Bitcoin was the first cryptocurrency created and the market leader in the entire cryptocurrency market.
Bitcoin shows signs of age, altcoins shine
Bitcoin was first created in 2008 by the alias Satoshi Nakamoto.
Groundbreaking, decentralized, Bitcoin was the first cryptocurrency to achieve these properties and was built with the purpose of solving the problems of any digital currency that came before it. such as double spending and eliminating the need for central authority.
But despite the future intention that Bitcoin will eventually replace all fiat currencies in the world and become the type global currency only used, but the technology behind it is ten years old and requires second class technologies to stay ahead of the competition with the rest of space.
Bitcoin is also relatively slow compared to the rest of the cryptocurrency space and primarily serves the need for value storage or value transfer media.
While the second largest cryptocurrency asset ETH offers many of the aforementioned types of attributes and far exceeds what Bitcoin can offer, such as smart contracts.
At the moment, there are thousands of altcoins in the cryptocurrency market, each with something different from Bitcoin. The promise and unpredictability of emerging asset classes, has made even the most powerful CEO in the cryptocurrency market skeptical of Bitcoin's future.
I'm sure he would deny it, but apparently interesting to me that the CEO of the world’s most prominent Bitcoin-related company seems so skeptical of Bitcoin. https://t.co/mlekHKO3Iz
– Joe Weisenthal (@TheStalwart) March 4, 2020
“I'm sure he'll deny it, but it's interesting that the CEO of the world's most famous company related to Bitcoin seems to be very skeptical about Bitcoin.”
Brian Armstrong, CEO and co-founder of Coinbase, thinks there are many similarities between the Internet and the cryptocurrency market in one theme Twitter. The topic mentioned above originates from a side conversation between him and Ben Horowitz, the co-founder of a16z.
It is true that the Internet and cryptocurrency have many similarities and many common denominators. However, the similarities make it even more interesting. Although the Internet appears naturally, suitable for most people, that was the case a few decades ago. Technically, it has too many messy issues, and there are dial-up modems, scalability issues, and so on.
However, the need for further improvement and more features has pushed the boundaries of the Internet to go even further.
Armstrong stated that:
“They think they will try making a shopping cart (to see if they can build a first-party application). There was no way to save the state or create a session (for example, to create a shopping cart), so they created the concept of cookies. ”
The concept of “adding new features” has led to the development of new concepts. For example, scalability is also a problem for the early days of the Internet. Armstrong added that SSL / HTTPs in the Internet era are similar to the efforts of private currencies and “have a striking resemblance to cryptocurrencies.”
Anyway, the parallels to crypto are pretty staggering here….
Slow internet speeds / dial up models reflect early challenges in scaling blockchains.
SSL and HTTPs are similar to some of the privacy coin efforts.
– Brian Armstrong (@brian_armstrong) March 4, 2020
“There are incredible similarities with cryptocurrencies here.
The slow internet speed / dial up model reflects the initial challenges of blockchain expansion.
SSL and HTTP are similar to some private coins. ”
He went on to share that the biggest areas to develop in the cryptocurrency industry include – scalability, privacy, and decentralization. Yes, blockchain, like BTC or ETH, faces a special challenge – the “trilemma of blockchains”. Three issues include – decentralization, security and scalability.
BTC and ETH both have full decentralization and security, however, they lack scalability. ETH plans to achieve this by switching to the PoS consensus algorithm, while Bitcoin is by implementing second layer solutions like the Lightning Network. However, the Lightning Network has been in operation for a long time and it has completely succeeded in achieving this goal.
Satoshi Nakamoto contends that Bitcoin will become a reliable P2P cryptocurrency system. But unfortunately, we could not witness it.
Brian Armstrong concludes by addressing each of the aforementioned areas in the blockchain that they are likely to improve exponentially in the future.
“In summary: I think it is still not certain that blockchain will help bring the number of cryptocurrency users from 50 million to 5 billion. The transport management chain of some scalability, privacy, decentralized identity and developer tool solutions will be a big step forward. ”
Bitcoin clearly has an advantage in branding and identity, and while these features can be layered over the Bitcoin protocol, the technology behind the first cryptocurrency is still lacking compared to other altcoins in Bitcoin. space.
These shortcomings are enough to make even the largest CEO in the market skeptical about Bitcoin's future. But what will lose the reputation of the leading cryptocurrency by market capitalization is still unknown.
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