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Bitcoin (BTC) Is Still The Undisputed King Of Crypto: Here’s Why

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Bitcoin Recovery
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Bitcoin (BTC) has had a tough rap over the last few months. The slowdown in transaction processing times and the increased fees that have come on the back of increased transaction volume (in other words, scalability issue) have exposed the technology’s primary flaws and, in doing so, led many to suggest that the flagship coin has had its day.

Well, not so fast.

Sure, bitcoin is down right now. At the time of writing, the price of bitcoin comes in at around $10,400 apiece, giving it a total market capitalization of a little over $175 billion. Sure, so-called competitor coins like Bitcoin Cash (BCH) are trying to muscle in on bitcoin’s superiority as a transaction coin. Sure, the potential for Ethereum (ETH) to overtake bitcoin from a market capitalization perspective (the so called Flippening) is increasingly becoming a possibility.

But forget all that for a moment. Bitcoin is going nowhere.

When you look at the current state of bitcoin, the two primary arguments for the flagship digital currency fading away to insignificance are those outlined above – that the transaction times are too slow and that the fees are too high. These are reasonable arguments given what’s happening right now on the network but as far as long-term implications are concerned, they are essentially insignificant.

Why?

Because bitcoin is only having scaling issues because it’s the only cryptocurrency that has scaled to such a degree that network scalability has become a problem. Let’s put that another way:

In order to have scaling issues, a coin has to scale.

None of the other coins (the transaction type coins, that is, for simplicity’s sake we’ll leave smart contract tokens like ETH out of this discussion going forward) have reached anywhere near the daily volume that bitcoin churns out and so it’s practically impossible to compare any one coin with bitcoin as far as issue resolution is concerned.

BTC Daily Chart

BTC Daily Chart

Roger Ver can host a live stream demonstration comparing BTC to BCH transaction times and fees but it means nothing. Of course the BCH network is going to be faster and cheaper right now – Bitcoin Cash is doing around 6% of the daily transaction volume that bitcoin is.

When BCH reaches $10 billion a day in daily transaction volume, conduct the same like for like comparison and you’ll get very different results.

But there’s another, more important point to make here.

Above, we said that in order to have scaling issues you’ve got to scale to a point where these issues become apparent. The same is true for the following:

In order to solve scaling issues, you’ve got to have scaling issues.

And it’s this point in time that bitcoin is at right now. There are numerous solutions being implemented today (SegWit, Lightning and more) that will reduce transaction fees and processing times on the bitcoin network. These solutions aren’t going to happen overnight – they are complex technological developments that take time to integrate and, perhaps more importantly, integrate correctly – but the integration is happening right now and it’s not going to be long before they are in place.

And once this happens, bitcoin will become the only cryptocurrency not only to have had scalability issues, but to have overcome these issues.

The mainstream interest in bitcoin over the last six months or so has been good in many ways, but it’s come at a time when bitcoin is having problems. This has led many new entrants to believe that these problems are permanent, since it’s their only experience of the bitcoin network. Other coins (Bitcoin Cash, we’re looking at you) are capitalizing on this misinterpretation.

Keep that in mind.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.


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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin
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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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