We are already reaching the middle of the second month of the year 2020. And since the start of the year Bitcoin (BTC) has had spectacular performance. But have we not gone through this same situation in an endless number of times? If not the price of Bitcoin, then what else?
It’s always a good time to take off any shirt of our favorite crypto; at least mine is BTC; and reflect if Bitcoin has met its objectives. How long will we say that crypto and blockchain technology is a young technology? Well, Bitcoin is going to turn 12 this 2020, and has already lived 3 different decades.
Is bitcoin boring?
Bitcoin (BTC) is currently going through an excellent time; As you can read in our most recent content. Now the world’s first cryptocurrency is above the psychological value of $ 10,000. This is an important turning point for BTC, since here you could either start a bull run 🐂 or a bear run 🐻.
But really, seeing it in the long term. The maximums are becoming less high, and the minimums seem to be the norm. Booms and funds have also become less frequent, is the first and most famous cryptocurrency of all finding a long-term balance?
This same point of view is what Andy Bromberg, president of CoinList, believes. That the crypto market is going through a totally new phase, and never seen before.
“The interesting thing about BTC is that it is less and less correlated with what happens in the rest of the crypto. This is an indicator that shows us how their value and popularity are emerging more strongly over all others.«, Andy Bromberg president of CoinList.
But, due to this same situation; From the correlation between BTC and the other altcoins, there is a fairly reasonable possibility that the next time the market moves sharply up or down, BTC does it separately, or the altcoins individually. Without having to behave in unison as we are used to; At least what Andy tells us.
BTC beyond the price
A case that we must take into consideration that we must observe is that there has been no technological innovation in Bitcoin (BTC), compared to other altcoins, for example Ripple (XRP) looks increasingly strong in the eyes of the Traditional banking and financial sector.
Meanwhile other altcoins such as Tron (TRX) and EOS are adopting innovations in their Blockchain in terms of scalability and costs.
But, in the case of Bitcoin (BTC), the world of its developers is not moving or has the life we used to see years ago. So virtually; At least in its technology, BTC remains almost the same since many years ago.
While many of the altcoins that emerged thanks to the idea of Satoshi Nakamoto; they struggle daily to try to appropriate a part of the market domain cake that Bitcoin holds, which is around 60%.
In any case, 2019 has shown that Bitcoin is neither savior nor destroyer of money. As other crypto projects have stumbled and disappeared along the way, bitcoin has simply persisted.
But, maybe that is good enough to keep Bitcoin with these price levels, because in the eyes of potential new BTC users it remains the same 11 years ago, although you and we know that it is not.
That is why it is up to us to educate any acquaintance, or even stranger. About the honey of the crypto ecosystem in general, not only of BTC. Not only of the good; but also of the dangers that it could face if it is naive enough.
What do you think? Is it time for Bitcoin to update a bit? or does it not bother you at all to remain the same technologically?
Economics student of the UCV. Defender of individual freedoms and of course also of the market and cryptocurrencies.