The future of Bitcoin and its problems
We can assume that we will never know for sure how one person or group of people came up with the idea for cryptocurrencies because, eleven years later, we still don't know. It doesn't really matter any more if Bitcoin started out as a personal or academic initiative, as a pastime or something serious, as a social experiment or with the intention of becoming the global currency.
The fact is that it is a more widely accepted, well-liked, and stable measure of value. It continues to hold the privilege and the leadership among all of them, despite competition from Altcoins (either based on it or produced from scratch).
Because it was the first cryptocurrency to be developed, it has an advantage over the others and has inspired a romantic notion in people's minds. And it has evolved into a form of digital gold in the minds of crypto aficionados. But how long will this continue?
A cold examination of Bitcoin and the other cryptocurrencies can identify a number of projects that, despite having a lower value or market size, provide benefits or more user-friendly technological setups. Therefore, it makes sense to believe that some of these initiatives might soon overtake Bitcoin. Having stated that, why is there no doubt—or practically no doubt—as to whether BTC will continue to lead cryptocurrencies?
Evidently, it is because, as we previously stated, the majority of cryptocurrency users view bitcoin as a safe haven or long-term investment against inflation.
And in all honesty, the more people seek it out and hold it in their wallets, the less readily available BTC will be and the greater the demand, leading to a constant rise in its price. However, cryptocurrencies in general are currently facing a wider issue, and depending on how people react to it, it could either boost cryptocurrencies or spell their demise. The whales and the large corporations investing billions of dollars are the issue.
This is an issue because it is one of the things that was initially supposed to prevent Bitcoin from happening—they can manipulate the market very easily, just like they do in the traditional market. An illustration of this may be observed in the recent increase in value of Bitcoin as a result of TESLA's investment in its purchase. The majority of people were or are content, but what do you think will happen if Tesla decides to sell all those bitcoins? Yes, their price will drop, and that is the issue. If they so desired, they could manipulate the price of cryptocurrencies, whatever they may be, in a typical pump and dump that would leave many common consumers in the red and them in the black.
Some excellent alternatives include $BTC, $BCH, $LTC, $TRX, and $USDT, but the best course of action is to do your own research and choose the one you want to invest in.
The other strategy is to simply invest in cryptocurrencies the amount of money you can afford to lose without endangering your ability to make ends meet.
The regulation and centralization of cryptocurrencies by national governments is a different issue that will start to affect them in the near future, albeit to what extent is not yet known. And it is something unusual because decentralization is one of the fundamentals of Bitcoin and most of the Altcoins. Governments are, in fact, putting in place controls and legislation that de-anonymize and restrict the usage of cryptocurrencies. Whether the states are more or less successful in this, it is up to us as cryptocurrency owners to implement or not copies against these measures.
Despite this, many of us understand that cryptocurrencies are here to stay and that we need to become more and more familiar with the technologies that support them.
