Bitcoin: King of the Iron Throne
Bitcoin has been the reigning champion of the cryptocurrency space since inception. It has gained many titles in past, Bitcoin king of the crypto, true currency of the world, father of all coins, the hope of all HODLERS! In this article, I will take a deeper dive into Bitcoin.
Bitcoin has yet secured its seating in the Iron Throne, there are more war to be fought, blood to be shed, and the last one that stands will sit on the throne. Therefore, the picture above display an empty seat.
Bitcoin is King
Why is Bitcoin king? It is because when Bitcoin goes up, alt-coins gets slaughtered because people sell alts to chase Bitcoin. Bitcoin goes down, alt-coin gets slaughtered because people panic sells alt-coins to get out of the market. The entire market follows suit on what Bitcoin does and this pattern repeats in each market cycle. Every now and then, investors claim one of the alt-coin as the true Bitcoin and the hype begins. A good example is Bitcoin Cash attempt to overtake Bitcoin. When Segwit 2X announced the cancellation, immediately Bitcoin Cash was pumped on Korean exchanges and Bitmain Jihan Wu. The result was quite dramatic, Bitcoin dropped significantly while Bitcoin Cash looks like it will overtake Bitcoin. Cutting to the chase, Bitcoin stayed on the Iron Throne. As months goes by, Bitcoin continues to gain momentum as cryptocurrency popularity grows. Late 2017, two very notable financial institutions launched their first Bitcoin financial derivatives. They were CME and CBOE. In conclusion, Bitcoin will remain on the Iron Throne until a cryptocurrency that can prove mass adoption, scale-able, and real-world use case, not a single coin on the market at this moment can overtake Bitcoin.
This chart shows interest for Bitcoin vs Cryptocurrency.
Bitcoin vs The World
Bitcoin is not perfect, even Superman has kryptonite to fear (No puns intended). Bitcoin needs a scaling solution and needs it fast. Early January, Bitcoin transaction fees were outrageous. It can not be a feasible solution for business to transact with Bitcoin. Over time, Bitcoin has become a store of value for individual investors and businesses. Due to this issue, many forks for Bitcoin and alt-coins were created to prove scaling solutions that Bitcoin could not solve. The world also reacts to the existence of Bitcoin and cryptocurrency as a whole by calling it a bubble, fraud and Ponzi scheme that can only end badly. Bitcoin has “died” over and over by a thousand cuts! But guess what? Bitcoin survived. The year of 2018 will be great for the cryptocurrency due to the increase of regulation and bring traditional investor into this market. Lightning network for Bitcoin outlook is promising, fast transaction, low cost, and reduce energy spending on mining. Segwit implementation with exchanges are adopted by major exchanges like Coinbase and many to come; it will create less congestion for blockchain network.
