Can alt coins eventually overtake Bitcoin in value someday?
- mining Bitcoin
I've been observing the price of Bitcoin and it's circulation supply on market caps for years now, and Bitcoin has maintained the first position in rank, circulation and price.
Is it possible that Bitcoin may forever lost its place to other alt-coins in the coming years?
Nothing last forever. But to be honest with ourselves, it will take a long time for any altcoin to overtake bitcoin.
Bitcoin is still the most accepted cryptocurrency and most altcoins still depend on bitcoin.
It is plausible but highly unlikely. Many pundits believe that for the whole cryptocurrency to survive bitcoin must thrive. It has become the reserve cryptocurrency in the industry, most popular and widely accepted worldwide. While it has obvious weaknesses such as wasteful energy consumption, scalability, transaction cost and threats from upcoming technology it does not mean that bitcoin cannot adopt new technologies to counter this threats. Bitcoin has first-mover advantage and with many investors and companies/projects riding on bitcoin's success it would be very difficult for any altcoin to take its place.
There are many alternatives out there but consider these
- Will they gain the same level of acceptance from the wider crypto community
- Will governments around the world accept them as cryptocurrencies and not just a security, remember EOS paid millions just to escape SEC scrutiny for being an unregistered security
- Will they have the same degree of perceived decentralization which in my perspective is the unique value proposition blockchains
- Superior technology does not equate to immediate success how many times we have seen this in other industries; awareness and acceptance is the name of the game there will always be Bitcoin and there will be others the altcoins.
Nothing lasts forever my friend and nor will Bitcoin's dominance of the cryptocurrency market. Consider:
- High energy costs.
- Low maximum transaction rate (approx 10 per second or less I believe).
- Expensive transaction fees.
And whilst EOSIO blockchains (like Telos) will be able to combat the Quantum Computers of the future by applying multiple signatures to accounts - Bitcoin cannot.
Bitcoin dominance in the Cryptocurrency market is only for a while. In the future, we may ne shocked to see the emergence of an alt coin leading the crypto market. This is why we are hoping for mass adoption of coins like TLOS, steem and others with amazing possible usecases.