During the “bubble bursting” a lot fear, uncertainty and doubt (FUD) around cryptocurrency as well as fear of missing out (FOMO) during these discounted prices and speculation of what is to come, bitcoin has seen it all and survived multiple times. Before I get ahead of myself this isn't an in-depth technical analysis of the market or speculation, it's more of a philosophical point of view on bitcoin.
Those in this space that know cryptocurrency both in a technical and economical perspective attack bitcoin's value and worth as well as its limited capabilities. However, before all these alt coins existed, bitcoin was the first that entered this space and laid out the path for this technology to develop and foster. The result of bitcoin is an ecosystem where it has helped those with debt, financial instability or access to a better way of life that either their country or situation did not allow them too. If it was not for bitcoin, none of what we have now or will have would be possible.
In fact, before you learn of any other cryptocurrency or what it is or even when someone mentions it, the first thing that pops into someone’s head is bitcoin. Bitcoin is our gateway into this space, it is the link that connects us to a whole new economic structure that gives power to the people, not institutions or governing facilities. Even with all its flaws we are thankful for it and hold it to a higher standard than any other cryptocurrency. Thus, it is constantly targeted for criticism and praise.
Bitcoin is the father of all these coins and because of it, people will always respect and admire the outcome of what it brought. Cryptocurrency is supposed to create a decentralized system that is against inflation and is "finite", but that is an illusion. New coins are made every day and although there are quite a few that possess unique utilities to them, a lot of them technically do the same thing with some variations. All they have is a different name with a different "finite" number and when it approaches that "finite" number, or the network wants to use it in a different way the coin is forked and now a new one with another "finite" number is created. Bitcoin was supposed to counter inflation, but here lies the irony, to solve this finite number new coins are constantly made. How is this any different from fiat being printed?
So, to be able to hold these coins to a finite number and value them accordingly we evaluate them based on the worth of bitcoin, which goes up in value due to is finite number as well as the ideology behind it. Bitcoin represents this anti-inflation and it reminds us that this ecosystem that we are in is meant for us, not for one company or entity to control our income. When everything hits rock bottom people will turn to bitcoin because it will always remain dominant because it was there from the beginning and will be there at the end. Therefore, bitcoin is compared to digital gold even though gold is considered "outdated". However, it is still valuable, even more than fiat, which is constantly being printed. Gold has a finite value and at one-point fiat was backed by it. To this day, gold is still worth trillions of dollars and when inflation goes out of control, gold will be even more valuable. The same can be said in the cryptocurrency space as more and more coins get created.
I'm aware with the saying "in with the new and out with the old," but there are some values that cannot be eliminated or taken out due to the impact that the ideology has had on the culture. For instance, look at the Bible, Declaration of Independence, or society standards, all three ideologies can be declared outdated, yet what they stand for and represent or what people value from them will never go away. For that reason, these ideologies will be what we use as a guideline to better ourselves while maintaining the essence of what it wants us to achieve, which is a better way of life. Bitcoin dominance represents a form of a better way of life and that form is in financial freedom. Money can't buy happiness, but to say it isn't a crucial aspect of our lives is to turn a blind eye. I'm not talking about having a net worth of billions of dollars, but to know that you do not have to worry about putting food on the table or depend on another entity to give you that source of income is why bitcoin was created and will prevail.