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2 Common Mistakes People Have About Bitcoin.

Discussion in 'Bitcoin Investments | Discussions' started by philipj, Jul 25, 2018.

  1. philipj

    philipj GrandMaster Crypto Guardian

    Will there ever be the next Bitcoin, or any altcoin that will be better than Bitcoin? This question have made lots of people to be led astray, making them to impress in their minds 2 common mistakes about Bitcoin. The mistakes are;

    1. There are other assets that are more valuable than Bitcoin,
    they are the next Bitcoin.

    This is not the truth. Bitcoin Is the lead cryptocurrency. Without Bitcoin there would have been no altcoins, and if Bitcoin dies all altcoins will die with it. Bitcoin is the most valuable digital asset and
    for a good reason. Bitcoin is the only truly decentralized and leaderless cryptocurrency in existence. There is no man to arrest and no company to close, it cannot be stopped. It is the most secure cryptocurrency out there. Nothing matches with the hash power that is used to secure the network.

    People often make the mistake to think that BTC is wasting energy or polluting the environment. This is not true. The energy in PoW is consumed to anchor the Bitcoin blockchain into the real world, because a real life asset (energy) is consumed to secure it.

    Miners have to put work up to participate, so if they hurt the network they have a financial loss. And the higher this effort combined is the higher the cost of attacking the network.

    2. Bitcoin is slow and not modern anymore.

    To think that Bitcoin is slow and not modern is one of the biggest mistake to ever make. Agreed we have other smaller projects integrate innovations like SegWit or atomic swaps etc making them faster, but the lack stability and security that bitcoin has.

    In short BTC will have most of these features as time goes on. For example, fast payments are coming with the Lightning Network, smart contracts with Rootstock, side chains with Drivechains, privacy with MimbleWimble and Schnorr signatures etc.

    Iinstitutional money is coming, most will buy Bitcoin because it is a scarce store of value. There are lots of altcoins that have come and gone. Bitcoin remains the number one. Although, there are some solid projects out there, and it's not easy to find them, Bitcoin can easily and readily be picked as the first.

    What do you think?
    Prezzy and gbolahan like this.
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  3. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Yes ooo....bitcoin is the only decentralized coin,altcoin are semi-decentalized e.g if anything goes wrong with the founder of any altcoin,the coin will be totally or temporary death but for bitcoin,it doesn't depend on anybody to survive
  4. philipj

    philipj GrandMaster Crypto Guardian

    On point