RaySaltrelli on Nostr: Unpopular opinion: #Bitcoin isn't the be-all and end-all of #cryptocurrency. Sure, it ...
Unpopular opinion: #Bitcoin isn't the be-all and end-all of #cryptocurrency. Sure, it is the one that gets the most attention and the one that one that is spearheading the movement, but it has it's flaws.
1. The deliberate decision to keep the block size at 1MB is an issue and will cause significant bandwidth issues in the not-too-distant future.
2. #Bitcoin has been co-opted by the financial sector and they will abuse it the same way they abuse everything else.
These two facts mean that everyday people will find it difficult to use #Bitcoin. Financial institutions moving millions or billions of dollars will dominate the mempools. The rest of us will have to pay exorbitant network fees or risk our transactions never confirming. Everyday transactions will be forced to altcoins like #Litecoin or #BitcoinCash.
I don't think this is necessarily a bad thing. They say that gold is for barter between nations and silver is for barter between individuals. Bitcoin will be the new gold and altcoins will be the new silver. The former is a store of value. The latter is a medium of exchange. We just have to be honest about this segmentation in the ecosystem. I'm looking at you, #Bitcoin maxxis. As the normies start interacting with #cryptocurrency, we need to make sure it isn't a terrible experience for them or else they will be turned off and continue to think this is a scam.
There's more value to be had here than just making buckets of money as #Bitcoin adoption grows. Understanding this is the difference between those of us who want really monetary policy reform and those are just looking to get rich.
1. The deliberate decision to keep the block size at 1MB is an issue and will cause significant bandwidth issues in the not-too-distant future.
2. #Bitcoin has been co-opted by the financial sector and they will abuse it the same way they abuse everything else.
These two facts mean that everyday people will find it difficult to use #Bitcoin. Financial institutions moving millions or billions of dollars will dominate the mempools. The rest of us will have to pay exorbitant network fees or risk our transactions never confirming. Everyday transactions will be forced to altcoins like #Litecoin or #BitcoinCash.
I don't think this is necessarily a bad thing. They say that gold is for barter between nations and silver is for barter between individuals. Bitcoin will be the new gold and altcoins will be the new silver. The former is a store of value. The latter is a medium of exchange. We just have to be honest about this segmentation in the ecosystem. I'm looking at you, #Bitcoin maxxis. As the normies start interacting with #cryptocurrency, we need to make sure it isn't a terrible experience for them or else they will be turned off and continue to think this is a scam.
There's more value to be had here than just making buckets of money as #Bitcoin adoption grows. Understanding this is the difference between those of us who want really monetary policy reform and those are just looking to get rich.