The Altcoin War: Everyone wants Bitcoin. Does it serve any good for the market?
“Altcoins are in a constant technological competition with one another. Meanwhile, Bitcoin, being the biggest fish, does not need to participate.”
Over the past few months, Bitcoin has been getting even stronger than expected. All signs suggest that this growth will last longer than previously believed. Investors can realize great profits from such a significant price increase. Reaching the previous maximum price is a reasonable goal which may even occur this year. With that said, it is safe to say that the crypto-market has, once again, proved to possess business opportunities that no other business does. However, the current situation is quite new in many regards as altcoins are not increasing together with Bitcoin.
In 2017, most of the top-level cryptocurrencies were head to head with Bitcoin; a state that does not characterize the current market anymore. What explains the current situation? Did people’s trust go through a change and they don’t believe in a global crypto revolution anymore? Or the results and observations suggest that there is no need for this many altcoins? There are many questions with even more answers, based on which it is almost impossible to reveal the objective truth. One thing’s for sure, everyone is into Bitcoin. But, does it do any good for the market?
According to my personal beliefs, Bitcoin strengthening “all alone” and the rest being incapable of keeping up is not a bad sign at all. Obviously, this involves a higher risk for altcoins as many of them can get eliminated very easily. This selection process, however, can bring substantial benefits in the long run and can result in the increase of trust; the trust that the “bubble projects” of 2017 destroyed thoroughly. It is in no-one’s interest to bring back a market where 80% of the projects are fooling naive, innocent investors by their countless false and worthless promises.
Bitcoin wants to take back the crown and make sure that they are still the biggest fish in the ocean with a power that cannot be abused. Every judicious participant of the market is trying to exploit the benefit provided by the strengthening of Bitcoin and make as big of a profit as possible. I consider this a very smart strategy as the process might also carry great benefits and profit for altcoins of high intrinsic value. However, this is not happening yet. We need to wait until Bitcoin reaches its next maximum price, and only then can we expect participants that optimize profits to shift their attention towards altcoins. The moment it happens, altcoins will have a great chance to catch up.
Will it apply to the whole market? I believe it won’t. Consciousness and the results of recent years may develop a different perspective where promises are no longer enough; projects need to prove their words and follow through with actions. Only those projects that represent long-term value will have the opportunity to take advantage of Bitcoin’s strengthening, and these projects can provide an alternative to Bitcoin that Bitcoin will not be able to reproduce.
ILCoin is an exact match for this description. We do not wish to compete with Bitcoin as our goals are simply not the same. Bitcoin has a so-called “minimalistic technology” that corresponds with the functionality of gold. In other words, Bitcoin is the standard of decentralized cryptocurrencies. ILCoin is an alternative solution whose value is delivered by well-developed and outstanding advancements that the development team is continuously working on. Our main goal is the establishment of an on-chain based data storage platform. The value of this platform is given by ILCoin, which means that users will gain access to technology through ILCoin itself. We believe that nothing could be a greater, more remarkable goal of blockchain technology than a decentralized cloud-based on-chain data storage.
