
Bitcoin is a very interesting cryptocurrency. We could consider it money, even an asset and the main crypto for now.
When bitcoin was created, we had so many scams created on the web and people didn't trust it that much. They thought it's another promoted thing to push the interest of a group of people. But it went to something else. It was created to free people from the monetary system set by governments. To make it anonymous, so it protects the privacy. But it needed miners and that make a bit vulnerable, because who control miners can control bitcoin. That's why some people still don't think it's completely decentralized. As well the wallet can be tracked on the blockchain, what make it hard to make it completely private if the address is exposed to the world. Otherwise, if a trader or an investor wants to transfer it, it's always possible to do that through other crypto to not be exposed.
But being the main crypto in most exchanges and being the first hyped crypto, it's always leading in terms of the price and market capitalization. And I don't think that it will lose the position in a short term, because a lot of money is already invested in it. But talking about the long term, I don't think it will stand there forever, because there are so many cryptocurrencies with the same characteristics but much more and maybe better use cases. For example Monero with being anonymous, or so many social blockchains that bring so much value to people. Including hive, lbry, bch and others. Despite bitcoin being the most expensive cryptocurrency, it losing it dominance in the crypto world. Check the following chart to be sure about that :
source
As you see the dominance is less than 50% now. And notice that I'm looking at all time chart. That's why I'm not that positive about the long term. I mean 10 years and even more. Maybe in the future we may see the big reverse and all other cryptocurrencies will grow like crazy in the price. After all, most of us here know how to earn them, and there are a lot who are holding alts because they missed buying a lot of bitcoin when it was very cheap.
That's why I don't think it's the right time to buy bitcoin even if we know that it will go down in the price. And I can add to what @aftabkhan10 wrote in the following post I Don't Think It's The Right Time to Buy Bitcoin :
And also I don't recommend to buy Bitcoin right now because I think it's now at the peak and probably it's going to go down again.
That the reason to not buy bitcoin is not only knowing that it will go down soon, but if you want to buy a cryptocurrency for a long term, it's better to buy another crypto but not bitcoin.
Don't take for granted. I'm was always positive about bitcoin. I even wrote that it may cost $1 million, and I still think so. But when I look at facts and things that are created on the top of other cryptocurrencies, I feel otherwise. I could be mistaken, but I'm letting the constructive criticism taking its part. After all, we don't even know what will happen in this magic crypto world. When a meme coin like Dogecoin did so much noise, and very noisy crypto just despair from the arena. It's really hard to predict.
That's why we just have to keep holding the cryptocurrencies we love. And one of them will moon for sure.
Let be positive, keep earning and holding. We all will have great future with crypto anyway. ☺
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