Bitcoin needs to die

[rajatjain]

Bitcoin, the original cryptocurrency, the currency which paved the way to create a whole new market worth billions now and trillions soon has finally lived its days and given enough reasons as to why it needs to die and that too soon in order for the crypto market to survive.

Bitcoin is one of the few currencies which people buy from their local currencies on the exchanges. Because it is pegged to dollar, euro, etc it is the currency which goes up and down from the perception of people about bitcoin and its value. If bitcoin goes to 20000 dollars it is due to many people are spending 20000 dollars from their banks to acquire that bitcoin. When bitcoin goes to 6000 it is because people are selling off that bitcoin to go back to their dollar in the bank. Till here it is pretty much basic trading knowledge, what happens next is what goes beyond the conventional trader knowledge.

Now come to the remaining 1500 currencies. Almost all of these currencies are pegged not to the dollar or euro but to bitcoin itself. There are few currencies such as ethereum and litecoin which are pegged to the dollar but these again are pegged to bitcoin . We see pairing of Litecoin as LTC/BTC too if we see LTC/USD or LTC/EUR. Same goes for ethereum. Either they are pegged to the bitcoin or to tether which is said to be the dollar value for the crypto market. We might see some exchanges pegging all the currencies to their own coin such as binance coin, kucoin as well giving value to their own coin in the process.

Because all of these currencies are for sure pegged to bitcoin, they are not free from the price fluctuation when bitcoin undergoes a price fluctuation. if bitcoin is at 6000 dollars and it goes up, there is a likely chance other currencies too improve but it is not a sure case since that own coin’s performance impacts it. However, it is not vice versa. If bitcoin goes from 20000 dollars to 6000 dollars, the entire coinmarket suffers its wrath. Because it is pegged to bitcoin like 1 coin may be 0.1 of bitcoin and hence it will try to maintain that 0.1 for most part of its trading and thus if bitcoin loses its value, the other coins loses its value even though the coin might be very good and has no issues with the tech or any bad news against it.

If any of us are investing in any coin, we are basically hoping the rise of that particular coin will be faster than the rise of bitcoin so we actually make some profit of it, otherwise no matter whatever coin we are investing in, it is just like we are investing in bitcoin only since it is following bitcoin’s price hike and fall at allmost all the times.

In order for all the 1500 currencies to draw their own legacy out, they need to ensure that not only they are pegged to the USD or the other fiat currencies, but try to ask the exchanges to bring in more trading pairs so as to limit the impact of just one crypto on them and instead distributing the impact on bitcoin, ethereum and litecoin. Ethereum and litecoin should argue that they do not want to be pegged against bitcoin but rather the fiat currencies in order to chart their own history.

If bitcoin becomes outdated then only we can be free from these massive dips and the massive gains which happen only and only because of perception of bitcoin!

[oseikuf44]

I dont see any reason why bitcoins need to sacrifice and paved way for other almost 1500 alternative currencies to survive. If all things being equal and bitcoins die for another currencies to lead, what will happen to the new dominating currency, lets assume is Ether. It means sooner or later ETHer also need to die for other currency to dominate?

[STIKS1911]

I believe that if a person knew nothing about the crypto currency, then most likely he would first learn about bitcoin. Because people can know bitcoin, but do not know other coins. Bitcoin is known all over the world. More and more people if they hear about the crypto currency, they remember immediately about bitcoin. And if bitcoin dies, many people will simply stop believing in crypto currency and invest their money in it. Therefore, I do not think that bitcoin should die, despite its shortcomings.

[iluvbtc]

Bitcoin will never die, the top dog need to be 1. Anonymous 2. Anonymous 3. Most Secure

The governments can not go after one who is truly anonymous.

[dealung]

I dont see any reason why bitcoins need to sacrifice and paved way for other almost 1500 alternative currencies to survive. If all things being equal and bitcoins die for another currencies to lead, what will happen to the new dominating currency, lets assume is Ether. It means sooner or later ETHer also need to die for other currency to dominate?

yes you are right, if we think like op. then who is the leader will continue to die and death will continue.
okay, assume there's no pair again btc and eth. but how in exchanges? they always provide their own alt to be pair in their own exchange and I think it's the same.

