Blockchain Is A Technology Revolutionizing The Internet; This Will Not Change
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BUTTTTTT
Bitcoin's Fate Will Decide The Market Value Of Cryptocurrencies For The Near Future
The great depression didn't last forever, but it appeared to be an economic apocalypse. The recent crash from the highs of late 2017 remind me of that and it points to the fact that, for many reasons, the market capitalization of many many many, if not all cryptocurrencies stands on the back of Bitcoin. If Bitcoin continues to crash, so will many others.
Steem will continue to crash.
Ethereum will continue to crash.
Ripple will crash.
Many ERC20 Tokens, In Line With Ethereum's Crash, Will Crash.
Bitcoin Cash Will Crash.
Many Many Many Cryptocurrencies Will Continue To Crash.
Some of the reasons include:
- Many exchanges and markets trade against BTC Exclusively, with many also trading in ETH.
- BTC is the original, great cryptocurrency.
- BTC is the brand that is most well-known and attracts most investors and enthusiasts toward the space as an introduction.
Finally, BTC is the dream - a decentralized, limited supply (inflation resistant), transparent, unregulated currency; if it can't succeed, the dream will die for many. As a pure cryptocurrency, this is the original dream; despite all of its flaws, if this dream fails, many will take a long time to dare to dream again. We will dream again, yes, and blockchain tech is just as important, if not more important than just its implementation as a pure money system, but that dream may take a while to re-emerge. I think that Hodlers will be rewarded and I will continue to develop blockchain tech with Boolean: The News Accuracy Platform, as well as continue to spread awareness. I will continue to utilize Steemit and continue to move toward a decentralized, censorship resistant Internet. Actions like mine and those who do the same and continue to enrich the space will help it to flourish again. The crypto-economy can only boom if people want to be a part of it.
The alternative to this and, believe me when I say that I'd happily witness the change, is The Flippening. The Flippening is the possible next move for Crypto, where a cryptocurrency other than Bitcoin gains the greatest market cap. Some have speculated it would be Ethereum, some now speculating others, but the point is that a cryptocurrency other than Bitcoin could take the top spot. If that occurs and buzz in the mainstream news covers it and awareness of that spreads, then Bitcoin will begin to have less and less of an effect on the market cap of other crypto. It will still affect prices greatly until most exchanges have different methods of trading, but it will have less of an effect if The Flippening occurs.