Petroit on Nostr: Why is #bitcoin the future and why won't any better technology in the form of ...
Why is #bitcoin the future and why won't any better technology in the form of altcoins emerge?
In my opinion, future global money must meet several conditions. All are necessary, but none alone is sufficient. Only bitcoin, in my view, fulfills them all.
#1 It must be independent of states, organizations, or any individuals.
#2 It must operate on Proof of Work consensus; PoS leads to long-term centralization, violating condition #1.
#3 Precise monetary policy with a limited maximum supply.
#4 Network/Viral effect. It must be a widespread technology, and Bitcoin is the most widespread.
#5 It must technically enable both secure storage of funds and instant, convenient, and inexpensive exchange. (Ahem... Lightning, which 99% of altcoins pretend not to have heard of)
#6 It must be an open protocol that anyone can freely use and build upon.
Am I forgetting something? Add whatever comes to your mind. :-)
In my opinion, future global money must meet several conditions. All are necessary, but none alone is sufficient. Only bitcoin, in my view, fulfills them all.
#1 It must be independent of states, organizations, or any individuals.
#2 It must operate on Proof of Work consensus; PoS leads to long-term centralization, violating condition #1.
#3 Precise monetary policy with a limited maximum supply.
#4 Network/Viral effect. It must be a widespread technology, and Bitcoin is the most widespread.
#5 It must technically enable both secure storage of funds and instant, convenient, and inexpensive exchange. (Ahem... Lightning, which 99% of altcoins pretend not to have heard of)
#6 It must be an open protocol that anyone can freely use and build upon.
Am I forgetting something? Add whatever comes to your mind. :-)