Is BTC a dinosaur and Steem is the little rat like Mammal who is mashed by the behemoth and whose time has not come yet!

BTC takes 10 minutes to transfer a transaction. It was forked which created new chains (e.g. BCH, BSV, BCD, BTG etc.) to solve problem of scalable. Still it is not scalable. There is huge transaction jet-lag right.

Only selling point is that it is the most decentralized blockchain. Not necessarily true, it is possible for a ordinary person to mine BTC in profitable way. It require industry scale mining operation to break even. The most interesting thing is that it is dumb currency, no smart contract can be built upon it.

Though when BTC arrived, it was most revolutionary tech in the yard. However, blockchain industry have progressed far beyond. BTC is acting like a Dinosaur, whose time may have come to be extinct! May be not!

However, BTC will linger for eons not because of technical reason but for economic reason.

It is why Gold is still valuable. And, virtual gold (e.g. stocks based on gold). There is a big number of investors who want to hedge their liquid asset. Gold was there de-facto hedge. The problem is that Gold has steady supply due to continuous mining. On the other hand, BTC has deflationary mining rate. Therefore, BTC is more like virtual gold with ever decreasing supply. When everybody trust BTC to hold value, it will flourish. It is just a virtual contract that is flourishing on supply and demand.

However, as a currency BTC is one of the worst. Nobody would want to buy something with BTC in bull market. It is slow, costly which has easier solutions.

On the other hand, Steem is would Satoshi Nakamoto's pipe dream what blockchain could achieve: 3 second transaction, 10K transaction per minutes, smart contracts that can build a new token economy with decentralized economy. However, investors and traders don't care. They care what goes up, will go up until it reverses. Trade or invest that has higher demand but low supply, easy access (e.g. Robinhood, or E-trade).

Steem is acting like the little rat like mammal that was crashed under the big foot of dinosaur named Bitcoin. That mammal's time has not arrived yet. It will require an asteroid like collision, Dinosaur to be extinct. Then from the little mammal, the rise of super intelligent and useful blockchain will arrive. What will be that asteroid: one or few DApp in Steem that will bring in 100s of millions of ordinary people to blockchain tech. Until that arrival of the DApp, try fast, fail fast, keep grinding!

Peace
@dtrade
Cryptominer, trader and blogger since 2013