2019: ‘Bitcoin Me-Too’ Coins Like BCash, Litecoin may Fade Away
The tenth anniversary of mining the genesis block of the Bitcoin blockchain was marked this week. It ushers in a new decade of expectation with regards to the top digital currency. However, as industry insiders talk about the areas the world’s top cryptocurrency needs improvement in coming years, Weiss Cryptocurrency foresees Bitcoin on its way to becoming a veritable digital gold in 2019 with a chance to “rise up and head for new all-time highs” while some other top names fade.
Experts like Propy’s CEO, Natalia Karayaneva and Social Alpha Foundation co-founder, Nydia Zhang, identify the price volatility and high fees of Bitcoin transactions that prevent the cryptocurrency from being used for micropayments as major obstacles. In another media statement, the CEO of INVAO, Frank Wagner, stands by the general view that crypto can only reach its full potential when adequately regulated to ensure future investment and create price stability.
Not much of these challenges were identified in the first Weiss Cryptocurrency Ratings update for 2019. In the weekly update, the first by a financial rating agency, the team reiterated that 2018 was only a disaster for cryptocurrencies in terms of market price declines but not for their fundamental underpinnings which saw a major progress. Hence, they used their cycles and ratings models to support seven forecasts for 2019 and beyond. Top among them is that Bitcoin will be increasingly used as a store of value as from now. They also view it that the 2018 price declines have pushed most of the weakest hands in the market out thus laying the groundwork for a new bull market.
“Meanwhile, stronger diehard believers have held firm or even accumulated more Bitcoin. Distributed Ledger Technology has continued to advance, as major progress was made in fixing known deficiencies in first-generation cryptos… Result: In 2019, much as it did after prior bear markets, Bitcoin will again rise up and head for new all-time highs.”
“for the simple reason that they bring virtually nothing new to the table… There’s no innovative use case for them. They’re likely to fade away over time.”