Bitcoin's Popularity Vs. Altcoin Functionality

Bitcoin's Popularity Vs. Altcoin Functionality

By NickytheClone | The Clone Chronicles | 19 Jan 2022


        Ok, behave! Act like you know that when Bitcoin is on the rise, you can expect better gains out of altcoins as well. Bitcoin's appeal lies within the most basic statistics of the currency. 21,000,000 Bitcoin will exist. That means, no matter how many Bitcoin were mined in 2008, no matter how many Bitcoin is owned by major companies, no matter what Bitcoin's price is today, however much money is put into Bitcoin, will reflect its price. 

       

       Basic Analysis

      Allow me to relate how an alternate currency develops a set price. The price comes based on demand and complete supply of that coin. I know that i struggle to explain this simple formula, but allow me the reprisal of an attempt Ive floundered at so many times before.

         Naturally, the higher amount of currency available will call for a lower price (demand considered). 

  

         For example : Let's  say a currency holds a maximum supply of 100,000,000. If this coin is in demand just as much as a coin that holds a supply of 20,000,000 total coins that will be produced, the second coin i mentioned would hold a price of 5X that of the aforementioned coin. It should be re-noted that this is assuming these two coins hold the same demand from a decentralized world. 

      My Proposal

    Now, I would like to point out to cryptocurrency investors (we are babies despite our years of dedication) that the most influential currency is Bitcoin. This is despite the rigorous questions answered by altcoin communities and their investors. 

      Just look at it. If a question comes up in the cryptocurrency world, there is an altcoin with a different blockchain to answer that question. Multi-currencies housed on the same block? ETHEREUM(ETH). Faster, cheaper transactions? TRON(TRX), EOS, RIPPLE(XRP), STELLAR(XLM), ETC. Information based currency? FILECOIN(FLC). A more decentralized blockchain (possibly liberal to a fault) BINANCE(BNB). Do you need a blockchain with added security features that can encrypt the adresses of the wallets that make transactions on thier blockchains? Then you want MONERO(XMR) or VERGE (XVG)

 

     The point I'm trying to make is that Bitcoin was the answer to flawed currency systems. Then others didn't necessarily find a flaw with Bitcoin, but they were able to elaborate on Bitcoin's design to bring several amazing features to digital currency. It is safe for me to say that although the world has been flooded by Shitcoins delved out by digital currency providers everywhere, the world shall not be able to turn a shoulder to the progress made.

 

         PEACE

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NickytheClone
NickytheClone

I am a traveler & I enjoy analyzing and trading digital currencies. I enjoy beer & all the food from all the lands and seas. I am from Arkansas and strive to see as much of the beautiful country of America as possible in my short spell above ground.


The Clone Chronicles
The Clone Chronicles

Earning, Staking, Farming, Day-trading, Mining....If it involves cryptocurrency, chances are I've dabbled in it. Crypto has been an interest of mine for over 5 years. Nothing makes me happier than sharing the small amount of knowledge I have accrued. Cryptocurrency has made life easier for me, and I wanna share that with you.

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