Hope you are all doing well.
We all know that Bitcoin is the most powerful cryptocurrency in the crypto Industry and every 4 years, it crosses the previous ATH. A few hours ago I read an article where the founder of Cardano says that the crypto industry does not need Bitcoin for survival. Further, they elaborate these arguments through an example that in the old times a window was needed for computers to run and now the mobile phone does not need a window and can do good work. (actually showing the shift from windows to mobiles)
The meaning of the example is that in the old times, Bitcoin was necessary for the industry but for now the industry is independent or maybe some want a better option but in my view, the survival of the crypto Industry without Bitcoin is not possible because Bitcoin is a very huge system and the miner and users make a strong base for the cryptocurrency security and stability. This is just one and I know more factors also show that without Bitcoin crypto industry does not survive.
Guys what you think share your taughts?
SourceBitcoin was the king of the cryptocurrency market,do you think the forest will survive for the longer period without the king Lion.It’s merely not possible one for the crypto market to survive without the bitcoin.If the new people come to trade of crypto currency,their first option without any hesitation will be the bitcoin.Nearly ninety percent of the new people was investing their first money in the bitcoin was said by one of the company.The survival of the bitcoin was above decade,we don’t know whether the Cardano had the potential to survive for the decade.Surely the opinion of most of us will be no,because survival in the current economic conditions is not easy one.
I would say it definitely it is. Although I don't think the whole crypto market will shut down without bitcoin, but I guess the people who have been investing in bitcoin might also lost their interest to stay longer in the market thinking that they can't trust any other coins more than bitcoin. The crypto industry evolves more on bitcoin, and if bitcoin will be suddenly gone, I honestly think that it will bring crypto industry down.
However, more altcoins will eventually rise in the market but knowing the reputation of altcoins, wise investors will never easily trust them so they might just leave the crypto market and prefer to invest in real estate or stocks or bonds.
The bitcoin was the back bone for now in the cryptocurrency market,before the 2017 many threads was made to predict the next high of the bitcoin.But now no thread was speculating the price of bitcoin because of the stable bull run in the bitcoin price.The demand of bitcoin is more to the demand of Cardano in the current market condition.This alone defines the demand of bitcoin and Cardano in the current market.