6/29 ANDY HOFFMAN (CryptoGoldCentral.com): Bitcoin Is The Crypto King, But Pure Bitcoin Dominance Impossible
Bitcoin Maximalism is the most overused, and misused, term in crypto. Some view it as the belief all altcoins will fail, as there’s nothing Bitcoin can’t do better - whilst some simply refer to 100% “Bitcoin dominance,” as measured by coinmarketcap.com. Yes, Bitcoin is, and always will be, the dominant cryptocurrency. However, it is not, and cannot be, the only one – as in the Digital Age, there will be numerous coins with viable, defensible use cases.
Today, that is not the case, in my view; as the inertia of the 2017-18 bubble has enabled many coins with no use case to survive – in many cases, with high valuations. However, as sophisticated investors and institutions enter in the coming years, such coins will die off, as occurred after the 1998-99 dotcom bubble. In the coming years, the cream will rise to the top – whilst new coins will also emerge to take dominant positions.
Pure Bitcoin dominance is impossible because it cannot be everything to everyone. Even now, as institutions finally recognize Bitcoin is here to stay, it is uncertain what role it will play in the future. If just a store-of-value, for instance, it will need to become more private and fungible, if the Bitcoin community wants to maximize its value. Without new technologies like MimbleWimble, for instance, this cannot happen; hence, the need for privacy coins to develop such technology. Moreover, if the BTC community doesn’t accept such technology – due, for instance, to an inconclusive “privacy debate” - the demand for technologically advanced privacy coins like MWC will skyrocket.
Next, the big pink elephant in the room – which is, that at $12,000 (and in the future, much more), Bitcoin is too expensive for 95% of the world’s investors to take a meaningful positions. Call it “unit bias” – or more appropriately, the search for less mature, more undervalued crypto assets; but the FACT is, that millions of new crypto investors will seek coins with higher appreciation potential than Bitcoin – which like it or not, has likely seen its biggest percentage gains already.
Thus, if a coin like Bitcoin Rhodium comes along, that demonstrates a viable, defensible use case (in this case, a niche store-of-value coin that pays a dividend, has privacy features, and exists firmly off the mainstream crypto grid), there will be numerous investors – small and large – seeking the extraordinary upside potential they anticipate when later investors recognize it, too. Particularly, as in its current situation, Bitcoin Rhodium will imminently receive the CMC exchanges and Trezor support that make it investable to the crypto community at large.
And what about sophisticated crypto investors seeking to diversify their holdings – or crypto hedge funds that MUST? Or new crypto applications that haven’t yet been invented? Or the segment of investors attracted to more centralized coins, for a variety of technical, practical, and legal reasons? The list goes on – and if you recognize this is not a “Bitcoin Revolution,” but a CRYPTO revolution LED by Bitcoin, you will be best positioned to capitalize on the emerging Digital Age.
Bitcoin Rhodium currently trades on p2pbp2.io, WhiteBit, Trade Satoshi, Fat BTC, Sistemkoin and Bisq. If you have questions about anything XRC-related, including OTC trading, please email me at ahoffman@cryptogoldcentral.com, or DM/PM me on Twitter or Discord.
The MWC airdrop registration for Bitcoin holders will continue until the July 19th snapshot. For more information, please check out the MWC website, Discord room,
Twitter feed, and Telegram Forum.
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