Why Bitcoin is going to zero and Why this coin will replace it

Discussion in 'Crypto Forum' started by glacierfield, Aug 22, 2021.

  1. glacierfield

    glacierfield New Member

    Aug 22, 2021
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    I know that there are many sceptics here of cryptocurrency as an investment, and rightfully so. There have been numerous ponzi schemes, lots of hype and very little innovation. I could see many investors asking themselves why is it bitcoin useful to society? Well I'm here to tell you that you shouldn't invest in BTC because it is useless to society, but there is a crypto that does have a use in society. BTC creates more problems than it solves and it will eventually be replaced by a new cryptocurrency that solves problems. The problems that BTC creates are high transaction fees ($5 fee per transaction) insane energy consumption for the transactions to confirm (BTC uses more electricity than the nation of Switzerland) and long verification times for transactions to confirm (60 mins) . Imagine paying for your $10 taco bell order with BTC, you'd pay $15 for $10 worth of food, then you'd have to pull over and wait roughly 60 minutes for enough block confirmations to confirm that your transaction is valid and it would cost a miner 980 KWH of electricity to confirm. There is nothing about this business model that is long term sustainable and the more popular that BTC gets the worse these conditions will become. Many in the BTC community say BTC is more of a store of value, but a store of value needs to have a usecase outside of making investors money. Gold can be used for jewellery, real estate can be lived in. Bitcoin can do nothing aside make people more fiat currency, and a look throughout history shows that assets that don't have strong fundamentals always end up going to zero. So in conclusion BTC is not a store of value, or a currency as it fails on both accounts. BTC is probably the biggest example of the greater fool theory in the history of mankind. Once a superior crypto currency becomes known to the masses virtually all other coins will become obsolete. I'm here to introduce you to IOTA and why I think it has the potential to become something huge.

    Iota is a DAG based cryptocurrency and data transfer protocol that invented their own form of distributed ledger called the tangle invented to be able to scale to thousands of transactions per second and have feeless transactions. Iota is still in the process of optimizing their code and adding functionality. If successful I could see Iota being the #1 most valuable cryptocurrency, as there would be nothing that any other coin could do that Iota couldn't do better. A major bottleneck on Ethereum's NFT platform is the insane amount of fees to mint an NFT, last time I checked it was around $200. With Iota's feeless transactions there would be no reason for anyone to use ETH's NFT platform. Iota is also in the process of developing their smart contract platform. Combine Smart contracts with Iota's feeless transactions and again there is no reason to pay the insanely high gas fees that we have grown used to on the ETH blockchain. Of course NFT's and smart contracts are still in beta and not yet released on Iota's mainnet if successful it would render all smart contract platforms obsolete as they would be slower and more expensive to use. This even includes ETH after the 2.0 update as ETH would still have fees.

    Another feature of Iota is that you can send micro transactions (less than $0.01) or zero value transactions (Data only, $0.00) It is currently impossible to send less than $0.01 with any cryptocurrency or any payment method for that matter. The benefit of sending microtransactions is it opens up whole new industries specifically the IOT or internet of things. For the internet of things to be successful small amounts of data and value need to be exchanged between machines. This may not sound like a big industry but multiplied by billions of devices sending hundreds of $0.001 transactions a day. It adds up to a gigantic industry that is currently impossible to exist due to there not being a payment method to exchange fractions of a cent. Zero value transactions can come into place for crypto sceptics who do not want to utilize cryptocurrency due to the uncertainty around taxes and volatility. Iota allows them to exchange data in a p2p way without the need for their token and without fees. The 4th industrial revolution revolves around exchanging data, google 4th industrial revolution if you don't believe me.

    Iota has an incredible amount of partnerships and collaborations with several multi billion dollar companies. Companies that have currently announced they are building solutions with Iota's technology are Jaguar land rover, Zebra technologies, Dell, Intel, STmicroelectronics, Software AG, EDAG, the linux foundation and many others. Iota has also received grants from the European union and the city of Austin TX to build smart city infrastructure. On top of this there have been 375 Patents referencing iota from 160 different entities. Some of these entities that have filed iota patents are Bank of America, Siemens AG, Panasonic, HP, American Express, British Telecom, Fujitsu, First American Financial Corp, Mastercard, Sony, Ford, T-mobile, Bosch, Volkswagen, Adobe and many others.

    The iota foundation has 150 Full time employees including Dr Richard Soley on the supervisory board who is the CEO of the object management group (OMG). The OMG is a standardization body that standardizes emerging technologies. Richard Soley was responsible for standardizing UML which is used by software engineers every day. The OMG is in the process of standardizing iota and to my knowledge zero other cryptocurrencies are in the process of being standardized. Iota is also being standardized by IEEE who is the largest standardization body in the world who standardized 802.11 wifi, if you check your wifi settings you will notice a number that starts with 802.11 every single wifi connected device uses IEEE standards. Standards are important because it allows products from different companies to be interoperable with each other. Imagine if 802.11 wasn't the wifi standard and your computer/phone couldn't connect to your router because they were made by competing companies and utilized a different way of accessing the internet wirelessly. The benefit of standards is interoperability among different manufacturers. When Iota successfully becomes a standard I can't imagine any company building a DLT/blockchain solution on anything other than Iota because their product would not be interoperable with every other device and would thus be a commercial failure.

    In conclusion Iota solves the problems that BTC ETH and every other cryptocurrency has. Iota has feeless transactions, uses 0.000015 KWH of electric per transaction and transactions fully confirm in 10 seconds or less. The developers are also actively working on making these numbers even lower as they continue to optimize the protocol. However Iota is relatively unknown and not on many exchanges, once the word gets out about Iota I think the price could go sky high as it has a solid use in society going forward.
    Thanks for reading Ill leave some links down below to check out, and as always do your own research.

    Iota patentshttps://iotaarchive.com/patents

    Iota standardization update mentioning OMG and IEEEhttps://blog.iota.org/iota-standardization-update-april-2021/

    IEEE 802.11wifi standardhttps://en.wikipedia.org/wiki/IEEE_802.11

    IEEE articles about iotahttps://blockchain.ieee.org/technicalbriefs/january-2019/iota-feeless-and-freehttps://ieeexplore.ieee.org/document/9223293

    OMG UML standardhttps://en.wikipedia.org/wiki/Unified_Modeling_Language

    Dell/Iota collaborationhttps://blog.iota.org/together-iota-and-dell-technologies-demonstrate-project-alvarium/

    Iota Zebra collaborationhttps://developer.zebra.com/blog/introducing-zebra-savanna-and-iota-track-and-trace-ledger-api

    Iota jaguar collaborationhttps://blog.iota.org/earn-as-you-drive-with-jaguar-land-rover-and-iota-3c744d8c0cba/

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