[Kaplogs]

If bitcoin will fail as the foundation of cryptocurrencies surely most of the alts in the market will follow its path,i dont think these altcoins are worthy because most of these alts doeant have any product/services to offer,surely they need to be removed from the market so our market wont have any shitcoins or worthless coin and besides the cryptocurrency's market volatile that is why you need to know how the market flows so you can adjust in any situation you are in.

[Carmen01]

Crypto brings so much conveniece like we can play gambling here in easy way and we can also use digital currency as a mode of payments that's bitcoin can brings i think you post negative about bitcoin but still it will grow by it conveniece so there's a positive in bitcoin,Moreover we use bitcoin because we can earn and we can use this for business in many ways but if you experience not good here then leave.

[caloriecoin]

You have no understanding of Bitcoin, using your logic, even Dollars need to die.

Get a brain.  

[warning_btc]

I dont think so, if Bitcoin die all crypto going back to the 2009 year.

[bastu]

It will not die but will be dominated by ethereum.

[Tomohisa]

Let the market to decide which one going to die and which one going to live. In my opinion, if an old relic of the past like Bitcoin die then not good for the market.

[iconoclast]

Bitcoin does tend play the same role in cryptocurrency markets as the US Dollar does in commodity markets but even if bitcoin did not exist some other coin would take the role of dominant currency that all prices are quoted in and you would have exactly the same problem.

[Newboybb]

Bitcoin is unlikely to die.
Because even better altcoin appear, but they still need to be converted into the bitcoin trading, and then can be converted into the legal currency, so I am the future of the bitcoin is likely to be the legal tender of cryptocurrency markets.

[Prodigan786]

Your forgetting actual truth all remaining crypto currencies are exists because of bitcoin the trust people have on Bitcoin . 80% of the people still knowing only about bitcoin . If any countries major reaction completely reflect on Bitcoin not other coins . Once bitcoin value goes down other coins also eventually loss its market.

[rajatjain]

Guys,

I am not against bitcoin, but its just my views. Whenever i see coinmarketcap, i see similar trends on an hourly basis for all the coins which follow the suit of bitcoin. Isn't it wrong that the coins we are invested in are just following the suit of bitcoin. in order to break away from bitcoin chart, we need to move to stable pairings such as dollar and maybe include more pairings rather than just btc and eth.

[bottledfireworks]

Therefore I always support bitcoin even the value of it is going down and not stable. I'm just supporting two coins which is bitcoin and Ethereum that I believe it will become stable soon. Bitcoin is the number one Cryptocurrency and without bitcoin all altcoins is none.

[dlhylton]

What you said is true, all altcoins are tied to bitcoin. Usually if bitcoin is up, the altcoins are up and vice versa. However, if bitcoin fails, it can cast a negative shadow across cryptos in general, as bitcoin is the most popular. I think it's better for now that bitcoin survive but it would be fine if another crypto takes over bitcoin's #1 place. This is just my opinion.

[Vit83]

there is no sense in BTC death. This only means that alts must live with their own life. And depends only from their work, not BTC course. Most of a dead-born project with no sense. Look for example on waves it looks quite stable to BTC or XEM. BTC now works like mood indicator on market. And this is problem just for alts not for BTC.

[btcluisdiki]

I may have to disagree with the subject that bitcoin needs to die, for what purpose? Bitcoin is the sole cryptocurrency that is first ever decentralized digital currency to grow in the market today with a very high currency rate it had achieved that had reached almost $20K of it's price value and no other cryptocurrency had ever surpassed it's growth. In my understanding, most of the other cryptocurrencies were dependent on bitcoin's current market price wherein if bitcoin price may drop, most of the altcoins will also be affected. Moreover, bitcoin will continue to survive and will continue to grow in greater heights.

[Xetonica]

There is no need to die because most of the people here in crypto currency are they get more income in bitcoin if bitcoin will die many people are suffering
 and lossing their job that could help the financial problem of our family.