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Bitcoin could be doomed. It could be successful. Either way, we should keep promoting it to businesses and individuals, so it may at the very least pave the way for its successor.
Bitcoin is lagging. Hampered by a limited block size and flooded with more transactions than it can efficiently handle, the great forerunner of all cryptocurrencies is quickly losing ground to newer models. With no remedy in sight because of an unresponsive development team, some are questioning its long-term viability. Despite all that, however, we should continue to spread the gospel of Bitcoin to the masses.
The uncomfortable reality is, Bitcoin could actually fail. Hyperbole about “failed experiments” from disgruntled former developers aside, there is a real chance that a growth of transaction volume, combined with a continuing block size limit of one megabyte, could cause transactions to become so slow that they are no longer workable. This could cause the cryptocurrency’s growth to stagnate, allowing other, more efficient new payment methods to take the lead. Additionally, Bitcoin’s lack of privacy could lead it to become vulnerable to being banned by governments, pushing it completely underground where it will be out-competed by more secure cryptocurrencies such as Dash.
The solution some propose is to switch promotion efforts to the general populace to altcoins instead. The thinking behind this is that, since Bitcoin is at worst a lost cause mired by a development oligarchy, and at best one of many cryptocurrencies that is fast becoming uncompetitive, other forms of digital currencies should be promoted for adoption by businesses. Currently, Bitcoin dominates the world of cryptocurrencies accepted by regular merchants and businesses almost exclusively. Persuading businesses to accept altcoins as payment would cause true currency competition to become a reality, as the crypto world would be able to employ the most competitive currency without having to default to Bitcoin as the default heavy-hitter..
Yes, Bitcoin could fail, and yes, it would be better to have a truly competitive cryptocurrency selection to easily choose from when doing business. However, I feel the best option available to us is to push the Bitcoin train ever forward. We should continue to promote crypto’s reigning champion to more businesses and laypeople. Why? Because, currently, Bitcoin is the best tool available to bring cryptocurrency to the masses. The reality is, the general public is still largely wary, or ignorant, of crypto. At current adoption levels, if Bitcoin goes down in flames, it would set adoption back years as skittish merchants balk at the idea of placing faith in another piece of digital fool’s gold, a simple curiosity that ended up not working out. However, if we push adoption of crypto’s standard bearer as far as we can until it (possibly) collapses, its absence will leave behind a significant void. The host of individuals who had gotten used to, or even reliant on, cryptocurrency would simply revert to the stone age of money when their favorite method became unusable. Instead, they would seek to switch to a more competitive cryptocurrency; something they would not do unless Bitcoin first becomes undeniable.
The future of the fledgling world of cryptocurrency is unknown. Bitcoin could become the king sitting atop the digital throne of a crypto empire, or it could fail and fade into obscurity. Either way, though, we had best give it every chance we can, so that coins that follow in its footsteps do not lose their way.
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