Bitcoin’s lacklustre development and overall lack of technical support will be the token’s ultimate demise. As tech companies invest in blockchain technologies and provide the time and effort needed to nourish digital currencies, some experts believe bitcoin will fail to keep up. According to Samuel Leach, founder of multi-purpose crypto token Yield Coin, 2019 is promising to be a particularly exciting year of “real cryptocurrency growth”. However, in his opinion, bitcoin might not necessarily ride the incoming tide of crypto progress even if centralised regulation recognises the token’s worth.
In a worst-case scenario, Mr Leach thinks a future without bitcoin is slowly becoming a grim reality.
He said: “Bitcoin in my eyes is more like the grandad. You see others come up like Ripple, which has a solid team behind it constantly developing it and progressing it forwards in the future.
“Bitcoin is made, it’s done and that’s what we’re left with and that’s what we’re working with, so it’s one of those that I think will slowly transition away as the market gets bigger.
“As more tokens and more cryptos get created, it will start to move money into other areas of the market.
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“I think cryptos are here to stay but bitcoin will never be a stablecoin.”
Stable coins are cryptocurrencies designed to counteract rapid price movements and volatility on the cryptocurrency markets.
In principle, stablecoins are meant to be a digital version of fiat money or a store of value pegged against the US dollar, for instance, designed with everyday use and transactions in mind.
Bitcoin has failed to become a stablecoin due to its incredible unpredictability and significant price swings over small periods of time.
Bitcoin’s price and value are only pegged against speculation and what traders are willing to buy it for.
This year alone, bitcoin has already fallen about 80 percent on its peak in mid-December 2017, when prices soared to almost £15,652.60 ($20,000) per token.
And this month, bitcoin lost 17 percent of its value as cryptos crashed on the markets.
Smaller cryptocurrencies pegged to the value of bitcoin and ethereum, the second biggest token on the market, risk falling into the same trap.
Mr Leach said the most likely thing to happen to bitcoin is it gains some recognition from exchange-traded funds (ETFs) and futures markets.
The token will remain a highly speculative trading option for some while others might find it useful as a utility or function.
But any real hope of day to day use as a store of value is out of the question.
The news comes after market analysts warned bitcoin owners to prepare for ‘more months of pain’ and price swings.
Mr Leach said: “Bitcoin is the buzzword – it’s what everyone knows when people think of cryptos.
“I think it has served its purpose and will serve its purpose for speculation and making a monetary return.”
On Friday, November 30, bitcoin trading kickstarted at £3,292.99 ($4,209.56) per token, according to crypto tracker CoinDesk.
By 8.33am GMT (UTC) the virtual currency was exchanging hands for £3,269.65 ($4,179.72) – a 0.56 drop in value on the last 24 hours.