I would say from my limited experience that Bitcoin lacks a lot of the utility aspects that newer projects have. Bitcoin was able to get away with having very limited utility simply because it was the very first token in the market, and so enjoyed the benefits of being first to the party.
I don't foresee Bitcoin diminishing in the near future due to its massive presence in the market. Coins can do extremely well based solely upon hype. Coins like Shiba honestly shouldn't be worth anything, and yet they are because people decided that they should be.
I think you've struck on a very important dynamic of the crypto market. The fact of the matter is that crypto is just... different. It doesn't always make sense, and sometimes it can be clearly based around ponzi schemes, gambling, and casino antics. My own thought process is that while the crypto market can certainly attract the gambler personalities to the table, so too can the fiat stock exchanges as well. For every hundred projects that fuel themselves on hype, there is a gem with real utility that will outlast all the hype coins.
I think the majority of the hype coins, including Bitcoin, will eventually become extinct as utility based coins grow in popularity. You have to realize that the crypto market is still in its infancy. It has only been around for a little over a decade, and is rapidly morphing and evolving into something that I think nobody can really predict.
One thing is for sure... our grandchildren will be learning about this time in financial history in their High School economics classes one day.
This is an excellent discussion to have.
I would say from my limited experience that Bitcoin lacks a lot of the utility aspects that newer projects have. Bitcoin was able to get away with having very limited utility simply because it was the very first token in the market, and so enjoyed the benefits of being first to the party.
I don't foresee Bitcoin diminishing in the near future due to its massive presence in the market. Coins can do extremely well based solely upon hype. Coins like Shiba honestly shouldn't be worth anything, and yet they are because people decided that they should be.
I think you've struck on a very important dynamic of the crypto market. The fact of the matter is that crypto is just... different. It doesn't always make sense, and sometimes it can be clearly based around ponzi schemes, gambling, and casino antics. My own thought process is that while the crypto market can certainly attract the gambler personalities to the table, so too can the fiat stock exchanges as well. For every hundred projects that fuel themselves on hype, there is a gem with real utility that will outlast all the hype coins.
I think the majority of the hype coins, including Bitcoin, will eventually become extinct as utility based coins grow in popularity. You have to realize that the crypto market is still in its infancy. It has only been around for a little over a decade, and is rapidly morphing and evolving into something that I think nobody can really predict.
One thing is for sure... our grandchildren will be learning about this time in financial history in their High School economics classes one day.