After nearly 14 years, has BTC fulfilled expectations?

After nearly 14 years, has BTC fulfilled expectations?


Bitcoin: Freedom, backed by real-world facilities and powerful tokens, will enable the original Bitcoin mission to be fulfilled, he says Jane Gonzalezchief engineer Oz Finance.

When the world’s first cryptocurrency was born in 2008, most people had not heard of it, and those who did not understand it or made it a point of discussion.

Things have changed drastically since then. And not just the price of Bitcoin, which has risen from a fraction of a penny to nearly $70,000 in November 2021, and has returned to about $20,000 over the past several months. This exciting period saw the growth of new industries, expansion and launch of other subsidiary industries.

Bitcoin has been the driving force behind it all, establishing itself as a standard store of value and means of exchange with more than 81 million wallets in the presence of. However, it is becoming increasingly clear that the world’s first cryptocurrency has yet to live up to its promise of gaining global adoption as a working fiat currency, or as an inflation hedge.

In addition to not achieving widespread adoption as a working currency, Bitcoin, or any cryptocurrency for that matter, did not deliver the benefits and freedoms they originally intended.

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In the early days of bitcoin, staunch advocates believed that the currency would offer discretion, privacy, security, and most importantly financial independence. Although there are still many hardcore Bitcoin believers, many are beginning to realize that the public nature of Bitcoin does not guarantee all this because it is very easy to track transactions on the Bitcoin blockchain.

People are still taxed on profits made from Bitcoin. The blockchain can be used to identify individuals and monitor transactions, and the ledger can be used as evidence against any individual who is forced to submit their KYC. Bitcoin, and by extension all cryptocurrencies, then expanded their vision to free the masses from traditional finance to other use cases. That is, as a super safe and efficient transfer of value, a store of value, and a hedge against inflation.

Bitcoin and the stock market

This didn’t quite work. Instead, it finds itself mimicking the stock market, particularly technology stocks, albeit with high levels of volatility. This does not bode well for those who have sought to diversify their portfolios in defense against explosive swell. The current downturn in the current market has revealed that Bitcoin is not truly independent of the mainstream financial world. This is due to its volatility, which is in line with international markets.

Bitcoin actually got a second chance to establish itself as a working currency when El Salvador became the first country to do so Legislation passed making bitcoin legal tender. But even after that, many companies in El Salvador were unable to accept Bitcoin for a myriad of reasons. This is at the top of the laundry list for others Problems with Bitcoin launch In the small Central American country of six million people.

The launch of Half-baked Bitcoin in El Salvador has not yet produced the results that many citizens and Bitcoin evangelists were hoping for, when the historic announcement was made last summer. Given the idea that Bitcoin did not provide the fundamental freedoms it sought to enable, do cryptocurrencies really have a future in the future?

Bitcoin El Salvador

If not Bitcoin, then what?

Crypto has staying power, and this bear cycle has enabled an industry-wide shift that has refocused the focus on construction. The previous bull cycle focused a lot on token launches and hype. But it is not enough to build actual products and services to support the value of the token. This is being corrected as we speak, but the industry still suffers from a lack of utility in the real world.

Crypto and blockchain projects need to follow a different path than they used to. Rather than rushing to inject new tokens into the saturated market, the focus should be on how to provide the benefits that Bitcoin and the blockchain initially intended. This means providing financial freedom through privacy protection, balanced regulatory cover, and a fair tax system. Now neither Bitcoin nor any other token or cryptocurrency really provides this.

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The larger Web3 and crypto environment is still full of possibilities. But to ensure this cycle of bears produces results, the main priority needs to focus on privacy freedoms and regulatory and tax protections. These freedoms, backed by real-world utility, and powerful tokens will enable Bitcoin’s original mission to be fulfilled.

The ideal code must think big but act locally initially, which means gaining recognition and regulation from a national or regional government before expanding or implementing an IDO (Initial DEX Offer). Legal reviews and smart contract audits can be leveraged to provide transparency and build credibility. This lays the foundation for legal preparation in a regulated environment with appropriate regulatory cover.

Cryptocurrency projects must wake up and realize that bitcoin has failed. If the industry is going to catalyze a financial revolution and usher in the future of Web3, it must be done with a currency that provides something more than just speculative hype. A crypto industry that prioritizes developing and innovating new products and services, while offering these freedoms, will benefit Bitcoin indirectly as it will benefit the entire crypto ecosystem. Moving forward, it is imperative that we support projects and use cases that translate in the real world or else this bear market will not go into hibernation.

About the author:

Jane Gonzalez She has built six startups over the years, including two successful exits. before founding Geese, a digital asset project that aims to connect a network of special economic zones around the world, and was responsible for pioneering the adoption and adoption of blockchain technology at the Union Bank of the Philippines, in his capacity as BD, Fintech, and Blockchain Director. . Gonzalez is also the CEO of the Distributed Ledger Association of the Philippines.

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