You are viewing a single comment's thread from:
RE: How long will it take for Bitcoin to reach $20,000 again?
Good points. The one thing that might keep boosting bitcoin's price is the fact that it is essentially the face of cryptos, the one crypto that is becoming a household term. Over the past few months, I've spoken with quite a few people who still have no idea of cryptos; only that there is something "new" called bitcoin.
Therefore, it's highly likely that the (inevitable) growth in the crypto space will be primarily in bitcoin. That may result in another year or more of phenomenal increases in its price, regardless of any outrageously high transaction fees and regardless of delays in transaction-processing time.
After that, it might be superseded by Bitcoin Cash, Dash, Steem, or who knows which coin.
That legacy has certainly brought it far. But there were points in time when 'Atari' was synonymous with video games and AOL was synonymous with the web. I don't think that growth in the broader crypto space will inevitably prevent its collapse for long.
Hi @majes.tytyty and @demotruk, thank you for the rich discussion! I'd love to see Bitcoin climb again, not necessarily for personal investment in Bitcoin, but my investment in other coins that are following Bitcoin's trend and movement. With that said...
Right now, with cryptocurrencies being in a space of "unknown" to the general population and that some have heard the word "Bitcoin" more than "Cryptocurrency", it makes a lot of sense that Bitcoin will go up in value being the most common gateway to the crypto world.
Once that changes, however, and the paradigm shift goes in full effect, with greater amounts of crypto-educated people, Bitcoin won't be necessary especially with better coins offering high speed transactions, safer exchanges, business platforms, and little to no transactions fees.
On top of that, with bitUSD on the Bitshares DEX and USDT by Tether maintaining their ties to the US Dollar for stability in the crypto world, BTC won't be necessary for the crypto world to lean on.
I really appreciate the insight and facts you two are dialed into. Thank you for your information and I look forward to reading more!
Steem On!
I still have an Atari... ha.
Bitcoin's name is where a lot of its value is. It has a strong brand because it was the first crypto, has a cult following, and is frequently discussed by the mainstream media. All those factors make it the first coin people think pf when first considering investing in cryptos.
It certainly doesnt hurt that bitcoin is also a preferred exchange coin for ICOs and smaller exchanges.