According to Roger Ver, one of the first promoters of cryptocurrency, the likelihood of Bitcoin slipping down the pecking order in the digital currency sector is very high. More so, chances of this slip taking place this year are also strong. Roger Ver, also known as “Bitcoin Jesus”, believes that by the end of 2018, Bitcoin might no longer be known as the most valuable digital currency. His reason is that the emergence of other digital currencies, that are regarded as being technologically better than Bitcoin, might bring an end to its reign. Whilst Roger Ver is of the opinion that Ethereum will overtake Bitcoin by the end of the year, he believes that Bitcoin Cash might have to wait till 2020 before it overtakes Bitcoin on the cryptocurrency pecking order.
What are the Possible Reasons for the Devaluation of Bitcoin?
Every cryptocurrency enthusiast is perhaps aware of the fact that there are quite a number of issues with the basic technology with which Bitcoin operates. As a result of some issues with its basic technology, Bitcoin appears plagued by painfully sluggish transactions as well as inflated fees. Although the above-mentioned flaws are two of Bitcoin’s most noticeable, they are definitely not the only flaws that this digital currency possesses.
Since the invention of Bitcoin, lots of other cryptocurrencies have been invented. Although only very few have made it to the limelight, all digital currencies that were invented after Bitcoin have a couple of things in common. However, of all the things that these digital currencies have in common, one stands out; the drive to improve on at least one of Bitcoin’s many downsides. As a result of trying to improve on some of Bitcoin’s flaws, these new cryptocurrencies now appear to have an edge over the world’s premier digital currency, Bitcoin.
In the last few years, there has been a 450% increase in the price of Bitcoin (although we are on a downward trend currently). It’s true that this is amazing. However, more amazing is the fact that in this same time frame, the price of Ethereum has increased by close to 1,000%. This implies that at the moment, Ethereum is seemingly gaining more grounds as compared to Bitcoin.
Bitcoin might continue to be the most valuable digital currency
“Bitcoin Jesus”, aka Roger Ver, believes that Ethereum will overtake Bitcoin. However, some other cryptocurrency experts are of an opposing opinion. According to them, Bitcoin is way too settled at the top to lose its place as the most valuable cryptocurrency in the world. This group of people admit the fact that Bitcoin indeed has some flaws. They, however, believe that these flaws can be overcome by the many talents in the cryptocurrency sector.