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Bitcoin is not backed by gold or any other asset as the other currencies does.But USD also is not backed by gold.Bitcoin price is driven by the community support.The main difference which it has is that we could claim that the bitcoin we are holding is ours  unlike other currencies whose ownership could not be proved.I think that it might also be a strong reason for it to get trust among the normal people.

In developing countries,bitcoin is still in its infant stage.So,majority of people still don't know what bitcoin is.And so the smaller volume of people would not be able to disrupt the economy of a country itself.Its in the case of smaller developing countries.If its about US,then surely most o the rich people use bitcoin and it might lead the government to loose tax revenues.

Ethereum and ripple could not replace bitcoin.Ethereum has failed to gain the trust which bitcoin has gathered over these years.Not all the people who know bitcoin knows about ethereum.

Ripple is just a crypto currency created for facilitating inter banking transactions.That's why,it has been accepted by most of the banks.Its just a centralized currency and it could not replace bitcoin.

No its not possible for you to find large volume of people who wish to hold their bitcoins until it reaches the price of 20,000 dollars.So,even if you get successful to form a large group of people ready to hold bitcoins,that would really be like peanuts infront of the wide population holding bitcoin all around the world.So you so called holding group of bitcoins would not be able to have a positive impact over the bitcoin price.

I would recommend to use electrum wallet.you could download it from the official website www.electrum.org.Download the latest version 3.0.5.I have been using it for the past two and half years and until now no problems encountered.

If you would like to use a hardware wallet,then you could go with either trezor or nano s ledger.

Even if such companies create their own crypto coins for their own use,still bitcoin would not be dethroned as bitcoin gets used widely all over the world.

Yes volatile nature of bitcoin has prevented it from being adopted in mainstream.It is due to its volatile nature that many companies have not adopted it as a payment option.Also some countries which are bitcoin friendly too are restricted from adopting bitcoin because of its high volatile nature.

I hope that it's quite possible for bitcoin to reach that price if it continues to move in this uptrend.Bitcoin price has been struggling in the range of 6,000 dollars for a long time and this is really a good sign for bitcoin.But there should be no more FUDs in the market affecting bitcoin price.

It's a regular phenomenon which we are noticing.Now everyone would be buying coins at a faster pace.Then big whales would start their game and spread FUD in the market which would make cryptos price fall.Then most of the people would sell their coins in panic and big whales would have a great meal.There's nothing new in it.

I don't think that it will reach 20,000 dollars price that much soon.Earlier it was due to launch of bitcoin future sfor such an ATH and now there seems no such possibility.But we could hope to cross 10,000 price soon and it would definitely be a great bounce back from 6,000 dollar price.

Bitcoin price suddenly increasing and decreasing highly is not good for bitcoin.It would just increase the volatile nature of bitcoin.Gradual increase and decrease only would build trust among investors over bitcoin.However new investors would get excited on seeing such price hikes and would immediately buy bitcoins.

Altcoins are totally dependant on bitcoin for their value.So in no way,they could take control over the market.Also altcoins are highly volatile and I hope that no one invests in it on a long term basis.Marketcap of altcoins totally might be bigger than bitcoin's,but its not just two or three altcoins and hundreds of altcoins together contribute to such a bigger market cap.

I think that you are providing very high numbers which is totally unrealistic.If we try to see every industry based on its electrical consumption,then I swear that there would be no production and hence no development and we would have to return to olden ages.Bitcoin has been targeted by critics for many reasons and this is just another reason.

I too just follow the strategy followed by most and just sell my altcoins to catch the train bitcoin.I just hold the bitcoins which I already have and increase my holdings during such down trends.When bitcoin price rises again,i would just sell the newly bought bitcoins and enjoy the price rise and would continue to hold the old bitcoins.

Yes already Venezuelan government has created petro currency and Indian government is ready to create its own digital currency Lakshmi.But such currencies may remain stable in price due to the government controls and also no body would be willing to come under government radar by investing in such currencies.

Its always advised that don't put all your eggs in the same basket.Its only related to altcoin investment which are highly volatile in nature.So by investing in two or more coins,even if one coin's price falls,another coin's price may increase which would reduce or just avoid the loss.But investing in bitcoin doesn't involve such problems as its price tends to increase gradually.

Bitcoin has been proven to be safe over the past eight years and no government or bankers could crack its code.That's why,it has got such a huge trust from its investors.Bitcoin is free from deflation and USD is vulnerable to deflation.Its true that that there is no central authority to ensure its value being a decentralised currency.But it has risen in its value gradually and based on its previous performance,investment could be made in it.