Hello Steemit. I'm back to explain why Bitcoin is here to stay despite there being a plethora of alt-coins that claim superiority over the original cryptocurrency.
Bitcoin: Where economics and computer science meet
We all know (and love) Bitcoin. It signaled the birth of what many refer to as Web 3.0, where Web 1.0 allowed us to seek information, 2.0 let us connect with each other through social media, and now with 3.0 we are expected to engage in a novel and exciting world where we can act as our own banks and businesses with the help of blockchain technology.
This should clue you in and give you the idea that perhaps cryptocurrencies will be as large as social media. But since you're reading this on Steemit, we both know that the potential is much larger.
But I'm not here to talk about the potential of crypto, but rather to reveal why the simple reason why Bitcoin will overcome all the problems others believe it has.
"Transaction fees and times are too high!"
"There's no leadership behind the forks!"
"It is virtually useless due to its costs!"
Yes. That is all true.
But what if I told you that Bitcoin is not meant to replace fiat currency...
... but GOLD?
Gold, just like Bitcoin, has no intrinsic value.
It is hard to find/mine (Sound familiar?)
Its everyday use was better fulfilled by other types of currencies, although it still retains its value as an investment.
It can change form easily (...Bitcoin?)
It is globally accepted as a form of payment (soon!)
It is hard to transport (similar to our hated transaction fees and delays)
It is extremely durable (just like umm...)
It doesn't matter how many hard forks there are, or how many other cryptocurrencies exist. We know that all altcoins are based on Bitcoin to some extent, just like fiat money is often backed by either gold or oil even if the market price differs greatly.
To fully understand the cryptocurrency market, one must study both sides of the coin. We must dive deep into economics and computer science to really see what's going on and understand that this is not the first time humanity takes a step forward by implementing a piece of technology that further improves its life. Although it IS the first time that a new asset that might just be a better fiat money.
The hype and the hate will only get you behind the mob. But if you want to get ahead, you ought to start studying the science behind the trade.
Good luck!