Cryptos Land: Why "The Flippening" Will Not Make Bitcoin Useless

Sunday, 19 November 2017

Why "The Flippening" Will Not Make Bitcoin Useless

If you are a Crypto currency trader or have an interest in Bitcoin and Altcoins in some other ways you might have already heard the word "The Flippening". The Flippening was first used in Crypto industry when Ethereum price surged to a point that it was threatening to take over Bitcoin by marketcap. This happened in June 12 2017. Data from Coinmarketcap shows how Ethereum was just 8% behind Bitcoin's marketcap. Most of the people was certain that Ethereum will take over Bitcoin's marketcap and become number 1 Crypto currency. 
Same scenario was repeated on November 12 when Bitcoin Cash, a Bitcoin offshoot currency, price surged above $2300 while Bitcoin price was depreciating at a increasing rate and dropped down from $7600 to $5400. People thought that Bitcoin Cash would replace Bitcoin in few weeks. The volume of Bitcoin cash surpassed that of Bitcoin at that time. However, Bitcoin Cash failed to maintain its support and eventually came back to $1200. During this event "The Flippening" was again referred.

Thus, Flippening is a concept where people tend to believe that Bitcoin's marketcap will be taken over by another Altcoin. Don't panic, even if this happened Bitcoin will still be more valuable than any other Altcoin. So why a flippening event won't make Bitcoin useless?' This is because of several reasons.

1- Bitcoin Acceptance
Bitcoin has developed its acceptance as mode of payment through out its life and many projects are solely based on Bitcoin. There are many companies accepting Bitcoin as payment and it is not possible for any Altcoin to take over this edge Bitcoin have. Many advertising networks such as A-ads and Cointraffic and other use Bitcoin for transactions, imagine them replacing Bitcoin for some other Altcoin just because it surpassed Bitcoin's marketcap. Bitcoin acceptance will always be higher than any other currency 

2- Ethereum is a completely different coin
Even though Ethereum is decentralized and is the known rival of Bitcoin, it still is a very different coin as compared to Bitcoin. Ethereum taking over Bitcoin will involve the fact that ICO's have become very popular that has particularly surged Ethereum's price rather than Ethereum's organic growth. Further Ethereum is hardly used as mode pf payment for goods and services rather the currency is mainly used for ICO's.

3- Bitcoin's life
Bitcoin has the longest life in Crypto industry. Founded in Jan 2009, Bitcoin have made a very strong dominance over other Altcoins. This life of Bitcoin gives it a competitive edge over other Altcoins even though they overcome Bitcoin's marketcap. Imagine a new coin founded in 2013 or 2014 taking over Bitcoin marketcap and making Bitcoin useless? Not so real. Bitcoin didn't became "Bitcoin" overnight and it underwent a lot of changes and development to maintain the number one position by Marketcap

4- Bitcoin's community
Among all Cryptocurrency Bitcoin has a very strong and biggest community on several platform such as Telegram and Reddit. They will not be abandoning Bitcoin just because some Altcoin took over Bitcoin's marketcap.

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