Connect with us

Bitcoin

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

Published

on

Bitcoin Recovery
READ LATER - DOWNLOAD THIS POST AS PDF

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.

We will be updating our subscribers as soon as we know more. For the latest on BTC, sign up below!

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.


Image courtesy of Flickr

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

Continue Reading

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

Continue Reading

Bitcoin

The rise of the crypto casinos

Published

on

crypto casinos
READ LATER - DOWNLOAD THIS POST AS PDF

In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

Continue Reading

Elite