Will Bitcoin Core keep its Position as Number 1?
Bitcoin Core is by far the best known and most important cryptocurrency to date. The name Bitcoin has become synonymous with cryptocurrency. Almost everyone knows at least the name. All other cryptocurrencies are far behind in terms of acceptance and popularity. But will this remain the case in the future? The first signs of declining acceptance were observed after Bitcoin Core was introduced as an official means of payment in El Salvador. There are many reasons why this is the case1.
Satoshi Nakamoto's 2008 nine-page white paper, " Bitcoin: A Peer-to-Peer Electronic Cash System,"2 sparked a revolution in the world of financial technology that continues to this day. An electronic payment system based on cryptographic evidence rather than trust. It allows any two parties to trade directly with each other over the Internet without the need for a trusted third party. The paper describes the technical specifications and motivations of cryptocurrency. Data protection takes an important place in it.
If you take a closer look today at what Bitcoin Core has become, you realize that two important features described in the whitepaper are no longer present at all.
As a p2p payment system, Bitcoin Core is completely unsuitable due to poor scalability. Transactions are far too slow and too expensive. As a solution, the profit-oriented company Blockstream offers the Lightning network for this purpose, which, however, has no meaningful usability without the traditional banking system that Bitcoin was supposed to replace. More details here.3 Bitcoin Core is therefore no longer referred to as a payment system that can be used on a daily basis, but rather as "digital gold" that serves as a store of value.
Data protection is no longer a given today due to the "pseudonymity" that was sufficient in the initial phase. Bitcoin can now be purchased with fiat money virtually only via centralized crypto exchanges with KYC. Thus, every Bitcoin owner is identified, every transaction is traceable to everyone and forever. Various companies have specialized in tracking and deanonymizing transactions of a wide variety of cryptocurrencies. Data protection, as described in Satoshi's founding document, no longer exists de facto.
Bitcoin maximalists usually simply ignore these two serious weaknesses or dismiss them as unimportant. On the one hand, there is the Lightning network as a solution for the poor scalability, and on the other hand, whoever has something to hide is a criminal anyway, according to their arguments. Bitcoin maximalists are too convinced of Bitcoin Core as the best of all cryptocurrencies. For them, there is only Bitcoin, the rest are shitcoins. The history of cryptocurrencies so far even proves them right. The names of cryptocurrencies that were in the top ten 10 years ago are now partly completely unknown and have disappeared. The first mover advantage of Bitcoin Core cannot be overlooked. Bitcoin Core is the locomotive of the whole crypto segment.
snapshot top ten oct 29 2013
It has escaped most people's notice that Bitcoin Core was intentionally cut in features by Blockstream to offer profitable sidechains to users. If you take a closer look at Blockstream and its financiers (AXA Strategic Investment Venture and the Digital Currency Group (DCG), which have significant ties to MasterCard, the Federal Reserve, the Bilderberg Group, and other central banks), you have to wonder what their intentions really are. Bitcoin Core is becoming more and more aligned with the established financial system that it was originally intended to replace. The libertarian idea that Bitcoin Core was based on in its early years has evaporated unnoticed by most Bitcoin enthusiasts. What remains is an empty shell that can no longer deliver what it promises. Fungibility and anonymity as the most important properties of a currency are completely missing from Bitcoin Core.
But what does this now mean for the future of Bitcoin Core? Does that mean it should be written off? Because of its scarcity of 21 million coins, Bitcoin Core has become the epitome of an alternative to the inflationary fiat money system. As long as there are more fools than Bitcoins, the price will continue to rise. But as soon as it is recognized what has become of the original Bitcoin and what game is being played, a rush out of this surveillance coin will set in. However, one cannot be sure even then. Albert Einstein already realized, "Two things are infinite: the universe and human stupidity; and I'm not sure about the universe."
Bitcoin Core is often seen as the only cryptocurrency that emerged as a grassroots movement without pre-mining, without an ICO, and without a company behind it. What many people don't know yet is that there is a real alternative that completely fixes Bitcoin Core's weaknesses, but otherwise remains true to Satoshi Nakamoto's original thought. EPIC Cash. A scalable, anonymous and private money with a maximum number of 21 million coins that is fast, fungible and inexpensive. A green and secure polyphasic proof-of-work consensus mechanism enables mining with low investment and opens the possibility of billions of full-fledged nodes on cell phones. Launched in a fair way, with no ICO and no pre-mining. No company or foundation behind it. Powered solely by the community and run by a growing number of volunteers.
Without a doubt, this Bitcoin Core alternative, EPIC Cash, will see a commensurate rise once it is discovered by the masses. Even Bitcoin maximalists will find it hard to escape this pull.
More information at www.epiccash.com
Hello, this is really THE burning question! Thanks for doing an excellent job answering it.
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