90% of cryptocurrencies will decline, only Bitcoin can accompany you until old age?

From the information provided by the CoinMarketCap website, it can be seen that new altcoins appear almost every day. However, according to Charles Hoskinson of ETC (Ethereum Classic), about 90% of altcoins will disappear in the near future.

Hoskinson, who was CEO of the Ethereum blockchain project before joining the ETC development team, pointed out the crowded state of the digital currency industry when talking about the sustainability of cryptocurrencies.

I totally agree that most cryptocurrencies will eventually disappear. It is said that 90% of industries will go out of business in the next few years, and the same is true for the cryptocurrency industry.

Monetary Policy

In order to ensure the sustainable development of cryptocurrencies, he believes that appropriate monetary policy is necessary:

I think all cryptocurrencies should consider their own monetary policies. The right monetary policy can ensure its sustainable development. We attach great importance to the monetary policy of ETC.

Many altcoins have come under scrutiny lately for defrauding investors through pump and dump tactics. CageCoin is a prime example of this. CageCoin’s price recently surged 31,000 percent, only to fall sharply in 24 hours.

Community members should do the necessary due diligence before investing in any cryptocurrency. As the types of digital currencies continue to increase, there are also many scams. It is important to do a good investigation in advance, because digital currency scams are not isolated cases, but have become a common phenomenon.

The sustainability of Bitcoin

Hoskinson believes that Bitcoin is an example of a sustainable cryptocurrency. He said that the power of every currency comes from the community, not the technology itself.

He explained:

Technology can attract more participants and grow a community, but it cannot replace a community. Bitcoin has the strongest and most resilient community of any cryptocurrency. The Bitcoin community has survived billions of dollars in thefts, dozens of 'death' announcements, exchange closures, hijackings of the project by so-called leaders, and founder departures. It is absolutely incredible that Bitcoin continues to exist and grow. I don't think Bitcoin will disappear. More accurately, how far can Bitcoin eventually grow?

Indeed, the community is unique to the development of all currencies, and the dollar is no exception. It is precisely because people accept the dollar and use it to purchase goods and services that it has remained so strong. Imagine if the community stopped using the dollar, it would definitely cause it a lot of trouble.

Bitcoin is not going away

I don’t think Bitcoin will disappear. More accurately, what will Bitcoin eventually become?

Hoskinson asked. He made it clear that there are only two development models for Bitcoin: either it becomes a global payment system or it becomes a digital gold standard for storing value.

Seeing the rapid development of Bitcoin ATMs, debit cards, merchants and other infrastructure, we really can't refute Hoskinson's point of view.

Many institutions in Eastern Europe are engaged in the development of Bitcoin. Bitcoin is very popular in Ukraine.