It's True, Bitcoin Has Failed

source worldspectrum

I've never been interested in what Shillmaster McAfee has to say but I've seen some mention of him calling Bitcoin a shitcoin and it got my attention,

I've never owned any BTC myself, I don't plan on owning BTC in the foreseeable future. The only certain thing about Bitcoin at the moment is that it's the granddaddy of cryptocurrencies. It's unlikely that Bitcoin will be anything more than it currently is - slow, expensive and resource intensive when compared to the ever growing list of alternatives.

Bitcoin has failed according to its whitepaper in which it's described as the solution for peer-to-peer commerce. It is now a coin for speculators and hopium, it's intended use as a payment method is just too costly at higher prices. Everyone is trying to get rich by holding it, while using cheaper alternatives where possible for paying in cryptocurrencies. This can be attributed to the face melting $20K pump that's made many people millionaires in a few weeks or even days.

Take Venezuela for example, they're already struggling. They can't afford the fees associated with Bitcoin, it's reported that Dash is the go-to for crypto payments in Venezuela.

Many developers are doing some great work trying to improve how Bitcoin works but in my opinion the only people willing to spend millions of dollars on improving Bitcoin right now, are probably the ones with huge Bitcoin bags. Those are also likely the ones who will crash the price after a major pump, hurting many unsupecting onboarders, creating further difficulty for future adoption.

The only reason I can think of for Satoshi Nakamoto's disappearance after publishing his brainchild and whitepaper is that he believed it would be self-sustaining in the long run and working as intended out of the box. Otherwise, he'd probably stick around to help make these improvements if he knew it'd be needed eventually.

I'm not trying to take a swipe at anyone who owns Bitcoin, if you feel that it's genuinely worth what it is today then keep at it.

share your opinion, what do you think about the future of Bitcoin?