Decentralization Key To Bitcoin Success

| Publish date: 01/02/2019
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Perceptions of Bitcoin (BTC) versus altcoins changed forever in 2018. This is most especially as the latter continues to grow, though the largest cryptocurrency separated itself from the rest. But as far as Bitcoin developer Jimmy Song is concerned, it is completely different.

Bitcoin Is Decentralized

An ardent defender of Bitcoin’s decentralized values, Song, who is also a frequent social media commentator, argued that last year “showed […] what Bitcoin Maximalists have been saying all along.”

“Bitcoin is different because Bitcoin is decentralized,” he summarized, adding: “The advantages of decentralization are often subtle and easy to dismiss, but they are real benefits.”

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One of many sources to have criticized the initial coin offerings (ICO) market in 2018, Song noted that the huge amounts of money raised by projects contrasted with the small number that launched, while fewer still delivered a product that the market would want or need.

The mismatch between fundraising and product success was due to centralized operation, he suggested, continuing:

Releasing Useful Features

“What we saw in 2018 is that having lots of ‘developer activity’ is not the same thing as producing something the market wants. Bitcoin has distinguished itself by releasing features that are actually used, and not duds that aren’t like so many altcoins.”

Song used the example of prediction market Augur as one of the success stories of the ICO space, despite the platform currently averaging a mere 25 daily users, each corresponding to $3.65 million in market cap.

The perspective on ICOs contrasts with predictions from trading platform BitMEX CEO Arthur Hayes, who recently told the media that the industry was set for a rebirth within the next 18 months.

In a separate interview on Monday meanwhile, Jed McCaleb, co-founder of payment platform and associated altcoin Stellar (XLM) said that financial institutions would not end up using Bitcoin in the future.

The Future Of Bitcoin

It holds true that Bitcoin – including other altcoins – are having its own ups and downs. And for the past few months, it is safe to that the numbers are not as interesting as before. But as what Song said, the world’s leading cryptocurrency has an edge over its competitors, especially with the potential it has introduced to the world since inception.

Whether or not Bitcoin becomes something huge remains unseen. But as far as what it is now, it definitely has something to offer.

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