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

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Bitcoin Recovery

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

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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