Why hasn't bitcoin been outdated?

in #bitcoin7 years ago

I'm sold. Call me a dreamer, but i believe, that blockchain technology will take over our current currency system, in one form or the other. So far we have seen certain cryptocurrencies provide very high interest rates for its holders, without causing inflation (here im refering to PoS cryptos like ARK or NEO). We have seen faster transactions than previously seen. If you where to transfer money to a foreign bank-account, it could typically take several days, where with blockchain it can be done within hours with some cryptos even minutes.

The blockchain technology is very very new, and it will take a lot of time for our society to adapt to this technology, and yet we have not even seen the tip of the iceberg yet. To me it's important that the frontrunner, for this technology fulfills certain requirements regarding security, transaction speed/transaction fees and an easy-to-use platform.

Yesterday i wrote a post about how too many people buy into bitcoin, without knowing about the technology and just sees it as a lucrative investment, which is concerning to me. (https://steemit.com/bitcoin/@baileyhaldwin/the-bitcoin-rollercoaster).

Though it may be a strange metaphor, i very much see Bitcoin versus altcoins as VHS versus Betamax. A lot of altcoins have at least one if not several advantages over bitcoin, yet bitcoin is still the frontrunner for all cryptocurrency, because it was here first.

Let's compare Bitcoin to Litecoin, which is the fourth biggest crypocurrency at the moment with a market cap of 19,824,329,951 (where bitcoin sits at 318,477,868,091)Steemit post.png
(Here we see the Bitcoin fee, along with Ethereum fee, and Litecoin fee, over the latest year or so).

Litecoin in regards to bitcoin has a lower and more stable fee, faster transaction time, Litecoin is easier to adapt to applications and easier to use on different platforms.

When Litecoin beats bitcoin on so many parameters, how come bitcoin is still leading the crypto-race?

Most people have never even heard of Litecoin and doesn't know it's full potential, many people see Bitcoin as a lucrative investment and not for it's potential, yet when many altcoins are outperforming bitcoins, i think it will be a matter of time before they overcome Bitcoin. Don't worry if you are a Bitcoin holder (like myself), Bitcoin will continue to be the Alpha Omega of crypto-trading, since buying most altcoins require Bitcoin. However over time i believe, that several altcoins will overtake Bitcoin's place, as we see an overall adaption of blockchain technology in our society.

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