Bitcoin this! Bitcoin that! I'm so sick of everyone talking about Bitcoin. When will it reach 20k again? When will it hit 40k? Who cares? There are so many better technologies out there already, including Steem. Bitcoin is the sad 1.0 version of the blockchain. The end of Bitcoin dominance is coming so much sooner than most people think.
Every percent loss of Bitcoin dominance on the market cap is a great thing for the cryptospace. I was seriously distressed during the bear run when it just kept going up and up. It almost made it back to 50%. As the market is crashing, Bitcoin is the trusted brand that many retreat to. It is the face of blockchain with first-to-market advantage. However, is this the face we want?
Many skeptics who don't understand blockchain technology (permissibly so because of the complexity) look at Bitcoin like the biggest scam in history. They don't understand how cryptocurrency is extremely resistant to corruption because each one has its own rules for inflation and distribution that must be followed. Corruption runs rampant through our debt-based fiat economies, making the blockchain the obvious solution to centralized exploitation.
Unfortunately, the current face of cryptocurrency is a blockchain who's only purpose is to store value. Perhaps now with the Lightning Network we'll actually be able to use it for day to day transactions but it's still just money.
Outsiders see what Bitcoin is capable of (digital transfer of money) and assume that it's worthless because we've already had that technology for decades. The complexity of blockchain tech means that many people are only looking at Bitcoin. The face of cryptocurrency needs a makeover. Application Protocol Interface (API) coins are the way of the future.
Ethereum, EOS, Cardano, Neo, Steem, etc. are the safe bets in the cryptosphere. Not only can one use these coins to transfer corruption-resistant currency, they can also be used to build applications on top of the blockchain and spawn new coins. Once one of these coins slaps down Bitcoin dominance it will be a great day for the entire world. The new face of cryptocurrency will actually do something that isn't just transferring money. The value of blockchain will be much harder for the naysayers to deny.
The death of Bitcoin dominance may even spark mainstream adoption, ushering in a whole new paradigm of cooperative decentralized capitalism and abundance for everyone. Once this point is reached it won't even matter who the early investors were. The entire world will benefit.
I am personally rooting hard for EOS. I don't even have any EOS stake yet because I'm not comfortable buying a garbage ERC-20 token with no guarantees. I could have bought at $4, but the EOS community continues to HODL at every turn lately, pushing it up to $20 today... it's absolutely insane that the #5 coin has a 17 billion dollar market cap and it doesn't even do anything yet. Imagine what's going to happen when delivers and people like me jump on board?
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EOS has the absolute best chance of slapping down Bitcoin dominance. When it does it will bring millions into the space. As you can see it has already broken out of the winter peak and can only continue to spike up during release. The stranglehold that Block.One has on Ethereum is massive. They have over 10% of all Ether in existence and you can bet that they are going to spend that money wisely. I fully believe that EOS will be worth more than $1000 per coin in five years, maximum.
Now that we are in a bull market, Bitcoin dominance continues to fall and I can breathe a bit easier. I honestly can't wait for the day that everyone stops talking about Bitcoin and starts talking about the superior API coin that takes the #1 spot. I do have respect for the Bitcoin team and everything they are bringing to the table, like the Lightning Network, but they simply do not deserve to be the face of this movement anymore.