AltCoins Extinct
The war between Bitcoins and Altcoins are finally coming to an end, with the dominating winner being Bitcoin. The Altcoin still has a small chance at surviving and recovering to fight another day, but the chances are dismal at best. Bitcoin is slowly being adopted by hundreds of retail establishments across the European Union and the United States, while retail businesses haven’t approved the Altcoin. Furthermore, a large portion of exchanges of opted out of offering the Altcoin for trading purposes. Individuals owning Altcoins have become all but non-existent with trading activity, showing that the recovering process is at a standstill. When it comes to Bitcoin though, anytime there’s an attack on an exchange or new legislation proposed that lowers valuations, the coin immediately begins recovering. This has occurred already in 2019 when Bitcoin hit its an all-time high of $10,000.00. The only genuine chance the Altcoin has at recovering against Bitcoin is if the digital currency faces a significant attack that causes a severe backlash. Recent improvements to BTC Security make this a nearly impossible task.
Bitcoin has dominated exchange activity in 2019, growing to new heights never before seen with a cryptocurrency. It’s anticipated that 70% growth occurred for a twenty-nine month period. Analysts expect that this number will grow to an average of 90% when more retail businesses and large corporations begin to adopt Bitcoin as a viable payment. Already in the market, BTC holds 80% of the market share. All the other cryptocurrencies are battling it out for the 20%, including Facebook’s upcoming GlobalCoin. Subsequently, Bitcoin will most likely become the primary worldwide digital currency.
It should be noted that this dramatic growth doesn’t mean that Altcoins or any other digital coins would be extinct in the coming years. There have been numerous tokens that have suffered massive droughts, including Bitcoin themselves. Altcoin Investors could be waiting until cryptocurrency becomes a more regulated entity amongst financial authorities. Re-releasing the coin in worldwide regulated markets could benefit them in their long term fight with Bitcoin, which has struggled with regulatory issues since it’s inception.
This debate isn’t nearly over amongst analysts and investors in the blockchain community. Executives in the marketspace have expressed negative doubts and positive reactions to the potential extinction of Bitcoin. The negative opinions on Altcoins begin with peter Brandt, who believes that in five years all cryptocurrencies other then Bitcoin will be forgotten. Max Keiser believes that the Altcoins won’t ever return as an exchange product, and Anthony Pompliano is confident that Bitcoin will continue to grow in its industry-wide dominance. Additionally, Adam Back derives that the Altcoin supremacy of the past was temporary, never again to return.
There are some position opinions regarding the restructuring of Altcoin. The Willy Woo Exchange determined that at the beginning of September, Altcoins were moving into supportive regions after prolonged regulatory battles. Willy Woo believes that the Bitcoin dominance on weekly chats has been overlooked, with analysts not considering organizational support of Altcoin in Eastern European nations. It’s suggestive that the Altcoin could be imminently revived. Furthermore, Crypto Dog believes that the market growth of BTC will break down with descending legislation.
Conclusion
Most analysts would agree that the war between Bitcoin and Altcoins are over, that BTC has won by a landslide. However, the result will come in time. Consulting firms perpetrated with Altcoins will provide more insight into the digital currencies state when yearly reports are releases. However, the recent increase in discrimination towards all other cryptocurrencies other then Bitcoin is causing an influx of other coins struggling to make standard monthly revenues. We believe that the Altcoin is non-existent in the market for good reason, that Bitcoin will enable an entirely new wave of interaction between consumer and retailer.
Haydn Franklin
