I generally agree yet ...

Bitcoin has already failed, from all perspectives.

It's not viable as a means of exchange. Yes, its decentralized system is absolutely great, it can be used as a 0-trust system that crowdsources the integrity of the system.

But at the same time it can't cater to enough transactions to replace fiats and worst of all, it takes its value with respect to fiats. 1 BTC's only value is given by its EUR or USD amount it represents. If you price something, you take its EUR/USD value and convert it to BTC.

An independent means of exchange needs to make transfer costs invisible to users in a way that doesn't affect perception (sorry, BTC/ETH transfer costs are insane). Sure, some banks charge for SEPA/SWIFT but plenty don't (depending on where you are). Within EU if I send 10 EUR, that's what the recipient receives and that's the amount I'm down in my account.

Plenty of other projects have the technical superiority in this regard. ETH balances name recognition with a better technical solution, while other interesting proposals coming in from Stellar, Cardano and others.

I don't see an easy way forward towards crypto (as much as I want to use it the way it was meant to during my lifetime) but if there's one, it's not BTC.



Love podcasts or audiobooks? Learn on the go with our new app.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store