Stellar (XLM) recently overtook Bitcoin Cash (BCH) in market cap. This makes it the second coin to have gained in some way from the recent meltdown. The first coin is Ripple (XRP) which took the correction as an opportunity to wage war against Ethereum (ETH). So, Ripple (XRP) ended up replacing Ethereum (ETH) as the second largest coin by market cap and Stellar (XLM) ended up replacing Bitcoin Cash (BCH) as the fourth largest coin by market cap. Now, there is a reason why both of these coins moved against Ethereum (ETH) and Bitcoin Cash (BCH). A lot of investors believe that in the event of a market crash that result in an absolutely wipeout, cryptocurrencies like Stellar (XLM) and Ripple (XRP) might still be around.
This belief has become even stronger recently as the Bitcoin Cash (BCH) Civil War exposed how centralized Bitcoin (BTC) and Bitcoin Cash (BCH) currently are. If both BTC and BCH are centralized, then investors would much prefer for opt for ‘centralized’ cryptocurrencies like Stellar (XLM) or Ripple (XRP) where in the event of a market meltdown they would at least be protected by the respective companies. Another strong belief that most investors in Stellar (XLM) and Ripple (XRP) have is that both of these cryptocurrencies have proven their mettle. Investors in XLM/USD know that it works. It is fast, cheap, efficient and scalable. It also has partners like IBM to aim for worldwide adoption of its technology. Even central banks might be open to the idea of using the Stellar blockchain to issue their cryptocurrencies.
The way both Bitcoin Cash (BCH) and Bitcoin (BTC) have both been exposed recently for their current centralized control is very unfortunate. As we saw during the hash war, there were two parties with immense power that was quite capable of influencing the investment of the vast majority of cryptocurrency investors without their consent. Not only that, we saw some groups using investors’ mining power to fund their own wars. This was very unfortunate and it is certainly against Satoshi’s vision of Bitcoin (BTC). The early developers that worked on Bitcoin (BTC) have been very vocal describing how they came to believe Satoshi was not pulling a scam and was actually interested in creating peer to peer digital money without any financial or political motives.
Satoshi created a goldmine and allowed prospectors from across the globe to go mine for free. The best part is, Satoshi did not set any rules for any profits or rewards being paid to him/her, nor did they bother to sell any of their own Bitcoin (BTC) mined in the early days. According to developers that worked on Bitcoin (BTC), Satoshi used his own money and efforts to mine early blocks of Bitcoin (BTC). They still hold the Bitcoin (BTC) originally mined. The point is, Satoshi created a fair system that was supposed to do justice to the majority. However, it is unfortunate that early adopters out of their own greed have turned it into something horrible with their manipulation and underhanded methods. There is little doubt that Bitcoin (BTC) will eventually be accepted as universal digital money, but it is very unlikely to happen anytime soon which is why in the meantime coins like Stellar (XLM) will fill that space.