Bitcoin is old and outdated. This is apparent by all the new layers, even like dash, added to bitcoin. When BTC was catching up it was the next big thing. Due credit, it was. However, just like everything we have come across, it will be left behind for newer innovation stemming out from it. That is bitcoin’s ultimate truth.
I made a video ranting about this, in a surface level, on youtube and dtube.
We have come a long way from the inital btc. We have better algorithms, better security, better protocols and better idea and executions. All credit to btc, as it opened up this path for us all and digital currency. But, BTC is a mascot for digital currency.
That is all. It is the first love dilemma. Although everyone moves on they still have the special corner for it. As it is the mascot it also has the most information about it out there, and the biggest crowd. This means it still gets the newer people and the following increases. As people get more educated about it the more they realize they want something else. The bullish nature of btc because of the crowd and hard believers it has keeps it at the top.
Otherwise, riddle me this. Why do you choose btc over privacy coins? What does your btc amount to in front of utility coins?
With privacy at its weakest and financial security at its toes, we all are looking for something like btc? No, we are all subliminally looking for something privacy coins lead to.
Remember the stories of btc being primarily used for malicious things? Well, there is truth to it. And it was only possible because in those times it was most secure, untraceable and an easy way to utilize.
Leave everything else, can it be still used like that safely, even for those things, today?
The “inetrnet of things” is bound to happen. A new era. A new age. We are already seeing a mass shift towards it. Crypto and blockchain is on the first steps towards “mass adoption”. Can bitcoin supply the requirements to make this era as successful as it should be? OR do we need utility coins?
If you have a basic understanding on utility coins, then you know the answer to this.
All this said, lets move to how could this be improved. Clearly, the very static ways of btc aren’t helping it. IF it loses its “mascot” value then I see BTC dooming and the rise of alt coin era. Privacy, utility, secuity, adaptation, evolution all this is required. But not really possible with how BTC is designed.
Adding layers could be the answer.
Conclusion: BTC mascot, old, out of touch, needs improvement, but can’t be improved by itself. Has face value as a top dog. Reality is different. With time it is losing its relevance in function. As a favorite it will still keep pushing.
However, when mass adoption is successful we will see major shift for many reasons. Including security, utility, privacy, speed of transaction etc.
Layers are a great idea. We have seen many iterations of new layers and concept. As long as we keep building we will keep finding new and exciting options.
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