Bitcoin needs to die, for blockchain and crypto to flourish
This is going to be controversial.
I believe “Bitcoin needs to die, for blockchain and crypto to flourish."
Here is why I say this.
We have wasted a good part of the last 10 years running after bitcoin.
It is just infatuation driven by the rising valuation of bitcoin.
Bitcoin has achieved something quite remarkable.
It has shown the world how a digital currency can truly work.
It has demonstrated how transactions can work without any need of an intermediator to ensure trust.
Bitcoin has pioneered trustless systems.
It has achieved its purpose.
Bitcoin could not become a digital currency.
It was initially projected as something which would replace fiat. It failed. Quite understandably so.
When it failed to replace fiat, people – infatuated with bitcoin, started pushing the theory of "store of value" or equivalent of digital gold.
It’s going to fail at this too. ( I believe it has failed already.)
Not to mention, it is moving towards centralization.
15 mining pools control more than 75%(or more) of the mining.
I think, Bitcoin is never going to touch 100k or 50k or even 20k again, not in the next 3-5 years. It has already peaked.
It is going to stay range bound, and keep making new lows, and lower highs.
In other words, the store of value, will continue losing value.
And this is a good thing for blockchain and crypto.
A blessing in disguise !
Sooner than later, people will start understanding this.
Good blockchain and crypto projects will come out of the shadow of bitcoin.
They will innovate and solve real world problems.
One of this will replace fiat, or may be multiple of them.
Some will solve real issues like universal basic income, corruption, taxes, marketplaces, true decentralization, etc.
And no, projects promising million transactions per second, are not going to succeed either.
They are not solving any real world problems.
They are building a solution, looking for a problem.
Anyways, I digress.
Good blockchain projects will come out of shadow of bitcoin. Sooner than later.
The technology will evolve.
It may not be blockchain, but a derivative of blockchain, with similar underline core features. Trustless, immutable, and decentralized.
They will see larger adoption.
100x better than bitcoin is today. (Is bitcoin used by 20+ million unique users, or a fraction of it? )
The new tech will become mainstream and ubiquitous.
Governments will not ban or block them, but adopt them en-mass.
Bitcoin will be dead.
Well, not exactly dead.
Not in the top 50 (or even 100) cryptos in terms of market cap.
No one will bother about its value anymore.
It will be as good as dead.
The sooner this happens, the better it is for the community.
This is definitely going to happen in the next 3-5 years.
The technology has to be evolve and come out of its shell that it is in today.
Think of the first successful airplane by Wright Brothers.
It had to go through multiple iterations for commercial air travel to be possible. (Would be like to fly, from one city to another, in the first airplane invented by Wright Brothers?)
Similarly, Satoshi invented the first decentralized, trustless, immutable digital currency, bitcoin.
The technology needs to evolve. It needs to get ready for commercial flights.
Under the shadow of bitcoin, this evolution is suffering.
Real use cases and application will lead the technology evolution. Not the other way round.
As I said it before, Bitcoin needs to die for blockchain and crypto to flourish!
Sooner or later, it should happen. (hopefully sooner)
The future is bright.
Bitcoin needs to die, for blockchain and crypto to flourish was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.