I’m here to write a short blip about my biggest issue with Bitcoin right now. The Bitcoin community met a “fork” in the road a couple of years back and it changed the future of Bitcoin significantly. The community decided to not focus on micropayments, but instead to design Bitcoin to serve as a form of digital gold. So, we chose to make Bitcoin focused on savings, instead of payments.
My issue is that, in the best of both worlds scenario, Bitcoin could be stellar at savings and payments. Not one or the other. Alas, that is the path that Bitcoin took.
My big issue with Bitcoin is that everybody focuses on “hodling” because Bitcoin is too expensive and slow to use as a payment method. People “hodl” because Bitcoin has almost no utility. A valuable financial network should be built on utility, not restricting utility. Bitcoin should have lower fees and transactions should be much faster.
You are probably thinking that there must be some solution for Bitcoin to succeed as a micropayment option. Well, developers think Lightning Network will come to save the day. To this point, I am unimpressed with Lightning Network. It has a clunky user experience and leads the user to be error-prone. Errors when sending money is a pretty important topic. *sigh*
There are alternatives to Bitcoin, such as Bitcoin Cash, Bitcoin SV, Ethereum, XRP and others. But none of those I just listed have the network security or decentralization that Bitcoin has.
Bitcoin BTC should raise the block limit – there, I said it. As I’ve stated in the past, I think Bitcoin will drop to approximately $3,000 before the next halving in late 2020, prior to the start of the next bull market.