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Bitcoin needs to die for the greater good of the cryptoverse : CryptoCurrency

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This post represents my opinion only. It is not fact or advice in any way and you should form your own opinions on any potential investments.

I believe prevalence and progression of Bitcoin is bad for the long term health of cryptocurrencies as a whole.

Bitcoin’s technology is absolutely archaic. Transaction times are incredibly lengthy and fees are astronomical. In its current form, it is absolutely useless as a payment currency and it does not seem to be able to update in a way that would materially change this. Bitcoiner insistence that it is instead a “store of value”, is ludicrous. A technology’s value is determined by how useful that technology is. When a new and better technology comes around, the old tech will eventually become obsolete. It has even lost touch with the founding Satoshi principles that it prides itself on, as in its current state, it cannot honestly be considered decentralized anymore (the majority of hashing power is controlled by 4 main miner pools – all of them Chinese).

I would be fine with all of this, if Bitcoin kept to itself and didn’t affect the progress of other coins. However, it does not. It is propped up by the relentless stream of bullshit hard forks that drains investment away from viable altcoins, as short term investors seek to cash in on the “free money” available. These forks very rarely make any material contributions towards the network and seem to have the main aim of generating a windfall for all those involved.

In the very short term, I am fine with this happening (in fact I’m long Bitcoin atm myself – hypocritical, I know). The devs are still working hard on the altcoin tech, and so progress should not be too affected. However, in the long term this could start to hinder altcoin progression, if too many investors choose to back Bitcoin rather than support a promising project. Also, when the Bitcoin bubble bursts as I believe it inevitably will, it risks taking down altcoins as well. I am hoping for a slow death of Bitcoin as investors gradually realise it is no longer the future and so move their investments elsewhere. This would prevent too many people getting burned, but I fear that it is wishful thinking.

Bitcoin introduced the world to cryptocurrencies and for that I’m grateful. However, cryptos have the potential to completely revolutionise the society of the future and I now believe that Bitcoin is just holding them back.