Every coin will eventually be a ‘Bitcoin’
Bitcoin (BTC) is the most highly valued cryptocurrency that exists.
There is a couple of reasons for this. It was the first of its species. It’s been around, out of public view, for about a decade before ‘ blockchain ‘ became ‘a thing’ and before folk began to use ‘web 3’ as a label.
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It’s ‘first adoption’ phenomenon is so strong, those that are completely clueless about the blockchain space have heard the word ‘bitcoin’ even if they don’t know exactly what it is.
The second thing.. while being the most expensive coin to buy, or architecture to build virtual assets on, it’s the most robust network – ‘available to everybody, owned by nobody’.
Before anything was ever ‘built’ on Bitcoin, the blockchain was famous for providing a solution as an alternative to sovereign controlled FIAT money. Apart from its global free availability and its unparalleled security, it’s limited issue means no government, pressed by the political issues of the day, is going to randomly print more, devaluing a holders purchase power. It also removes sovereign boundaries and execution interests – one can go where they like, and use it on what they choose.
The blockchain built environment started with Ethereum.
The Ethereum blockchain however, began a journey into a centralization path, starting with ‘The Merge’ in 2022, moving from Proof of Work to Proof of Stake, and brought in other centralization elements subsequently.
Extra to Ethereum, other architectures were built, initially as ‘scaling solutions’. Inceasingly, other corporate cryptographic networks rose to, with Ethereum, complete the ‘EVM Compatible’ ecosystem or environment.
A token standard – ERC 20 initially began with Ethereum, but is executable right across the ‘EVM Compatible’ ecosystem, some of whose architectures are fast and cheap, but not necessarily secure or decentralized.
With the use of ‘Smart Contracts’ a cryptocurrency project based on ERC 20 tokens can be issued at a tiny fraction of the effort it takes to establish a blockchain like Bitcoin. Other projects, with slight variance on the model, have been issued off Solana.
Simply put, it’s just far too easy for any person with a worn out idea of a dog copying another dog, or a D list celebrity trying to rekindle a career that never was… to launch one of these silly token projects.
Very few of them even have a real intention from the start, of providing a genuine alternative to sovereign FIAT (money), which is where this whole journey began, in the wake of the 2008 global crash. ‘Intent to Shill’ could be a thing.
One way they could survive and endure, is if they were the native cryptocurrency for a vibrant, active and growing digital asset project environment, but for that, they would have to do a whole lot better than have a few silly PfP (Profile Picture NFT) series.
The future doesn’t look rosy for ERC 20 type digital money.
But what we may see with Bitcoin at some point is a tendency to become a victim of its own success.
Bitcoin answers the ramp, hype and subjectiveness of ‘Smart Contract’ digital money, with the cool, calm mathematical realities of its fixed issue coin with its Nakamoto Consensus, Sybil Defence, Byzantine Fault Tolerance.
But what happens if the value of BTC against bedrock FIATs like the $USD continues to rise?
One thing that can be shown through human history is that no invention that breaks the mould ever ends up with no direct competitor in the market very long.
Ford and their ‘Model T’ did not stay the only business to ever mass produce cars. ‘Coca Cola’ didn’t remain the only cola soft drink. IBM didn’t remain the only company to make the ‘PC’. In fact, competitors copying the format, specified their product as an ‘IBM Compatible Computer’.
Apple didn’t retain exclusivity as the only phone manufacturer to produce a touchscreen phone.
As ‘Smart Contract’ digital money projects lose confidence completely, and Bitcoin price reaches hitherto unimaginable heights, new blockchains modelling themselves on Bitcoin become increasingly attractive as viable pursuits.
Bitcoin can argue its technical superiority trumping inferior, sentiment focused digital money.
But the mirror of that argument is, if Bitcoin can truly continue to command the Category King spot – being superior to others that come along, has to be measurable, with technically explainable facts that demonstrate why it is better.
Having the name ‘Bitcoin’ on its own, isn’t good enough.
To do so, its fans would be no better than the shill zone tokens they despise.
As market conditions become ideal for more Bitcoin like blockchains to emerge, Every coin will eventually be a ‘Bitcoin’
They just won’t use the same name.
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