This is gonna be a very controversial article with lots of “personal opinion” expressions, but it was bugging me for a while now and I really want to know your opinion.
So, why did the cryptocurrency appear and why is it so mainstream right now? I guess, the reason is people got sick of all the bank bureaucracy and inability to be the only control party for their funds, right? But say, with Bitcoin transactions, don't we wait like forever to get a confirmation (well, if you put a minimum reward) and if we have to pay more to get a transaction processed, isn’t that the same as the fees for urgent transfer (Western Union, for example)?
Okay, I do get that the hype around Bitcoin has contributed to such a situation a lot, but it doesn’t sound like a fair excuse.
Then, once again, Bitcoin has always been called the anonymous way to use your money, but come one, it's been discussed tons of times that all the transactions in Bitcoin blockchain are easily traceable and you can connect the wallet to its owner for no problem at all.
Another huge issue is Bitcoin being insanely inconvenient. Sure, it’s great to have a house in the country, which makes you rich in theory. But to actually have some cash on hands you have to go through a whole procedure of selling that house, taxing the cash and just then you can use it to buy yourself a pair of shoes. The example is exaggerated, of course, but it serves to illustrate Bitcoin’s clumsiness.
Cryptos are supposed to revolutionize the financial industry, but Bitcoin, the main asset and the most wide-known currency is called “a digital gold”, which means, its a regulatory point for all the other cryptos and an identifier of the industry's well-being. How is this different from traditional fiat economics?
Good news is that there are a lot of other cryptocurrencies that managed to solve most of above mentioned issues.
(source:https://www.reddit.com/r/litecoin/comments/6wd57k/faster_smarter_cheaper_litecoin/ )
What we say is “Bitcoin does not critically influence other cryptos in the market”, but is it really true? I am not saying, that my impression is right, but doesn’t the rate of altcoins go down when Bitcoin goes up and vice versa?
Beside this sell-buy rate changes, there is one more critical issue. If Bitcoin fails (use your imagination and remember that all is possible :), can you imagine what will happen with the trust of regular users? Lots of worthy altcoins will be crushed and many promising projects will be sentenced to never be brought to life. I’ll try to explain: Ukraine used to be a Soviet Union country and after it’s fall, people have lost all of their life savings as they were hold and guaranteed by the government. The nation has never recovered from that loss and older generation has absolutely no trust for bank institutions to hold their money. People truly believe that it's safer to keep your money under the mattress or in the closet, then to get a bank deposit.
Get my point? The failure of such an asset as Bitcoin will damage the reputation of the whole industry greatly if not completely destroy it.
And the saddest thing is the fact that we as the users are the main cause of it. The interest for altcoins cannot be compared to the interest for Bitcoin. We have to pay more attention and give more investment to evolving cryptos because current situation leads to the market monopoly and I am 100% sure that’s what was planned initially.
Uff, the article looks like an emotional outbreak and I’d love to discuss it in comments!