It's True, Bitcoin Has Failed
source worldspectrum
I've never been interested in what Shillmaster McAfee has to say but I've seen some mention of him calling Bitcoin a shitcoin and it got my attention,
I've never owned any BTC myself, I don't plan on owning BTC in the foreseeable future. The only certain thing about Bitcoin at the moment is that it's the granddaddy of cryptocurrencies. It's unlikely that Bitcoin will be anything more than it currently is - slow, expensive and resource intensive when compared to the ever growing list of alternatives.
Bitcoin has failed according to its whitepaper in which it's described as the solution for peer-to-peer commerce. It is now a coin for speculators and hopium, it's intended use as a payment method is just too costly at higher prices. Everyone is trying to get rich by holding it, while using cheaper alternatives where possible for paying in cryptocurrencies. This can be attributed to the face melting $20K pump that's made many people millionaires in a few weeks or even days.
Take Venezuela for example, they're already struggling. They can't afford the fees associated with Bitcoin, it's reported that Dash is the go-to for crypto payments in Venezuela.
Many developers are doing some great work trying to improve how Bitcoin works but in my opinion the only people willing to spend millions of dollars on improving Bitcoin right now, are probably the ones with huge Bitcoin bags. Those are also likely the ones who will crash the price after a major pump, hurting many unsupecting onboarders, creating further difficulty for future adoption.
The only reason I can think of for Satoshi Nakamoto's disappearance after publishing his brainchild and whitepaper is that he believed it would be self-sustaining in the long run and working as intended out of the box. Otherwise, he'd probably stick around to help make these improvements if he knew it'd be needed eventually.
I'm not trying to take a swipe at anyone who owns Bitcoin, if you feel that it's genuinely worth what it is today then keep at it.
I agree to a point. It is now another speculative asset. Basically a new stock to gamble on.
It's unfortunate. Do you think there's a chance for Bitcoin to be used for its intended purpose in the future?
Yes. Anything is possible.
I hope you're right. I remember when newcomers were throwing their toys out the cot, paying $10+ BTC tx fees in 2017. I hope this kind of thing doesn't happen again. It left a lasting "Bitcoin is a scam" impression for many.
It's unfortunate. Do you think there's a chance for Bitcoin to be used for its intended purpose in the future?
You are kind of wrong here...
Ok, bitcoin has failed the initial proposal to be a decentralized mean of day to day transaction system, but it haven't failed in itself.
It evolved. We probably won't be using it to pay our grocery. There will be other projects, like dash you mentioned, that will fulfill this role.
But when we talk about large amount of money movement, with low cost and a already proven network safety, Bitcoin is the way to go.
Also, it is a gateway to other currencies.
I get what you're saying, and I appreciate your input 👍
Although I totally agree on BTC, sadly until recently it has been the one leading the market. But since the last trend turned on (speaking of the one today) we can finally see that bitcoin isn’t the most traded one. And that gives me hope. Hope that people finally understood what is dangerous and totally unusable into BTC. If you check ETH vs BTC, you’ll notice that finally some better move is being made those days. Hard to say if it will go on but still it’s a start. A bull-run that begins without BTC !
Maybe you could be interested, I’ve shared the idea in my blog and the short term ideas are in my telegram channel. Check it out and tell me what you think : CryptoSwitzerland
I'm hardcore on Eth. Lol. I'll have a look at it 👍
If bitcoin has failed then why has Square adopted it for their backend?
Hey @unclemantis, this could be for many reasons apart from Jack Dorsey's personal interest in Bitcoin.
It could be in hopes that 2018 struggle is never repeated for the company.
It could be because Dorsey personally believes Bitcoin will be the only internet currency (which it already isn't)
It is important to note that Dorsey himself doesn't believe Bitcoin is functional as a currency - it's worthwhile asking why he's still pushing for Bitcoin if that's the case.
Here's the article