The current coin down turn is actually good for the industry as its exposing the ridiculousness of all the other coins business models – including Bitcoin Core (BTC) which has been seriously overvalued given its inability to be used as electronic cash. Cryptocurrency value should always have been about utility, and that requires the ability to massively scale as well as low cost secure micro-transactions. Though painful for those going in the wrong direction, this market correction will allow the facts to shine through and we hope that once this is over everyone will understand that this is and always has been about real utility and scaling.
Digital gold models and ICOs are all fiction and have been very bad for this industry. Both will result in massive loses for many investors, and have obscured the understanding that cryptocurrency needs scaling to be the new global money, what Bitcoin (now existing as Bitcoin SV) was created to do.
We are glad we fought Bitcoin ABC and had Bitcoin SV stand its ground. Otherwise, the original Bitcoin would have died again last week when Bitcoin ABC rushed in a series of code changes which depart from Bitcon’s core principles. Bitcoin SV has preserved the original Bitcoin and will make sure it succeeds.
Bitcoin SV is therefore seriously undervalued now, and the token best positioned to grow in value. Our prediction is that this market correction will result in Bitcoin SV being the only cryptocurrency that you can retreat to and preserve value. It is also the only one that will protect mining industry revenue for the future, and it’s the blockchain where the explosion of new business models will happen. In fact, we’ve quickly seen that most of the BCH native applications and businesses are switching over to BSV. Anyone who switches to BSV now will be ok…those who stay with a cryptocurrency or blockchain with no reason to exist will lose everything.
Bottom line, though painful, this correction is good for the industry longer term and good for society.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.