As the cryptocurrency was arise, Bitcoin was the leading crypto and dominating the market for quite some time.
Due to its massive popularity it was received the moniker of “King.”
However, it has been 10 long years now since Bitcoin came into being (an eternity in the cryptocurrency space) and things are starting to get away from the King.
Bitcoin’s path was forever changed in August 2017 when a new challenger stepped up to the plate amid the rapidly escalating scaling debate.
Also, Bitcoin Cash appeared with its backers claiming it to be the one true ruler. Not long after this came Segwit 2x’s failure to launch, which essentially confirmed Bitcoin’s status as digital gold.
As a digital gold, it may have no rivals, but in the world of cryptocurrency it may have played its last move.
Scaling is a constant topic for evolving cryptocurrencies, and if Bitcoin cannot scale properly soon, it could be abandoned by investors for a more forward thinking cryptocurrency.
After bringing in millions of users to the cryptocurrency space, Bitcoin has hit a log jam on its network as available blocks fill up with transactions quicker than they can be mined. This backlog has led to higher transaction fees and longer waiting times.
These factors all end up being counterproductive to the principles underpinning cryptocurrency which are to eliminate the power that banks have over money, as reported by Cointelegraph.
Furthermore, banking fees and centralised waiting times are part and parcel of the irritation that comes from another entity being in control of one’s money. Bitcoin is increasingly picking up these bad habits, leaving its users with a feeling of déjà vu harking back to the days when banks held a monopoly over monetary services.
Bitcoin’s move towards digital gold was a communal decision, and therefore blame cannot really be laid purely on the currency’s shoulders. But in that short time, frustrations amongst investors have grown with regards to the scaling issues.
There are other currencies waiting to try and take the mantle away from Bitcoin, and already this has been demonstrated as Bitcoin suffers a 50 percent drop in market dominance since November. Currently, market share for Bitcoin is just over 33 percent, having not too long ago been at over 60.
Steam, formerly a strong supporter, no longer accepts Bitcoin, while Microsoft caused confusion when they looked to stop accepting only to rebut this and state:
“Microsoft has restored Bitcoin as a payment option after working with our provider to ensure lower Bitcoin amounts would be redeemable by customers.”
As companies turn away from Bitcoin, even some of the more established names in cryptocurrency join the march for the door. Civic CEO Vinny Lingham, who is well respected for his opinions in the crypto community said:
“When I look at it from the product standpoint, I think the greater demand is for peer-to-peer cash than for digital gold.”
No one can ever say what will happen to a certain market entity, just like Bitcoin, what we’re sure about is that cryptocurrency has successfully invaded the world.