The first Bitcoin-decade: Why there were no Bitcoin bubble and Bitcoin will do the Central banks well

the ten years Ago, the first Bitcoin was gemint-Block. A historical event, which was at the time in its scope, probably nobody is aware of. His fame has received Bitcoin, however, only in the last few years. Now the question is how to do it in the next ten years, with the crypto-currency more. Will Bitcoin be in the year 2029 at the top of the crypto-market?

By Sven-servant to the
car At the 4. January 2019TeilenFacebookTwitterLinkedInxingemail

The current Bitcoin price is 80 percent lower than in the previous year. Together with the countless other Token Bitcoin is plunged into the depths. Not infrequently one reads of the Bitcoin bubble and Burst. A generalization that is only partially correct.

ICO-bubble Yes, the Bitcoin bubble no

The valuation of Bitcoin was not and is not the Problem of the market Crash of a year ago. It is the countless ERC20-Token, i.e., Utility Token on the basis of Ethereum, for the massive price decline. The high million reviews of the ICOs, the papers basically only from the superficial White and pithy sayings passed, have to answer primarily to the Bursting of the bubble. It is therefore much more correct, of a ICO-bubble, or at least a bit General – from a crypto-bubble talk of a Bitcoin bubble.

While other crypto-projects are yet to develop a product, has Bitcoin already. BTC itself is the product. Finally, Bitcoin is a Cryptocurrency and not a Utility or a Security Token. A fact that brings a different set of valuation principles. It makes only limited sense to compare a Fiat currency like the Euro with a share company like Apple.

Already in its present Status and its present use is a rating as to High in 2017 to justify. A circumstance that does not exist in the vast majority of Utility-Token-platforms. Even for daredevils Silicon Valley reviews was overrated, the majority of the ICO company completely. According to obvious, the phenomenon of speculation is here, bubble.

of Course, a massive speculation and Manipulation of stock exchanges was with Bitcoin in the game. In contrast to the majority of Utility-Token-projects, however, also a Use Case functioning as a basis of evaluation. The already proven substance, and the working role as a decentralized and globally accessible asset value make Bitcoin a crypto-Asset whose courses market are in strong Co-Determines the entire crypto, but nevertheless, not on a short-term Hype to build. The crypto market is collapsed at the beginning of 2018, not because of, but in spite of Bitcoin.

Bitcoin can be, but is not

another advantage of Bitcoin is that the need for scaling is less urgent than in the case of Ethereum and other block chains. While a high scaling in the sense of many of the transactions that are carried out in a short time, quickly and inexpensively is important, but not important for survival.

Should not create it, for example, Ethereum, a higher scale by the viable side chain, or Offchain solutions to implement, then it may run the risk to disappear in the short or long of the image area. Similar to the decline of the Internet browser Netscape, the current Blockchain can be replaced platforms, through better or market more Mature Blockchain solutions.

The probability that Bitcoin will suffer the same fate, on the other hand is significantly lower. The role of trust and culture is significantly more important than in the case of Utility Token. The technical efficiency is in the case of Bitcoin, a relatively smaller role. If you want to Park to safeguard the assets of 20,000 Euro in Bitcoin, then it is a relatively no matter whether the transaction cost of 0.20 Euro, or 0.80 euros and the transaction, ten or 40 seconds to continue.

If Bitcoin should not be used as an everyday payment medium for the coffee house to visit, is at risk, the value of storage function is less of a technological competition than in the case of Utility-Token-platforms.

Bitcoin will challenge banks

Central banks can benefit from Bitcoin, because they are forced to be better. The licensed, legitimate money monopoly lies at the Central banks, however, of this monopoly by the crypto-Alternative to be challenged. It has developed a parallel money system, albeit still relatively immature and impractical – due to crypto – currencies. So there is an Alternative and a rival to the existing Central Bank system.

Completely untethered as it is now for the Central Bank policies of the ECB or the FED, wins the individual by Bitcoin and economic autonomy. It is feared by too expansive monetary policy of Central banks debasement of the currency, so you can save by Bitcoin reserves, its international purchasing power and assets by periods with higher Inflation to save.

With declining confidence in the Central Bank policy, the population may be due to the exchange of Euro in Bitcoin, a clear Signal. Should be BTC only for asset protection, but also as a payment medium used, then a sufficiently high level of merchant acceptance must exist. Also, there must be, by the state, not a Bitcoin ban. Although it would be in spite of the prohibition of his money in Bitcoin to create and ship, however, would be the exception of Darknet times – the role as a payment cease to apply medium in everyday use. No legally operating company would accept Bitcoin, if it makes yourself liable to prosecution.

Bitcoin as a Backup in case of emergency

Since Bitcoin was only created after the 2008 financial crisis, there has been as yet to any significant crisis, the use of Bitcoin. Only in the smaller crisis countries like Venezuela, one could observe an increased crypto-activity by an economic crisis. It should come to an international crisis of major dimensions, then this would increase the relevance and, above all, the price of Bitcoin is solid.

Especially as the Central banks around the world have shot its bolt already. A ECB or the FED for the financial crisis, could cut interest rates, this is now only a very small extent. The low level of interest rates has weakened the financial system in its resilience, while the public debt has grown to a dangerous level in the world. No matter if in China a real estate bubble to burst, threatens, or the European debt crisis flaring up and the Euro is under pressure: There are enough risk factors, the stability of the currency and people'seconomic stability at risk.

According to Bitcoin must be classified in the macro-economic context. Even if you don't want it, can be a driver of an economic crisis on a larger scale to the largest Bitcoin before decentralised exchanges and Fund products.

Where is Bitcoin 2029?

The Bitcoin Blockchain has defined the ideal image of a Blockchain, and serves as the reference size. Also, Bitcoin is the crypto-currency. In the same way as the US Dollar as a reserve currency in the international trade in raw materials is used, serves as a Bitcoin for payroll and Course currencies for other Crypto, or Token. This role secures and strengthens at the same time, the Position of Bitcoin in the crypto-Ecosystem.

The initial question is whether Bitcoin will still be there in ten years, the most valuable crypto currency, measured in terms of the US-Dollar market capitalization, you can answer according to the current state with "probably Yes". However, considering how much the entire crypto-Ecosystem is still in its infancy, then a period of ten years is impossible to survey. As the most established crypto-currency, Bitcoin has the highest Survival, and probability of success, a guarantee that there is not, of course.