RE: How do we measure the value of a cryptocurrency?
Bitcoin is often considered the “standard” because it appeared first on the market.
More importantly, it was the first and still the main one used to convert to real currencies. And, it most exchanges, it is the currency that you sell and buy your other coin.
Until other coins are more prevalent in purchasing, BitCoin will be the standard. Also, BitCoin has a limited supply, unlike a lot of other coins.
Bitcoin isn’t shiny, it isn’t something that gives a person any special esteem, and it isn’t backed by another tradeable asset.
Unfortunately, when the US removed the Gold Standard backing for the Dollar, it is no longer back by anything either. Most fiat currencies are only backed by the stability and reliability of the government it represents. This is why cryptocurrency is such a threat to the banking system, because it could possibly make all of their fiat assets worth nothing, when people realize that the governments are not a trustworthy asset.
I saw another Steemian, who takes a certain percentage of his cryptocurrency profits and buys gold and silver. I think this is a wise move, because gold and silver will never be worth nothing, because they have useful value beyond being a currency or a backing for currency.
I agree that many fiat currencies, including USD, are based only in the "faith" that they have any value at all. I think one thing keeping fiat alive is that there are no fees to transact it (at least physically).
I, for one, would like to see SBD become a viable currency. Until then, Bitcoin and Ethereum (however flawed) will remain pretty standard.
I don't think SBD will ever become one.
I also have some Cardano(ADA).
With systems like "WeChat" and "AliPay" creating social payment systems, I think Steemit has an unseen opportunity to become a global social currency. Especially if they perfect a mobile wallet.
I don't agree with @deanlogic, because the gain of SBD is may be larger than bitcoin. I am not also saying that it will be number one position within a limited time..... When bitcoin starts then there were no other coins ....
We can help SBD to reach number one....
The idea is quite good that provide @timeshiftarts is to be a social payment system. If it will accept..... Then SBD can reach number one position in future days....
What I find interesting about SBD currently is that it has a higher trading volume that is not tied to the bitcoin volume. To me that points to greater viability.
i dont write about that volume..... Just predict that it will be good it sbd pick social payment system....