Bitcoin (BTC) is poised to claim the cryptocurrency throne by the end of 2023, as its superiority “is going to be clear” in every aspect, according to Fedi’s CEO.
During the Bitcoin 2023 event in Miami, Cointelegraph reporter Joe Hall interviewed Obi Nwosu, the CEO and co-founder of Fedi, which is a Bitcoin community custody protocol offering an alternative solution for those who lack access to or don’t trust centralized exchanges.
Nwosu emphasized during the interview that it is becoming “increasingly hard to deny” that Bitcoin has the “fastest, cheapest, easiest, most decentralized and secure” ecosystem.
He anticipates this will become even more apparent by the end of the year. He noted:
“It is going to be clear by the end of this year that it’s going to be tick, tick, tick for Bitcoin.”
Nwosu said whether the goal is to develop functionality, establish a decentralized social media network or empower local communities, it is becoming “increasingly obvious” that Bitcoin is the most efficient and secure solution.
However, he believes there is space for other cryptocurrencies besides Bitcoin. He envisions a “multicoin future,” comparing it to the evolution of music.
“I mean, there are still record players and vinyl, right; there’s still some people who like tapes and laser disks.”
Furthermore, he emphasized a “big misunderstanding” regarding Bitcoin’s “slow innovation.”
There is a misconception that there is a functional or scaling limitation with Bitcoin, but the “reality is” developments are happening “incredibly fast,” Nwosu said, adding that there is a focus on creating solutions “that are correct the first time.”
Nwosu highlighted that prioritizing perfection may cause delays but is preferable to the need for changes to be made “again and again.”
In Nwosu’s view, cryptocurrency is “an idea,” as it “is a combination of the philosophical aspects and the technological aspects kind of combined together.”
He explained that due to the intangible nature of cryptocurrency, it cannot be combated with physical forces such as “guns or missiles.” Instead, it is vulnerable to attacks through “misinformation and sometimes inappropriate or extreme regulation.”
Countries lacking belief in freedom of speech, or just freedom overall, are actively looking at this stringent regulation toward cryptocurrency, according to Nwosu.
He believes the key to fighting against this is to “correct” misinformation and create systems that “empower the good guys.”