It’s happening much faster than anyone could have imagined. Alternative cryptocurrencies are closing in on the preferred payment method of Darknet hackers and crypto thugs across the interweb.
Each day the price of Bitcoin falls by a degree as the altcoins gain more ground on their wilting crypto leader. Today for example bitcoin was “cadaver flat” as the Nascar-sponsoring Dogecoin (DOGE) rose nearly 7%. Interestedly, the reason behind these evolutionary changes is no fluke – it’s a time-tested economic principle.
In economics, there’s a basic law known as Gresham’s Law which dates back to the 1800’s. It states, “when you have two currencies, people tend to hoard the one with greater material value and spend the one with less material value.”
Expert financial analyst and freelance journalist, Nikhil Gupta, explained today why Bitcoin will lose the digital currency battle:
There are many investors who bought into the digital currency thinking that one day this “future currency” will gain mainstream adoption and put before them huge piles of cash. It’s this speculative, asset-based attitude that’s taking away the crucial chance from Bitcoin to cultivate into a true currency …
Thus you see the trend of people sitting on their Bitcoins and actually spending and tipping with their Dogecoins. It’s only a matter of time before the crypto paradigm shifts taking Bitcoin to its grave.
These truths are not a reality that bitcoiners and their cybercracking associates like to face. Paradigm shifts are often met with resistance by the underlying establishment that benefit most from a static world void of change.
However, it’s better to wake up and face the music than to rest in peace only to later discover the winning contestant spitting on your grave. But unless Satoshi returns to pick up the pieces of his shattered creation, there’s little hope for its survival.
Which altcoin will be first to toss a shovel of dirt on the bitcoin casket? Might it be the tip friendly Dogecoin? Log in below using your favorite social network and share your insights.