Bitcoin is, undoubtedly, the asset that has the most growth potential among all other investments. That is fabulous news for speculators all over the world. Still, looking at the overall state of the industry and the market, we have to ask ourselves, is Bitcoin any good for an average user?
Bitcoin is good (when the market is stagnant)
To state an obvious fact first, the Bitcoin network is the slowest blockchain ecosystem in the industry. Not only that it processes only 7 transactions per second at most, but also during the network congestion, the waiting period prolongs even more. That usually happens during the bullish market sentiment when money gets moved around more frequently. Basically, during those times, Bitcoin becomes unusable for any kind of payment.
The second thing that bothers the king of crypto is that his transactions became too expensive. Nevermind that Roger Ver habitually refers to that problem, but the reality is that BTC is the most expensive blockchain in the market. I am aware that maximalists are going to snap, but the lightning network still doesn’t work as it should. Moreover, it still isn’t user-friendly enough. The average user simply cannot utilize it and is, therefore, condemned to slow speed and high fees.
The worst thing is that these two problems tend to combine. The more congested the network gets, the slower and more expensive transactions are. Common sense tells us that this is the pathway towards inefficiency.
Bitcoin is the most secure blockchain environment
Now, hypothetically, this title tells the truth. Bitcoin has by far the most miners verifying transactions. Common sense tells us that more miners mean more security, and thus, more trust towards the system.
However, there is nothing more dangerous than the establishment. Market dominators tend to fall into the deep slumber of invincibility, which can, ultimately, cost them their leading position. We can compare Bitcoin to Mike Tyson from the 80s. Tyson was the undisputed champion and the most feared man on earth. And we all know what happened in the match against James “Buster” Douglas in Tokyo.
Just like Tyson stopped improving and, eventually lost the belt, the average user may get the feeling that Bitcoin is becoming obsolete and decide to give something else a shot at the title.
User-friendliness. Wait, which user-friendliness?
Since this article speculates with an average user’s thoughts and feelings, let’s do that some more. Bitcoin, just like all cryptocurrencies, still doesn’t have a payment system simple enough for your mother to use it, does it? Where is the safest place to keep your dollars? Supposedly, it is the bank, right? Bank gives you a card and you swipe it as much as you want. Still, keeping a bank account costs money, right. So does the Bitcoin network. Sometimes, even more so.
Let’s go back a couple of years. If you used the Bitcoin network only once on December 21st, 2017, you would have paid a stunning $37 for a single transaction. How many bank accounts you know that cost that much? Imagine if the technology behind BTC doesn’t rudimentary change, what it will look like when Bitcoin eventually hits a new all-time high in the future (the wet dream of Bitcoin maximalists). Are you ready to pay $50 for a single transaction? Ah, yes. The lightning network will be working and user-friendly by then, right? Right? Hm…
Why not use some other blockchain?
Of course, there ate thousands of alternatives for Bitcoin, so why not use some other blockchain? Simply put, there are so many people in the crypto community who speculate on the price of Bitcoin that they forget what the original plan for BTC was. In his whitepaper, Satoshi envisioned Bitcoin as digital money.
Let’s repeat that – digital money. Means of payment.
If speculators suddenly manage to rally the price towards the new ATH, payments will become unbearably slow and expensive. That is, except those everyday things you do, like buying a new car or a house.
Therefore, literally every coin among the top 50 can serve as a much better and more efficient digital money than Bitcoin. But Bitcoin is marketed by maximalists as something undeniably – the best! It is still undisputed, but so was Tyson. Marketing BTC as such is a trap Bitcoin eventually has to fall into.
So, what is Bitcoin good for?
You mean, except that it was the first introduction to a decentralized payment system? Well, except that, it always remained a great object of speculation.
Next time you hear someone shilling Bitcoin’s supremacy over other cryptocurrencies, think about how fat is his BTC wallet and if he/she uses BTC like it was supposed to be used. I sincerely hope that speculators who are reading this will not take offense, but the blatant truth is that the majority of BTC transactions don’t have anything to do with payments.
The point of all these words is to make people understand that we have to make Bitcoin good for an average user. Not you. Not me. The average newbie user. We don’t want you to stop using Bitcoin. We want you to improve it!
Opinions expessed in this article are author’s own views and not neceserilly shared by CoinSyncom.