The rate of Bitcoin has always loved to swings all the time. He is like a baby at Disneyland, climbs on the coolest ride, on which he rushes up and down. But not so long ago, he began one of the fastest slopes in his entire history.
Since November,14, 2018, the world’s first cryptocurrency rate from $6 365, began rapid journey straight into the unknown.
And what if, the end for Bitcoin is a zero rate? What then? Is it even possible? Will it affect other cryptocurrencies? The Coin Shark has found the answers for these and other questions.
Current rate of Bitcoin
Bitcoin forms a significant part of the crypto market. With a total evaluation of the market – $130 880 931 295, BTC capitalization is $69 billion, as of November, 28, 2018, according to CoinMarketCap. Moreover, the currency is extremely popular within the community.
Since the beginning of this year, Bitcoin has lost more than 75% of its price, although it continues to confidently hold first place in terms of capitalization, outperforming its closest opponent Ripple approximately 80%.
Could a Bitcoin rate drop to zero?
Like any other fiat or digital currency – the price of BTC can become zero. But it possible to predict the depreciation of the rate.
Since 2013, there has been a gradual extinction of large blockchain projects from the market. In five years, more than a half of such projects have finished their work. The problem was in the lack of scalability and high competitive.
How can this happen?
The rate can turn into “a big nothing”, if the developers stop supporting and updating the network. Because of this, consumer interest will fall, which reduces the demand. As a result, the cryptocurrency will depreciate on the market.
When Bitcoin rate will be at zero?
While people are investing in BTC, and they are stored on electronic wallets of thousands of crypto investors army, and the rate provokes active discussion in the community – Bitcoin will leave. Therefore, in the short term, might not be such a sad rate collapse, that’s for sure.
BTC is strengthened by the same name payment system, in which flaws are constantly eliminated and updates are being implemented to improve the network. That’s again indicates the relevance of Bitcoin. At least, until it stops being fun for its founders, which is definitely not going to happen in the near future.
Will zero Bitcoin rate affect other cryptocurrencies?
The major part of the cryptocurrency market is represented by Bitcoin. This means, the state of the market depends directly on the first cryptocurrency, but not only. The market is full of other players, the major of which can also affect the rate of other cryptocurrencies.
As far as the rate falls, the capitalization decreases. This means, that other cryptocurrencies, which can easily replace BItcoin, will increase the demand and the volume of their market capitalization. Subsequently, it will give them power in the crypto environment. That is, if the Bitcoin rate falls to zero – there will be another cryptocurrency, which will take the first place.
Who can replace Bitcoin?
Even though, Bitcoin is the most popular and much-needed cryptocurrency, it still has gaps. Of course, the developers are constantly struggling with them and create the solution, that will bring Bitcoin closer to the ideal currency of the world.
In any case, you have to always hope for the best, but prepare for the worst. We suggest getting creative. Just imagine your usual early rise to work. You, as usual, after the fight with the alarm clock, lazy drag yourself into the kitchen to drink some coffee. The Coin Shark news feed will help to bright up the waiting of the fragrant drink ? And suddenly, this is what happens : the course is lit in red, and the news headlines report with sadness : “The legendary Bitcoin had finally collapsed to zero”.
Imagined? What are your next steps? Were you prepared for this? To avoid panic, we suggest considering cryptocurrencies, which could replace Bitcoin if it died right now.
Not all cryptocurrencies have suffered during the recent market meltdown. Against of the red rate, Ethereum gave Ripple second place without any resistance. The new second world leader in cryptocurrency and blockchain is the currency of the same name settlement system created by Ripple Lab. The main idea – to create instant currency transfers and speed up online data exchange.
Right now, Ripple’s market capitalization is $15 billion, which is about 12% of the total market capitalization.
Source : https://coinmarketcap.com/
Recently, it is the number three cryptocurrency. Yes, Ethereum, not only failed to withstand the collapse of the market, but also gave back the position to the above-mentioned cryptocurrency. This cryptocurrency has a great financial future, since it has a wide range of users and it is considered as the better alternative to Bitcoin. Since, Ethereum makes thousands of transactions per second.
Ethereum’s market capitalization is $11 billion, which is about 9% of total market capitalization.
This cryptocurrency was created by BItcoin’s blockchain hardfork. Despite the fact that branching of the first cryptocurrency of the world occurred on August, 1, 2017, today Bitcoin Cash takes fourth place in terms of market capitalization. The new cryptocurrency is better than its predecessor, because it’s transaction in the network are confirmed faster.
Bitcoin Cash is 2,45% of the total cryptocurrency market with it’s own market capitalization of $3 billion. We want to remind you, that recently Bitcoin Cash has split into two branches – Bitcoin Cash ABC and Bitcoin Cash SV.
The system, which owns EOS cryptocurrency, is the most advanced for distributed applications and smart contracts. It is able to simultaneously conduct up to a million transactions per second. That’s why EOS is called “The Ethereum killer”, and it is also considered a worthy replacement for Bitcoin.
EOS has a market capitalization of $3 billion.
Though, due to the CryptoNote-CryptoNight protocol, the users of this cryptocurrency are provided with complete anonymity. This makes Monero attractive for crypto community.
The capitalization of XMR $965 million, which is 0,75% of the total market capitalization.
What will happen if Bitcoin’s rate is at zero? Is it even possible at all? Yes, it can happen, but definitely not in the next decade. Bitcoin will be at zero if cryptocurrency isn’t strengthened by developers. Yet, when the value of BTC drops to zero, it will be definitely replaced by another cryptocurrency.
However, according to Blockspoint, a crypto investor Tim Draper is confident in the positive future of Bitcoin. The world economy will accept the cryptocurrency as an alternative currency, which will share the financial market with fiat. And Bitcoin will contribute this.
Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/