Bitcoin is losing dominance quickly to alt coins (85% last year to 40% now). I don't see it happening. As a early Bitcoin adopter I have completely stopped using it. The transactional volume on Bitcoin also shows many other people have stopped using it.
Not a bad point but what is the other largest coins in dominance compared to the market place? Do you know what Ethereum's market presence was when it almost caught bitcoin compared to now against all crypto (including bitcoin)? Market dominance has to suffer some since thousands (if not more) alts were created over the past few years.
However, I do think a Bitcoin like coin that had a more central figure and was closed source could be the future. One where it gained a technical advantage but couldn't be forked, split, or code copied. However, it may be tough to make it as decentralized. Over time, I expect most money to flow back to the best projects not just the newest ones.
Well the whole point of Crypto is open and decentralized immutable ledger. Smart contracts are the major thing ETH has got going for it, Bitcoin does not. In 2013-2015 there was so much Bitcoin Maximalism and for good reason because it was suppose to implement every killer alt coin feature. Vitalik even wanted to build Ethereum on Bitcoin's protocol but the Core Developers were not interested. IMO Bitcoin Core is a failed a dying project. So much hype around Lightening Network yet its not being adopted b/c its does not focus on user experience nor what the users wanted in the first place. Right now we are seeing a huge amount of money flow into alt coins. Ethereum is also at risk at becoming obsolete if the developers fail to make the required scaling upgrades. EOS, NEO, Cardona and others are hot on its tail.
There are at least two variables at play with the Lightning Network that could affect the price of Bitcoin.
The first is perceived value. Bitcoin with the lightning network activated will have more intrinsic value because the block chain will have been upgraded from being a narrow and serial network, to an infinitely parallel Network.
The second has to do with how a Lightning Network works. In order to use the Lightning Network, two parties first create a peer-to-peer payment channel that is initiated on the block chain.Any Bitcoin put into the payment channel is now locked to that channel until it is sent back to the block chain to be finalized.
That is opinion that is based on sound judgement.
Maybe I differ a bit but I have to agree with the permission less system scenario. It gives an evolutionary advantage to any further innovation
How interesting that you brought a guest, I liked the way he responded. I think the topic can be better discussed when the implementation of lightning network becomes massive, for now it works but there is still a lot to see
Bitcoin is just taking a break, it's just a matter of time for the price to rise up and we all gonna invest in btc, but as always, anything can happen.
Bitcoin definitely has the ability to dictate for alt coins, i dont see any other opinion to this being correct as far as ive been on the crypto universe
The Lightning Network has long been viewed as a tremendous breakthrough in terms of enabling faster, cheaper payments on top of the base Bitcoin blockchain and helping the cryptocurrency scale to many millions of new users in the coming years. Lightning Network is important and it may affect the altcoin market
I dont think so when out there we have NEO and NeoGas, yesterday I discovered how cheap and fast are transactions in XLM when I was transfering money from Bittrex to Binance, it literally took 2seconds with a fee of 0.01XLM I was amazed.
The Lightning Network is for real, it's happening guys. I don't think the top altcoins will disappear but many will go the way of the dinosaurs, no question about it.
It's too early to call this, the fees and development being held back made me question bitcoin's long-term advocacy but as Cedric says inferior techs have one out in the past and present.
Great guest 'stay in trouble, don't get caught' :)
The jury is out on this one. Currently IMHO, what we have is BTC functioning as a store of value and a host of alt coins trying to compete with it. What we do not have is "functioning" internet money that allows cheap transactions to take place in a secure and scale-able manner. The first team that makes this happen whether it is an "on chain" or "off chain" solution will gain massive network effect and "win the race" for the internet money mantle.
i see a great future for next generation ,,seem be a great earn of bitcoin as huge currency,,,increase worth with time ,,thus a great analysis,
dear,,,bitcoin is seem like as gold
First they look at BTC and they mock it, then they mock us, Then they fight BTC, then they fight us, then they embrace BTC, then they invest, then WE WIN. hehehehe
Genius is a great post, so you countless
Thank you so much for fun, funny writing. I'm a general steenit user. I want to follow the wonderful people like you. Please give me upvote and follow me.
Bitcoin is losing dominance quickly to alt coins (85% last year to 40% now). I don't see it happening. As a early Bitcoin adopter I have completely stopped using it. The transactional volume on Bitcoin also shows many other people have stopped using it.
Not a bad point but what is the other largest coins in dominance compared to the market place? Do you know what Ethereum's market presence was when it almost caught bitcoin compared to now against all crypto (including bitcoin)? Market dominance has to suffer some since thousands (if not more) alts were created over the past few years.
However, I do think a Bitcoin like coin that had a more central figure and was closed source could be the future. One where it gained a technical advantage but couldn't be forked, split, or code copied. However, it may be tough to make it as decentralized. Over time, I expect most money to flow back to the best projects not just the newest ones.
