The 2018 took traders and investors scrambled on a rampant race like us all the time has reached new annual lows and has experienced hopeful but short-lived bull runs. It was really an exciting roller coaster when the crypt craze of 2017 came to a sharp stop before falling off a cliff.
A recent one Post medium Jimmy Song, an educator, developer and entrepreneur from Bitcoin, examined what happened last year and how he influenced Bitcoin.
As put by the song:
Last year it was turbulent for Bitcoin, but then again, what year is not it? Bitcoin is disruptive and a real interruption means that there will certainly be significant volatility.
Bitcoin vs Altcoins
The massive sale he really put things in perspective and brought many cryptic fanatics back to their roots when Bitcoin claimed its dominance. In the course of 2017 Bitcoin slowly lost market shares and at the beginning of 2018 reached a historical minimum in terms of cryptographic domain at 33.41%.
Crypto investors give a lot of confidence in alternative cryptocurrencies, such as Ethereum (ETH), Ripple (XRP) and others, while they continue to find new highs at the start of 2018 and Bitcoin is selling off.
However, as Bitcoin has continued to sell off during the year, all others have followed suit. In fact, the rialcoins suffered even more from the 2018 bear market, most of which lost more than 90% from their peaks, while Bitcoin managed to reduce its fall to 80%.
Ultimately, traders realized that many of the altcoins they invested in had not kept their promises, had little or no users, suffered from centralization problems, had no liquidity, were overly overwhelmed, and more.
This put an end to the ICO mania that we experienced in 2017 and led people to take refuge in Bitcoin, which brought its domination to over 50% in 2019.
Because Bitcoin persists while others fail
While many ICO projects have struggled to find a use case and have run out of money, Bitcoin has continued to build services with real use cases.
For example, Bitcoin Lightning network has seen substantial growth over the last 12 months in terms of development, use and investment. Furthermore, the adoption of Segwit has continued to grow significantly and is now adopted by most trades, portfolios and companies.
More privacy projects have gained adherence and are under development, such as MuSig, Taproot, Graftroot, Dandelion, Neutrino and other projects.
All this development has happened and continues to happen without any centralized authority having called the blows. And regardless of whether an altcoin project is decentralized or not, no project in the sector is decentralized to the Bitcoin level.
Bitcoin's ability to persevere in a decentralized manner is unprecedented in the cryptographic market and is a real advantage over other projects in space.
As put by the song:
Altcoins continues to use a centralized development model that too often translates into products and functionality that the market does not want or does not need … What we have seen in 2018 is that having a lot of "development activities" is not the same thing that produce something on the market wants. Bitcoin has distinguished itself by releasing features that are actually used, and not duds that are not as many altcoins.
Bitcoin is stronger than ever
The bear market of 2018 has shaken many weak hands, and those who still hold Bitcoin are less likely to advertise and are more aware of what really matters.
Bitcoin has conquered true believers e hodlers of last resort last year, and thanks to this long thinning of the herd, will enter in 2019 with a more solid base.
2018 showed us the true advantage of Bitcoin compared to altcoins, as well as its decentralized nature and its overall resistance. With Bitcoin, entrepreneurs decide what innovations will be and individuals will create products and use them. With the altcoins, the central committees ultimately decide on innovations and commission other entities to build it.
All in all, there is a distinct difference between Bitcoin and altcoin, and there will always be something to be done. While Bitcoin merged with the altcoins mirage in the 2017 mania, 2018 was the year in which it clearly stood out.
Do you have more Bitcoins than you did in 2017? Do you think Bitcoin is more decentralized than any other altcoin? Let us know in the comments section below.