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RE: Why Bitcoin Could Fall Lower From Here

in #bitcoin7 years ago

Have a look at https://coinmarketcap.com/exchanges/volume/24-hour/

Ripple is dominating every exchange except a few that force Bitcoin trading pair onto their customers and some that just don't list Ripple. If you are anywhere and you want to receive or send cryptoassets, XRP is the by far the best option - at least if XLM isn't an option and IOTA isn't yet functioning as it should.

I would say that Bitcoin is the most dangerous cryptoasset right now. If you invest in a ton of very speculative upcoming projects, you will likely do well. But Bitcoin is actually totally unusable, and it will still be unusable when they paste a Lightning Network on it and their developers and users are totally delusional and just repeat that Bitcoin will always be king.

I will not go as far as saying that XRP is a good investment, but it's a great asset to buy for your USD/EUR/KRW/INR/AUD etc and then transfer it to your family/business partner in a foreign country or to a cryptoasset exchange that have that obscure project that you are interested in.

Bitcoin on the other hand has no use case except giving you forks (and arguably to trade with on Binance and Bittrix - but how long until they switch to pseudo-fiat and/or XRP as a middle step instead?).

I might be wrong in my prediction, but I'm not wrong in that betting on Bitcoin dominance is "risky". It is! And when Bitcoin loses its dominance, it has nothing left to go for it, and also all the Bitcoin forks, including Litecoin and Dash, have lost their only selling point that is that they are "better than Bitcoin". They just can't compete with XRP, XLM and pretty soon IOTA.

But I'm very bullish on the smart contracts platforms - but most of them will probably fail as developers flood to the most popular one(s). The winner(s) will be great though. And then there will be thousands of small and tiny cryptoasset projects built on these platforms that will be the new economy. A new economy that the steam engine Bitcoin started, but no longer is used in.