Can your alt coin do this? One more reason Bitcoin will remain dominant.
There are a lot of reasons why Bitcoin has the largest market cap of all crypto currencies out there right now.
Some obvious ones being:
- It created the space
- It's been time tested, and the blockchain has been rock solid and unhacked since it's inception
- It has a finite supply of coins
- There are some of the best minds in the world continuously working to improve it
- Millions of dollars worth of man power and money have been used to launch ventures that aim to capitalize on the chain by working towards widespread adoption by solving real world problems.
- It's provided a way to deliver decentralized trustless truth
Thank you Captain Obvious!
We all know that Bitcoin isn't perfect and right now slow transaction times, high fees and the governance structure can make other solutions seem like better options at times. The thing is, whenever I hear how such and such coin will pass Bitcoin I have a hard time seeing it. At least at this point in time.
So what's my one more reason to add to the list? Well, it's the fact that Bitcoin now has it's ledger continuously being broadcast down to Earth from space. That's right, since August, anyone with the right setup can keep their bitcoin ledger up to date anywhere in North America, South America, Europe and Africa with the rest of the globe coming online soon. Blockstream, the company behind the initiative, is looking to make sure that the blockchain remains decentralized and available to anyone, anywhere.
Ultimately, the decentralized nature of Bitcoin will be what allows it to put fiat currencies into the ground. In order to survive the attempts to regulate and restrict it's use, that decentralization has to be unquestionable. What Blockstream is doing is taking that next step in not only spreading out the reach of Bitcoin so all can participate, but also, making the blockchain that much more powerful and resilient.
With the ability to access the blockchain anywhere in the world with equipment that you can round up for under $100, there just isn't anything that governments will be able to do to prevent it's use. It's another step down the path towards the inevitable.
It is important to note that you can only receive the blockchain through the satellite network at this point, you can't actually send transactions, but in time you will be able to. With the ability to initiate transactions on the blockchain via SMS and normal means it still makes adoption much easier for those places in the world that it can benefit. If you're interested in checking out what it would take to build your own, check out this post.
So, while it may be easy to point out the flaws in bitcoin and the virtues of coins that may perform better than it in certain areas, don't forget that this blockchain is backed by some really serious minds, man power and technology that have been vested in seeing it succeed and reshape the state of things for many years now.
Just something to always keep in mind as the space evolves.
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Great post, and great comment.
As for learning, many people will end up learning the hard way, most likely within the next few years. The fiat money, crony capitalist system has been imploding for the past few decades, and every time they try to patch it up and brace it up and pump it full of more stimulant or pain killer, the weaker it becomes.
Meanwhile, gold was sitting on the sidelines, just waiting and watching until the time was ready for it to make a comeback as the only real money. It's still waiting, along with silver, very patiently. But the time will come ...
And then bitcoin came along, making things a whole lot more interesting. So now, we have 2 types of "real money" – or at least 2 alternatives to fiat money, which is basically counterfeit money.
Of course, many people don't have a clue, and have only heard vague reports about bitcoin. They'll learn soon ... the hard way.
Of course, if they turn to Steemit, they might find a great platform with many helpful educational posts, where they can learn something new every day.
Keep Steemin!
Thanks for the great comment, I believe you're right, the time is coming when people are going to learn a hard lesson. All we can try to do is help as many as possible before that time comes.
If people choose to ignore what we have to say, well they've made their choice and will have to suffer any consequences that come of it. I always like to at least try to give them some info rather than leave them blind to it in hopes that they'll be intrigued enough to dig a little deeper.
Agreed. And adopting this kind of new platform involves a learning process / curve, which inevitably takes time and increased exposure.
Back in 1993, my friend showed me "the internet," which was basically a few chat forums. My first thought was that this "internet" thing was not for me, and that I'd never waste my time using it. Three years later, I was online, sending email, and finding the net very useful, for personal communication and as a resource. Of course, that was only the beginning.
When I tell friends about cryptos ( or even gold / silver), I get the type of reaction that I gave my friend in 1993. Aforementioned friend even reacted thus when I told her to buy bitcoin. But I realize that they are not ready for it ... not YET ready.
The only thing we can do is try to pique their interest, slowly if need be, so that they will be ready someday. Hopefully not too late.
Interesting note. Back in 1985 (yes, I was on the planet then), my same friend had excitedly told me, "Hey, on the 4th floor of the university library, they've installed a few personal computers. Go check them out!" My response was ... "I've got a typewriter that works. Why would I need a computer?"
Moral of the story: Even stupid, hopeless people can learn new and important things and change their lives for the better.
Ever onwards and upwards.
Great article @raised2b. I have seen so many articles with altcoins claiming to be the next bitcoin. Bitcoin is the one that has taken us into a fascinating new world of currency and markets.
Without being super nerdy - oh hey why not i want to just quote From Star Trek TOS:
BITCOIN: the final frontier. These are the voyages of the starship Bitcoin. Its five-year mission: to explore strange new worlds, to seek out new life and new civilizations, to boldly go where no coin has gone before. :)
Haha, love it, you're in a nerf safe zone :)
I agree with you. Hard to see any other coin close to Bitcoin.
Its amazing to think how bitcoin might become in the next few years.
It may have flaws, but fiat has a lot more flaws that many people don't see.
Yep, I hate having money in fiat now, it's been so nice to finally have an alternative. It is kind of bizarre that many people don't see just how corrupt the current system is, especially given everything that's gone down over the last decade.
There's so much hatred for the corrupt bankers and politicians out there but somehow this whole fractional reserve banking system and fiat currency situation gets a free pass. It's always been mind blowing to me how people don't see that one begets the other and they share the same bed.
Oh well, sometimes you have to learn a lesson the hard way....
I suppose. My mother was warning me about my $20 investment in AntShares, that I need to check it in case it's not safe and all that stuff. I told her not to worry, that it's like mutual funds sometimes. So instead she gave me tips on how to stay on top of watching it fluctuate and grow or go down. People sometimes need a bit of relatability, and I like to compare things if it helps a person "get it". Other people will judge and look at me as though I'm out of my mind. One thing they can't deny though, is that on Steemit, given I don't work, I've made more in the past 3 months than is comparable to anything else in the past few years. I've had to rely on donations for my company last year and soon, my Steemit earnings will surpass what I made last year in less time. I plan on using this info to entice others to join the site. Especially creatives like me who struggle to get their content viewed.
Congrats on your Steemit growth, that's awesome that it's been a boon for you. I'm looking forward to hard fork 20 for the sign up issues to be addressed and then I'll be sharing this site with all my friends as well. Right now it's a little to rough around the edges for my liking and I want to make sure those I invite have a great experience with it right off the bat.
So funny that your mom was so worried about your $20 investment. Since you got it when it was still antshares I'm sure you could always pull your $20 out now and leave the rest to run. Then you could just tell her you don't have any money in it :)
haha lol Well, when I invested the $20, I got 2 Antshares from it, and fees. Now in CAD, NEO is worth over $30. It fluctuates but it's on the rise. So it's safe to say I've at least tripled my investment. I'm going to let it sit there for a while longer XD
Yeah !bitcoin is the future payment system. :)
This Really a informative post sir . That helps a lot .
I invited you to follow my blog ,upvote & comment on my post .
That's will be helpful for me to build a strong platform in Steemit .
Interesting, I didn't realize that cheetah couldn't differentiate original content like mine from something that is merely the same subject. I thought you literally had to copy and paste to have it show up.
Good theme and excellent article. Keep it up.
Thank you Captain Obvious! :)