Regardless of which token you are devoted to, we should all pay tribute to the original blockchain solution that is Bitcoin. Bitcoin’s path was forever changed last August when Bitcoin Cash stepped to the plate as the challenger to dethrone the king. After the launch failure of SegWit 2x, Bitcoin’s status was confirmed to be digital gold. As digital gold, Bitcoin my face no rivals, but it is possible that the currency has made its last move.
After successfully hypnotizing people into the cryptocurrency space, Bitcoin appears to be stuck on its network as available blocks are filled up quicker with transactions than they can be mind. Due to this backlog, transaction fees are higher and waiting times are longer. Being that cryptocurrencies are supposed to eliminate power from centralized institutions, these long wait times and high fees are out of bounds compared to the original principles that built cryptocurrency.
The decision to become a digital currency was a communal decision and blame can not be placed on currency. The problem aggravating investors today is the scaling issues concerning bitcoin. Since November Bitcoin has suffered a 50% drop in price, placing its market dominance into question. Today’s market share for Bitcoin is hovering over 33%, which is a substantial decrease from the 60%+ that it possesses not long ago.
Currently, Bitcoin Cash is the direct competitor of Bitcoin, as it tries to replace it as a ‘peer-to-peer electronic cash system’, which was outlined in its white paper. The adoption rate of Bitcoin is also reversing, as some strong supporting businesses are now no longer accepting bitcoin. Microsoft commented in a statement:
Microsoft has restored Bitcoin as a payment option after working with our provider to ensure lower Bitcoin amounts would be redeemable by customers.
Solutions for Bitcoin to ensure its survival at the throne include the Lightning Network or major upgrades to the network such as changing block sizes. These solutions would help solve the scaling issues that are making the digital currency vulnerable. Bitcoin is still prominent in the cryptocurrency space and will be a leading currency for still a long while, but as the community demands more, Bitcoin may be dethroned. Bitcoin needs to develop solutions to stay at the top, but failure to execute on these plans will instead increase the chance of being replaced.