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RE: While Bitcoin may not be the best to handle millions of transaction wo ...

in D.Buzz2 months ago

It doesn't need to lead in transactions. It just needs to keep doing what's it's doing. Namely, be a secure, unconfiscatable, uninflatable, store of value. As long as it is widely recognized as being "safe", it will never lose its dominance. Why buy anything else when BTC is probably still 100x from here over the next 10 yrs? And you get the security of knowing you own the king of the cryptos. What are alt coins for? Hopefully making quicker short-term profits so you can buy more bitcoin.

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All true, but the king of cryptos can't keep up with the actual use case scenarios. This is where all the forks and programmatically superior platforms come in. Bitcoin will have it's dominance, but at some point when everything is saturated and less volatile I predict Bitcoin will be to blockchain as what AOL is to the internet, a memory. It might still have many decades to go if the market just keeps treating it as a stock.

I can see your analogy but I don't think it applies here. You have to realize that it just took the world over 5000 years to finally come up with something better than gold for storing value. Once they make that transition, I don't see them all of a sudden switching to the next latest and greatest thing. And, you're assuming that Bitcoin won't develop with the times. The single most important aspect of any asset that is going to be the world's number one store of value is going to be its security. It absolutely MUST develop and maintain the trust of the world above all else. Like I said, it's taken over 5000 years for some (and it's just a small fraction right now) of the world to design and start believing in a "better" form of money. These people don't like change. They're not going to be jumping ship to "new" or "better" coins. While I agree that it will probably broaden out somewhat eventually, I don't see Bitcoin losing it's status any time in my lifetime at least.

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The bitcoin blockchain can't develop over time, by definition, because the blockchain is immutable. This is why improvements on the system, come through layers (like the lightning network) on top of it, or hardforks.

But you have a point. I agree that Bitcoin could eventually be a replacement for gold as a store or backing of value. Didn't look at it from that perspective. So just like gold, bitcoin will need a system (money) on top of it, to handle daily fast real-time transactions.

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