After the creation of Bitcoin which came in the form of a prophecy of true democracy, you will agree with me that the Blockchain that is actually manifesting that technology is not Bitcoin itself but Ethereum.
Bitcoin has has several bottle neck along the line of fulfilling the mandate of decentralized finance, the majority of which is scalability.
Bitcoin itself is not so scalable and the reason why it has remained strong in comparison to other cryptocurrencies, is because it has served and will continue to serve as a store of value.
But how much value will it store when it is limited to just 3-7 transactions per seconds and high cost of transactions.
The concept of decentralization involves giving power to the people, not just the rich people, but everyone. Bitcoin can be seen to make profits only for the rich overtime.
And now with the hype of ETF, many people are buying Bitcoin now in the hope of using BlackRock and fidelity as a dump for Bitcoin when their ETF is approved. The SEC is currently treating 8-10 Bitcoin ETF applications and a positive response is expected soonest.
Many influencers on Twitter are saying that Bitcoin will never see this record low again, but how true is this ?
Adoption is what makes every innovative technology thrive, more innovations are being built on the Blockchain on a regular basis, some provide more scalable solutions, some offer more decentralized solutions while others are focused on security.
It is rare to see a Blockchain that has all these three characteristics as vitalik buterin said and themed this problem as Blockchain trillema. Any Blockchain innovation can only offer as much as two and sacrifice the third option.
Several Blockchains including algorand have tried to solve this problem.
Though it is clear that the price of Bitcoin control market sentiment, and wherever Bitcoin goes, alts follow, but the concept of Bitcoin is king is one that will soon be broken by better innovation. For now, we should have a mind that is open to everything and attached to nothing.
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