2018 Bitcoin Review: Will it Continue its Domination?
For years now, the cryptocurrency market has been undergoing an immense level of change. Once seen as a ‘rebel currency’ that only the very few could tap into, today it’s a much more powerful industry. While it was once expected to be a much more small-scale currency program, the creation of easy access and understanding for layman soon changed all of that. However, with 2017 marking arguably the biggest ever year for primary cryptocurrency, the Bitcoin, you can expect that more is expected to come.
How diverse is this growth likely to be? Can we expect Bitcoin to continue along the same lines?
Some see the excess of 2017 as the beginning of the end. In truth, it’s only the beginning. The system itself is still in the process of being better refined and more commonly understood. For example, a common complaint with Bitcoin and other cryptocurrencies is the lack of value for users in delivery.
The ludicrous processing fees and tardy transaction times would not be tolerated in most other industries. The fact that you need to pay the same transaction fee whether you buy a day’s shopping or send someone half a million dollars is one major put-off point.
Even without the ability to use it as a day-to-day currency, there is immense value in the power of storing value. For most, this is what they are using it for. As we approach the end of the first third of 2018, what can we expect from the year to come?
According to Bitcoin Expert, Michael Cao, many are predicting that Bitcoin could find itself in a bit of a tussle with the likes of Ethereum. Given the incredible explosion of 2017, is Bitcoin likely to maintain dominance? Or is another challenge set to arrive?
2018: A Year of Change
One of the main predictions at present is that Ethereum is going to come in and take the spot of Bitcoin. Some people are craftily saying that Ethereum is the Windows 95 to Bitcoin’ MS-DOS. While that might be a little harsh, it does show that many think that Bitcoin might slowly be superseded and pushed to the side.
The aim is to try and make Ethereum a touch more user-friendly than using Bitcoin. Just as DOS was powerful but unwieldy, Bitcoin is hard to explain to the layman. We think this year might see a significant jump in people deciding to use Ethereum due to its simplicity. As people watch cryptocurrency repeatedly explode onto the scene, there’s a demand from the public to make it more accessible. Other people want in on the bitcoin madness, but simply don’t “get” how to do so.
Ethereum is instead going to try and offer a better way to handle the challenges around cryptocurrency. With thousands of new companies popping up all the time, though, there’s nothing to say that another challenger won’t arise in the near future and blow both Bitcoin and Ethereum away!
Ethereum: A Better Way?
One of the main challenges that Bitcoin now faces is in perception. While it was set up as a kind of anarchistic way to manage money and to “beat the elites”, the tables are turning. People now view Bitcoin as more elite, with its unwieldy nature and hard to get involved with protocols ensuring the “common man” is left out in the cold.
They have instead chosen to go down a path that, one day, will lead to a dead end. With lots of sites all competing to be more Google and less Lycos, there’s a rather interesting debate to be had about what is the best way. At the moment, though, we have little to no confidence that Bitcoin will enjoy the same stranglehold in 2018 and beyond.
According to Michael Cao, unless they change up entirely, the much more user-friendly and common-specific nature of Ethereum is likely to take over. Part of what makes Ethereum so enjoyable is the fact that it’s developing all the time and is undergoing a bit of a metamorphosis. It’s moving rapidly, seeing quick changes to performance and is more about innovation instead of locking down and stagnating. Bitcoin has hit a bit of a brick wall and shows no willingness to change course and avert disaster.
Sadly, for Bitcoin, the same cannot be said of Ethereum. Dominance always comes to an end, and one day we’re sure someone will at least make a good go of pushing Ethereum to the side. At the moment, it provides to be a better alternative.
What Makes Ethereum Our Pick for 2018?
The main reason why people think it’s going to take over is Ethereum’s desire to improve vs the more consolidation-specific stance of Bitcoin. While Ethereum works hard to improve privacy and expand the potential for scaling, Bitcoin is just kind of spinning its wheels.
While many claim it to be ‘Bitcoin 2.0’ nobody has yet come to the fore with the same kind of potential plans and ideas. Just as Windows built on the power of DOS, Ethereum has taken the proven success of the Bitcoin formula and modernized it.
Other blockchains out there simply lack the same desire to keep changing. They set out a stall, and stick to that particular frame of ideas and solutions. Innovation is at the very heart and soul of cryptocurrency — it’s why those who fail to innovate will wither and die.
Other technologies will continue to evolve in 2018, and we can see cryptocurrency standouts like Bitcoin begin to see their empire crumble a touch. Change is coming, and in a big way. This year will be a year where the price shockwaves of the Bitcoin rise in 2017 becomes a thing of the past.
With so many now fully aware of the unique power of cryptocurrency, more will want to get involved. If the likes of Bitcoin retain such a stubbornness to innovation and change, then we cannot see them returning to dominate the scene in 2018 as they did in 2017.