Patience is running out, people are asking when are we going to see a pump in the price of bitcoincash, so many speculations and assumptions are made but no one can give a particular time. Then most conclude that we need to anticipate the altseason. An altcoin is a shorter way of saying alternative coins. Bitcoin is still regarded as the Major crypto which others are just altcoins.
Altcoin season is a general term used in the crypto-verse when other coins are pumping high while bitcoin remains stagnant. This is the period when money flows more into alternative coins more than it flows into bitcoin. Many believe it occurs when BTC dominance decreases, this makes investors shift their attention to other coins, to make a quick profit and then dump later.
It’s a known fact that Bitcoin has a huge impact on other cryptocurrencies. In the last few days, we’ve seen a drastic surge in the price of BTC, with it hitting a new all-time high, however Bitcoin isn’t the only coin pumping in the last few days, Shiba Inu also got a new ATH, likewise Ethereum. Does that mean Ethereum can no longer be classified as an altcoin like the other?
The current price of bitcoincash has given so many people concern but looking at other coins, they aren’t pumping well either. Litecoin, monero, BNB etc are also rising at a slow pace compared to ETH and BTC. With this, I believe the speculations about reasons why we might be having slow progress, can reduce.
We aren’t focusing on the right thing. Ask many people why they are into crypto and their go-to line would be “For financial freedom”, by that they mean - “ an investment that will make them wealthy in the next few years”. Is that truly what financial freedom entails?. Let me cite a quick example. After carrying out a transaction from my bank yesterday, I decided to get airtime from my bank app but was shocked to see a reduction in the amount there. I went to my transaction history and saw some amount of money deducted for stamp duties. This is just a part of the compulsory transaction fee. By the end of the month, another fee will be deducted for SMS charges.
However, with cryptocurrency, we have the power over our money, no time restriction, no extra duties charges, no delay in transaction, no prying eyes monitoring your every move. That’s financial freedom. That’s what crypto gives. Or let me say that was Satoshi’s vision. Before you get too excited about the pump in bitcoin, ask yourself if it’s still fulfilling the purpose for which it was created.
According to a tweet by becashy, the purpose of crypto is to unbank the bank. But bitcoin is gradually giving the power back to the bank. To people like Micheal Saylor for example, what truly matters is the claim to being the world reserve asset. Whatsoever it takes doesn’t matter, even if it involves giving power back to the government.
Rather than focus on price in moments like this, we should be rallying around on how the adoption of bitcoincash can grow faster. The high transaction fee, delay in transactions are one of the few ways bitcoin has failed in fulfilling the purpose for which it was created. Bitcoincash is poised for a great run, it’s a matter of time before we see it hitting a new all-time high and breaking free from the shackles of bitcoin. we only need to be patient and do our parts while we wait.
In Conclusion, Ethereum is gradually gaining ground and losing the tag altcoin. Someday BCH will also lose that tag and nothing like altseason. It will rise at its own accord. My only fear is it not turning into a "store of value" with people refusing to spend it just like bitcoin. But it seems I have the answers to my questions already .
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Nice efforts yarrr