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At press time, the father of cryptocurrency is still trapped in the $3,600 range. Following a near two-week period of meandering about at $4,000, bitcoin is still struggling to regain traction in the crypto market. Interestingly, the Federal Reserve Bank of St. Louis has released an argument that seemingly blames altcoins for bitcoin’s latest demise. The authors claim that the cryptocurrency arena is consistently flooded with new altcoins that do little to move the market forward in a positive way. The space has become saturated and cannot change as it should due to the limited space. Chart by SkylerBTC At the same time, however, bitcoin appears to be suffering from a lack of awareness. Regarding bitcoin decentralized applications (dApps) for example, very few people use them, and instead prefer dApps centered on other competing currencies like Tron. The authors say a bitcoin maximalist argument has never fully come to fruition, writing: “Consider the following thought experiment. A restaurant selling meals for ten dollars will happily accept payment in the form of one Hamilton bill ($10) or two Lincoln bills ($5). That is, the nominal exchange rate between Hamilton and Lincoln bills is 2:1. Now, suppose that the supply of Lincoln bills is increased but the supply of Hamilton bills remains the same. The exchange rate remains unaffected… That is, the increase in the supply of Lincoln bills has led to a decline in the purchasing power of both Lincoln bills and Hamilton bills, even though the supply of Hamilton bills…
Source: Bitcoin Price Watch: Are Altcoins to Blame for Bitcoin’s Demise?
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