Business Insider columnist Chris Gansa writes that the death of Bitcoin is a “dead end”.
The cryptocurrency was born in the United States in 2008 and has enjoyed steady growth since then.
He believes that Bitcoin’s death is the culmination of a series of mistakes by Bitcoin Core developers that resulted in a hard fork in 2016.
The new Bitcoin protocol was developed in collaboration with the developers of Ethereum, the main blockchain network used by the Bitcoin network.
Ganss believes the new Bitcoin core has caused serious damage to Bitcoin’s ecosystem.
The blockchain is an immutable ledger that tracks the transactions and is managed by computers, not humans.
Gensa writes: “The Bitcoin core developers have not yet been able to make a clear case that they’ve solved the hard-fork issue.
They have not demonstrated any ability to build a Bitcoin network that does not include a hard-forks.”
He believes the problem is that Bitcoin Core doesn’t have the technical ability to fix the hard fork.
He writes: Bitcoin Core’s development team is also being shortchanged by the “overwhelming” number of Bitcoin transactions it is taking in.
Gains on the Ethereum network and the “increased popularity of cryptocurrencies” has also led to the creation of more Bitcoin-specific software.
In the future, he believes Bitcoin will be able to compete with Ethereum.
He predicts that Ethereum will be the cryptocurrency of choice in the near future, despite its reputation as a scam.
He also predicts that Bitcoin will lose its ability to compete against Ethereum as the new blockchain protocol is developed.
Giesen wrote that the new Ethereum-based network will “become the new ‘bitcoin of the future'”.
He believes it will “be a blockchain platform that has a superior user experience than Bitcoin”.
He says: “There will be a lot of adoption and adoption will drive the price of Bitcoin to more than $1,000, a price which will likely be the price that people will hold their Bitcoins.”
In the meantime, Genss believes that “Bitcoin will never be able or willing to compete” with Ethereum as “it is a scam”.
He wrote: “For Bitcoin, Ethereum and all other blockchains, the future will be one of ‘hype’ and ‘fad’ and the ‘rebirth’ of Bitcoin will not occur in the next few years.
It will happen in the 2030s, 40s, and even later.”
Gans writes that “a number of other cryptocurrencies” are already competing for Bitcoin’s place in the cryptocurrency world.
He warns that if Bitcoin doesn’t get more mainstream adoption, it could become “a ‘fade in the sun’.” He also said that “the blockchain will have no value in a financial industry”.
He concludes by stating that “we can only survive as a minority in the Bitcoin ecosystem”.
The article has been republished with permission from Business Insider.
The views expressed in this article are those of the author and do not necessarily reflect the views of Bitcoin.