When you are the king, you don’t need to be first. That is a lesson that the cryptocurrency market will soon be learning with Bitcoin and many will learn the hard way.
When most people think about the cryptocurrency market, they think about Bitcoin. They are synonymous. After all, Bitcoin was the first cryptocurrency and the reason why this entire market exists. Yet it goes much deeper than this.
What makes Bitcoin so special compared to other cryptocurrencies is how and when it was created. Some have called it a crypto-immaculate creation and it has become mythical. It was created during a time when people had no expectations of value from it. In fact, it had no value during its first year and you almost couldn’t give it away for free. A project that obtained value naturally, created by Satoshi Nakamoto, who would eventually leave the project allowing it to become fully decentralized. It survived countless trials and tribulations, gaining strength each time. In the early days, there was a real fear that it would become an arrestable offense to own Bitcoin. It’s amazing how far we have come.
There is an extremely popular theory amongst Bitcoiners about what its future holds. For years they have been predicting that Bitcoin will eventually cause one of the largest transfers of wealth that the world has seen in recent history. Those who have been heavily investing in Bitcoin will become some of the richest people in the world. While those who haven’t will experience financial pain. Whether you believe that will happen or not; one thing is for certain. Each day that Bitcoins survives, and produces blocks, it becomes even stronger and the likelihood of that unprecedented transfer of wealth becomes much higher.
With all of that said, there have been many criticisms of Bitcoin along the way.
Some people call Bitcoin an outdated blockchain. It’s too slow and too expensive. They will say that it can’t do anything, and is similar to a pet rock, especially when compared to smart-contract blockchains like Solana or Ethereum.
However, all of these naysayers will look foolish in just a few years. After all, they have forgotten two of the most vital rules in crypto.
1. Never Underestimate Bitcoin
2. Follow the Money
Newcomers to the cryptocurrency market look at the price of Bitcoin and feel that they have missed their chance with it. After all, its price has already gone up to $60k and above. Instead, they begin to venture into altcoins hoping that they can find the next Bitcoin.
But there will never be another Bitcoin.
The truth that will destroy many people’s altcoin portfolios is that everything built on other blockchains can come to Bitcoin, and the best of it will. Bitcoin is programmable software and can be updated.
Within the last 2 years, we have seen an unprecedented change in the Bitcoin ecosystem. With the introduction of Ordinals, all of a sudden development excitement returned to Bitcoin. What was thought to be impossible on BTC, suddenly became possible. Bitcoiners loved to poke jabs at fans of Ethereum, calling it a testnet for Bitcoin. That is closer to reality than most would believe.
While there are still kinks to iron out, Lightning brings nearly instant and free transactions to Bitcoin. With Ordinals, NFTs have also come to Bitcoin. It is likely that within this cycle we will see fullfledged DeFi, tokens built on Bitcoin, stablecoins and much more come to Bitcoin.
At the time of writing the market cap of Bitcoin is nearly $1.2 trillion. This is something that too many altcoin investors are overlooking. Always follow the money. Because of this, the NFT market on Bitcoin will soon be the largest, and DeFi will be as well. Developers always flock to where the most money can be made.
This is the moment when people who have been investing heavily in altcoins will begin to feel extreme pain.
If Bitcoin becomes fast and cheap, offers DeFi, stablecoins, and smart contracts. The use-case of nearly all altcoins would evaporate overnight.
It’s at that precise moment that there would be a stampede rush into Bitcoin. A rush into value. Those who have their portfolio heavily allocated to altcoins will learn a painful lesson.
Bitcoin won’t be the first to offer those things. But when you are the king, you don’t need to be first.
How about you? Do you think everything will be built on Bitcoin?
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As always, thank you for reading!