Well the whole point of Crypto is open and decentralized immutable ledger. Smart contracts are the major thing ETH has got going for it, Bitcoin does not. In 2013-2015 there was so much Bitcoin Maximalism and for good reason because it was suppose to implement every killer alt coin feature. Vitalik even wanted to build Ethereum on Bitcoin's protocol but the Core Developers were not interested. IMO Bitcoin Core is a failed a dying project. So much hype around Lightening Network yet its not being adopted b/c its does not focus on user experience nor what the users wanted in the first place. Right now we are seeing a huge amount of money flow into alt coins. Ethereum is also at risk at becoming obsolete if the developers fail to make the required scaling upgrades. EOS, NEO, Cardona and others are hot on its tail.
Good informed response. I need to learn more about the 3 you have mentioned. I've heard a lot about them but do not own them or have wallets for them.
The point about "inferior" technology is important. You do not have to be the best in every domane to be the best overall.
There are at least two variables at play with the Lightning Network that could affect the price of Bitcoin.
The first is perceived value. Bitcoin with the lightning network activated will have more intrinsic value because the block chain will have been upgraded from being a narrow and serial network, to an infinitely parallel Network.
The second has to do with how a Lightning Network works. In order to use the Lightning Network, two parties first create a peer-to-peer payment channel that is initiated on the block chain.Any Bitcoin put into the payment channel is now locked to that channel until it is sent back to the block chain to be finalized.
That is opinion that is based on sound judgement.
Maybe I differ a bit but I have to agree with the permission less system scenario. It gives an evolutionary advantage to any further innovation
How interesting that you brought a guest, I liked the way he responded. I think the topic can be better discussed when the implementation of lightning network becomes massive, for now it works but there is still a lot to see
Thanks for you information and for this great opinion no doubt BTC is the mother of crypto and is growing up day by day you opinion is so gret e
Bitcoin is just taking a break, it's just a matter of time for the price to rise up and we all gonna invest in btc, but as always, anything can happen.
I support the crypto currency & will try to promote it.
Its a great work.
I am totally agree with you.
Bitcoin definitely has the ability to dictate for alt coins, i dont see any other opinion to this being correct as far as ive been on the crypto universe
whether it will crush competition or not
but one thing is clear it will be very beneficial for bitcoin
The Lightning Network has long been viewed as a tremendous breakthrough in terms of enabling faster, cheaper payments on top of the base Bitcoin blockchain and helping the cryptocurrency scale to many millions of new users in the coming years. Lightning Network is important and it may affect the altcoin market
I dont think so when out there we have NEO and NeoGas, yesterday I discovered how cheap and fast are transactions in XLM when I was transfering money from Bittrex to Binance, it literally took 2seconds with a fee of 0.01XLM I was amazed.
The Lightning Network is for real, it's happening guys. I don't think the top altcoins will disappear but many will go the way of the dinosaurs, no question about it.
Check my hands-on first experience with it. It's still rough around the edges but quickly ironing out the issues: https://steemit.com/bitcoin/@cryptoeagle/my-first-experience-ever-with-bitcoins-s-lightning-network-pains-and-glory
Also check this Wikipedia page for a very similar massive tech dying process that happened not so long ago in history: https://en.wikipedia.org/wiki/List_of_defunct_automobile_manufacturers_of_the_United_States
It's too early to call this, the fees and development being held back made me question bitcoin's long-term advocacy but as Cedric says inferior techs have one out in the past and present.
Great guest 'stay in trouble, don't get caught' :)
The jury is out on this one. Currently IMHO, what we have is BTC functioning as a store of value and a host of alt coins trying to compete with it. What we do not have is "functioning" internet money that allows cheap transactions to take place in a secure and scale-able manner. The first team that makes this happen whether it is an "on chain" or "off chain" solution will gain massive network effect and "win the race" for the internet money mantle.
I think it will
Lightning Network is horrible. The whole way it handles scalability just doesn't bode well with me.
@sames downvoting is a great way to have an intellectual discussion on the topic. lol.
I respect you. Also you are a good creator!
Hope crypto make a huge invest.
Thanks for this cryptocurrency news update providing....I appreciate your post.
Every word of your mind, you wrote very well. Hopefully you'll be giving us a good post like this.
I would like to say you keep it up and well done.
i see a great future for next generation ,,seem be a great earn of bitcoin as huge currency,,,increase worth with time ,,thus a great analysis,
dear,,,bitcoin is seem like as gold
Its good for bitcoin so I appereciate your work and for you advice keep it up
the value of bitcoin seem great gold,,as a great crypto,,,is so fast with network of lighting
dear i agreed
so faster The Lightning Network,,,bitcoin is the inception of cryptocurrency
,,thanks for great crypto analysis
Does Lightning Bitcoin work ?
Genius is a great post, so you countless
Thank you so much for fun, funny writing. I'm a general steenit user. I want to follow the wonderful people like you. Please give me upvote and follow me.
I feel like when he was talking about adoption he was referring to Ethereum rather than bitcoin. Am I alone in this?
Great video Louis, as always. : )
Good luck my dear friend @louisthomas 👍👍😉
All the best for you 👍👍😃