Market Cap: $ 2,672,393,582,113.00  |  0.23 %
24h Vol: $ 91,023,645,216.00


4.5 (1)


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May 26, 2024 14:02:17



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4.5  (1)
Mother of all Cryptocurrencies
(Updated: December 12, 2020)
Let's talk about some pros and cons of Bitcoin.

Is it the "best" cryptocurrency? Besides that there is nothing like the best currency, having a look at some fundamental points.
Is it the best technology? No, absolutely not, meanwhile there are coins that offer way better technologies. But it does not really matter. But taking into consideration that Bitcoin transactions are very slow compared to other technologies, it will never be suitable as a global payment system. You may have heard of the lightning network, that kind of solves the issue on a third-party layer. But honestly, it has proven that it's not really used and personally I think as good as it may be, it simply tries to solve the issue that are core elements of the problem. It just bypasses the full beauty and greatness of consensus and core mechanics of what actually bitcoin stands for. I do not think that such solutions are good, as many other currencies do not have those issues, as they are built differently from the ground up. 

There is another thing that boggles my mind when it comes to technology. It's the 50% attack. It is hardly possible and the cost and efforts one will have to take to perform such an attack are massive. Besides that, it's not possible to change all that much on the blockchain if it would be successful. Due to the fact of the massive hashing power that secures the network. But it is possible. And exactly that is what I  consider an unpleasant fact. So speaking from the perspective of a software developer, as bitcoin is software, I would just not like my application to have a known vulnerability. But, likely the concerns are not that big, I just don't like the fact that a "world digital payment solution" has such an issue.

Bitcoin has the most secure network. Definitely. Bitcoin is open to everyone everywhere and fully open source. This is unique and undeniably, regarding blockchain and proof of work, the most secure system that ever existed, speaking as a software engineer here. It is just incredible. As any other financial systems or other let's say software solutions, are hidden and protected with so many layers, securities, and shielded that they are not accessible easily. Why? Because they are not safe. Nothing compared to bitcoin/blockchain.
But it also comes with a price. Proof of work, speaking miners, as it is now for bitcoin is a horrible thing that uses such massive amounts of energy that it's ridiculous. If all that uses green energy, well it would be ok, but it does not, and never will. The massive electronics and fabric areas full of miners running is not a good long term solution, as we should be a little more aware of our environment and resources.

Now I guess the biggest issue most don't understand is the fact that even Satoshi Nakamoto never really thought about this at all, is the wealth distribution. It is just simply the worst wealth distribution of all time and currencies. You may want to listen to Andreas Antonopoulos, about what Bitcoin should be and especially who it should be for. For the 2 Billion unbanked, for people that need security and a way to be able to join the financial system, people that get seized and the list goes on.
But, sadly this is not the case, and probably will not be. Most Bitcoins are already mined, they are all in the hand of a very few people. Some own billions of dollars worth of Bitcoin and by today, massive companies are buying up the supply. So basically, the supply is controlled by a few riches. That's not going to be useful for people who really need such a thing. I think this is where Bitcoin went wrong.

But why so? Bitcoin is considered more of a store of value by now, lesser a payment system or global currency. Due to the fact, that is how it's mostly used and handled. So we, and the cooperations that have understood the value of Bitcoin by now crazily but up and hold the supply, like digital gold, to sell when we hit our desired return goal. And so we made bitcoin to what it is now, a store of value, but not a payment system. Many other Digital currencies are used a lot more. But does it matter? I don't think so, excluding the disadvantage here for the mentioned group of people, bitcoin represents one special use case in the digital currency world. And, I know many don't think the same, there will be many, many different cryptocurrencies with a huge variety of use cases. And I guess Bitcoin is and will stay the first and ultimate digital gold or store of value. 

But we do not know where the future of Cryptocurrencies lays. As we could not predict what the internet made of our world, so will we surely underestimate the power of an open, decentralized, censorship-resistant, borderless money may bring to our world. 
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