You probably heard the expression bitcoin has been declared dead for 140+ times and it’s still surviving, it is true that bitcoin is not gonna die entirely but all of those times you heard bitcoin was holding its ground between the other crypto currencies world at domination stage.
Today I’m gonna give you another point of view from the crypto world and relative evidencies that bitcoin might not be the final currency in the crypto world , wait… let me correct my self, evidence that it WILL NOT be the ruling one for sure.
We might as well mention few things that will assure it is not final, it can be copied and with improvements needed even they can make a crypto same as bitcoin exactly but with regulations rules if needed, that means it’s likely to be replaced at some point with another version of a copy that will function better and that is starting to be evident from the graphics of the market cap in the crypto, look at the picture below.
The picture above shows the bitcoin dominance among other crypto currencies, at the start of January 2017 ending of 2016’s Year the dominance had a huge shocking drop and Ethereum almost reached its dominance to equal that of bitcoin, this years beginning shockingly happened the same thing but with more dip and the percentage dropped below 50% and it is staying there, means there is already an evidence that bitcoin has run its miles of dominance and its days as a King of cryptos are counted down already.
Bitcoin proven it self was a great currency and an asset but due to the fact that it was attacked for the past few months making the fees grow so large that bitcoin already lost its purpose for a few months as an currency because the currency is a good currency as long as its fees are low, as soon as the fees percentage become so high , it is not a currency anymore and shockingly it was proven in 2017 it cannot handle the pressure needed.
Will bitcoin revive? is there any more hope? There is a chance, fortunately the bitcoin blockchain is already developing a solution to that issue (The Lightning Network) , it is being developed as a solution for the bitcoin scalability issue which bitcoin is encountering now, but the network it will be usable for all kinds of crypto-currencies as well meaning its effect on the other coins will be same as on the bitcoin.
I will be waiting to hear the readers opinions in a comment below about bitcoin losing its position as a king, YES or NO and WHY?