© CCFOUND sp. z o.o. sp.k.

Is there a chance that bitcoin will be close to 100% dominance?

I am looking at Bitcoin's dominance and I am interested in whether it is possible for bitcoin to take over its dominance on the market to 100%. Is it theoretically possible ??

I am looking at Bitcoin's dominance and I am interested in whether it is possible for bitcoin to take over its dominance on the market to 100%. Is it theoretically possible ??

Show original content

2 users upvote it!

4 answers


Iluvastar
Theoretically yes, but the chances of such a scenario are very small because all altcoins, including Ethereum, would have to collapse. I don't believe that all the exchanges in the world (and there are thousands of them) would conspire to only list Bitcoin from now on. As long as there is at least one platform for trading, people would want to do it, and therefore BTC dominance couldn't reach 100%. Similarly, I don't believe that all countries in the world would suddenly ban cryptocurrencies other than BTC. There will always be those who break the rules. Therefore, I believe that Bitcoin will never have 100% dominance.
Theoretically yes, but the chances of such a scenario are very small because all altcoins, including Ethereum, would have to collapse. I don't believe that all the exchanges in the world (and there are thousands of them) would conspire to only list Bitcoin from now on. As long as there is at least one platform for trading, people would want to do it, and therefore BTC dominance couldn't reach 100%. Similarly, I don't believe that all countries in the world would suddenly ban cryptocurrencies other than BTC. There will always be those who break the rules. Therefore, I believe that Bitcoin will never have 100% dominance.

Machine translated


1 like

Tomasz Mikosz
I honestly doubt that. Projects like Tezos or Ethereum would have to fail, which, regardless of the situation, are much faster and cheaper than cryptocurrencies based on the congested Bitcoin network. In response to your question, in my opinion, the dominance of Bitcoin will most likely be close to 0% rather than 100%, because nowadays there are many better projects than Bitcoin itself.
I honestly doubt that. Projects like Tezos or Ethereum would have to fail, which, regardless of the situation, are much faster and cheaper than cryptocurrencies based on the congested Bitcoin network. In response to your question, in my opinion, the dominance of Bitcoin will most likely be close to 0% rather than 100%, because nowadays there are many better projects than Bitcoin itself.

Machine translated


Tomek Podgórski
Of course, there is a chance for Bitcoin to achieve 100% dominance, although it would not happen overnight. As we know, Bitcoin is a very flexible asset. Over the 11 years of Bitcoin's existence, we have noticed that it slowly takes on the positive features of other altcoins, absorbing their capitalizations. Sidechains are one of the most anticipated technological upgrades in Bitcoin, due to their practically unlimited functionality that can be enabled after implementation. Originally announced as a concept in 2014, we may now be a few months away from sidechains being available on the Bitcoin network. If successful, sidechains could have a significant impact on the future prospects of Bitcoin's price. Sidechains are an effective way for Bitcoin users to transfer their coins to a completely different blockchain with different functions. New blockchains will allow Bitcoin users to enjoy new functionality in a way that does not affect the main Bitcoin blockchain without the need to create a new digital currency. There are several different types of sidechains that have been proposed over the years, each with a different security model for users. Some sidechains use federations of notaries, meaning that the sidechain is under the full control of a set of (usually competing) entities, while other sidechains aim for a much more decentralized approach. Bitcoin can add a lower security level and higher throughput blockchain, which can at least partly resolve some disputes over whether Bitcoin should be digital gold or a global payment system. Paul Sztorc is working on Bitcoin Hivemind, which is intended to be a decentralized prediction market. With this sidechain, Bitcoin users could store the value of any asset in the same censorship-resistant way as Bitcoin. Two other notable sidechains are MimbleWimble, which is a much more private and scalable alternative to the current Bitcoin blockchain, and RSK, which aims to enable advanced smart contracts similar to those found on Ethereum, Tezos, etc. One of the main goals outlined in the original whitepaper was to eliminate the need for creating alternative tokens for new types of blockchains. In other words, one potential side effect of sidechains is that they can completely eliminate the need for altcoins. While many speculators are excited about the over 2000 altcoins that exist today, sidechains can lead to a situation where the entire value in the altcoin market returns to Bitcoin. In addition to capturing value found in other blockchains, sidechains can also have the side effect of increasing the network effect of Bitcoin as a whole. Sidechains allow for new use cases for Bitcoin, which can translate into more people joining the network. The destruction of the altcoin market can also lead to much greater confidence that Bitcoin will not be replaced by other altcoins in the future.
Of course, there is a chance for Bitcoin to achieve 100% dominance, although it would not happen overnight. As we know, Bitcoin is a very flexible asset. Over the 11 years of Bitcoin's existence, we have noticed that it slowly takes on the positive features of other altcoins, absorbing their capitalizations. Sidechains are one of the most anticipated technological upgrades in Bitcoin, due to their practically unlimited functionality that can be enabled after implementation. Originally announced as a concept in 2014, we may now be a few months away from sidechains being available on the Bitcoin network. If successful, sidechains could have a significant impact on the future prospects of Bitcoin's price. Sidechains are an effective way for Bitcoin users to transfer their coins to a completely different blockchain with different functions. New blockchains will allow Bitcoin users to enjoy new functionality in a way that does not affect the main Bitcoin blockchain without the need to create a new digital currency. There are several different types of sidechains that have been proposed over the years, each with a different security model for users. Some sidechains use federations of notaries, meaning that the sidechain is under the full control of a set of (usually competing) entities, while other sidechains aim for a much more decentralized approach. Bitcoin can add a lower security level and higher throughput blockchain, which can at least partly resolve some disputes over whether Bitcoin should be digital gold or a global payment system. Paul Sztorc is working on Bitcoin Hivemind, which is intended to be a decentralized prediction market. With this sidechain, Bitcoin users could store the value of any asset in the same censorship-resistant way as Bitcoin. Two other notable sidechains are MimbleWimble, which is a much more private and scalable alternative to the current Bitcoin blockchain, and RSK, which aims to enable advanced smart contracts similar to those found on Ethereum, Tezos, etc. One of the main goals outlined in the original whitepaper was to eliminate the need for creating alternative tokens for new types of blockchains. In other words, one potential side effect of sidechains is that they can completely eliminate the need for altcoins. While many speculators are excited about the over 2000 altcoins that exist today, sidechains can lead to a situation where the entire value in the altcoin market returns to Bitcoin. In addition to capturing value found in other blockchains, sidechains can also have the side effect of increasing the network effect of Bitcoin as a whole. Sidechains allow for new use cases for Bitcoin, which can translate into more people joining the network. The destruction of the altcoin market can also lead to much greater confidence that Bitcoin will not be replaced by other altcoins in the future.

Machine translated


OpenAI BOT
Yes, there is a theoretical chance that Bitcoin can achieve close to 100% dominance in the cryptocurrency market. However, much depends on various factors, such as societal acceptance, government regulations, competition from other cryptocurrencies, and technological changes. Currently, Bitcoin has around 40% market dominance, but many people in the industry believe that it can still grow.
Yes, there is a theoretical chance that Bitcoin can achieve close to 100% dominance in the cryptocurrency market. However, much depends on various factors, such as societal acceptance, government regulations, competition from other cryptocurrencies, and technological changes. Currently, Bitcoin has around 40% market dominance, but many people in the industry believe that it can still grow.

Machine translated