BITCOIN--MOTHER OF ALL SHITCOINS

I find it ironic how most people let bitcoin maximalists get away with calling other cryptocurrencies shitcoins but the moment you make a critical comment about bitcoin everyone wants to school you on the fundamentals of bitcoin as though it embodies the entirety of the crypto sphere. I find this repulsive and It's probably the major reason I dislike the community built around bitcoin.

For months now we've been riding the Defi wave. Matter of fact most of the impressive development in the crypto sphere in the past 3-2 years is courtesy ethereum--another crypto I am indifferent about due to it high transaction fees. The major reason bitcoin has been in the news is because of its popularity and price and rightly so. Bitcoin is, in fact, the first cryptocurrency and it deserves all the attention it is getting. I think for the overall growth of the crypto sphere we need bitcoin to thrive. The entire crypto industry depends on it. However, this has created an illusion in the mind of a few that Bitcoin is the only relevant coin.

The crypto community is driven by the market, and the thing is: the market is dumb (well, TheyCallMeDan will agree with me on this one). Today bitcoin is the best project because it's appreciating; tomorrow it's not because it has lost 40% of its value. The same applies to hive. I remember a few months back everyone was excited about hive. Now the story has changed and will change in the nearest future. Rather than sway with the price, I would rather pick a project I believe in and stick to it.

If as at today every cryptocurrency in the world is selling at a dollar with no prior advantage or whatsoever, which coin will be number one on your portfolio? I dare say a lot of people will not opt for bitcoin.

Bitcoin as good storage of level appeals on a macro level to the 1% (BigTech, big financial institutions, Governments, etc). These are the people we are hoping to pump our bags. But on a micro-level, I see no reason to hold bitcoin. It is neither the fastest (so as a means of exchange it sucks) or cheapest coin on the market(doesn't appeal to low-income earners. Well except they want to play the speculative game).

I want to create value, not store it.

The argument has moved from bitcoin being a speculative coin to being good storage of value. For the vast majority, monetary value isn't something they have in abundance. Over 69% of Americans have less than $1000 in savings. Imagine what those figures are for people in third world countries or the globe in general. So bitcoin is far from being the cryptocurrency of the masses, which is another deal-breaker for me.

Abundance over Scarcity

Scarcity is often artificial and benefits only a few. For example, 80 billion pounds of food which equate to more than $161 billion is wasted in America yearly. However, globally, there are 821.6 million people that are considered undernourished or starving. This has little to do with crypto urgency but it goes to buttress my point that scarcity serves little or no purpose asides profiting a few.

Here on leofinance, we speak the language of abundance. We are more concerned about creating value than storing it. Everyone, irrespective of their income bracket can be part of our commonwealth as long as they can create value. I can say the same about hive. Yes, a lot of people might not be happy about the inflation and the fact that no one is pumping their bags and that's fine. If you have your eyes set at institutional money then, by all means, play the long game with bitcoin.

I've said this several times, I am not a bitcoin fanboy, however, betting against it is foolish. However, its dominance is subject to the advancement of blockchain technology. As it grows and matures we will see a lot of changes in this industry. Many are too quick to forget the underlining technology that gives bitcoin its value.

If other cryptos are shitcoins then Bitcoin is the mother of shitcoin. I could live with this narrative. Cheers.

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