- Bitcoin and altcoin competition become more prevalent.
- Nic Cater believes that altcoins should have chance to become “independent of the state” like Bitcoin and Ethereum.
The coin has plenty of room to grow, despite originally being named a “dark web currency. Evolving into an asset for investments, Bitcoin changed the way that the public looks at payments. With the digital nature of Bitcoin, it paved the way for other players to emerge and launch their own cryptocurrencies as well.
As the new crypto assets emerged, these players started to move away from the universal and censorship resistant nature of Bitcoin. This creation of altcoins led the market to have multiple different factions, making room for the loyalists of Bitcoin to rise up, claiming it to be the true digital currency.
The battle between Bitcoin and the altcoin market continues today, and there are only a few altcoins to dig their heels into the market enough to be solid contenders. If anyone were to look on Twitter’s crypto community, it is clear that participants are far from on the same page about the market, dividing the Bitcoin supporters and the altcoin enthusiasts. Still, the one thing that bonds this group is the disdain for currencies to be controlled by the government.
Co-founder of Coin Metrics, Nic Carter, spoke out about his stance on the crypto market through a series of tweets. He noted that the agenda of Bitcoin and Ethereum are to be “independent of the state,” saying that there will be a few coins to ultimately become prominent over others “as they growth and mature.”
If you believe that money can exist independent of the state, both BTC & ETH are money, and every BTC clone, new smart contract platform, etc.
They are just very inferior monies. But a select few will distinguish themselves over time as they grow and mature.
— nic carter (@nic__carter) May 5, 2019
He added that the only way to actually eliminate the “gatekeepers” are to see that the market has competition amongst “neo monies.”
What I’m saying is if you want to remove the gatekeepers, you have to acknowledge the free market competition for insurgent neo monies
— nic carter (@nic__carter) May 5, 2019
There are multiple tokens and other projects that are pushed to the side in an effort not to overcome the goals of Bitcoin and other rising cryptocurrencies. Still, as Carter sees it, the currencies need to have the opportunity to compete with the fiat currencies available as well.
As far as “arcade utility tokens” go, as referenced by one user who replied to the original tweet from Carter, the assets do not show any intention of trying to be money. Based on that factor, the tokens simply are unable to be controlled independently of the state. Still, the user believes that these “generic” versions of crypto assets should have a shot as well.
Carter believes that Bitcoin ‘s creation in the market was meant to compete against fiat currency on the free market. If that is true, then crypto projects separate from Bitcoin should end up with the same opportunity.
- Source: First Appeared Here
- Published Time: 2019-05-06 23:19:49
The views and opinions expressed in the article After Ten Years, Traditional Finance Needs to Create More Welcoming Atmosphere for Bitcoin do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research..
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