Cryptocurrency’s rise to mainstream pop-culture phenomenon has certainly transformed the overall blockchain ecosystem for the better; more people than ever before are actively participating and aware of the technology, institutions once rejecting cryptocurrency are investing millions of dollars in it and even “old-money” strongholds such as J.P.
Yet, the mainstream acceptance of blockchain technology has also brought with it some negatives.
Cryptocurrency influencers, and the media at large, seems to be more focused on the next dog-themed coin or the next rollout of ape-based non fungible tokens built on other platforms. To them, bitcoin is boring; a great proof of concept for blockchain technology, but nothing more.
Much like a traditional political split, members of both parties believe that their philosophies and ideas will ultimately be better for Bitcoin’s evolution, helping it stave off other platforms. But, like most political discussions, one way of thinking is certainly more helpful for Bitcoin’s growth than the other, at least in the short term.
Having previously built on alternative chains, I believe I can share a unique perspective regarding Bitcoin’s current position in the market, and why Bitcoin remains, and will remain, the digital asset that is powering our financial revolution.
These networks thrive through the creation of DeFi and NFT platforms: as more money is locked into an on-chain yield smart contract promising high annual percentage yields to decentralize and create an open-source internet.
Bitcoin, at its core, is an alternative financial system supported in part by blockchain technology, but also by a community of people who are willing to fight for their financial independence, and who passionately believe in the vision that Satoshi Nakamoto created 13 years ago.
Its ideology and community will always be partially connected to the cypherpunks, who believed in a freer and more private society.
So, the next time you hear “Why Bitcoin?” in comparison to other cryptocurrencies on social media, at the office or at the dinner table, encourage your peers to look beyond numerical metrics such as TPS, the number of dog coins created on a platform, or the APY provided by a DeFi protocol on their favorite new alternative chain.