Known as the number 1 cryptocurrency on the market because of its market capitalization, the Bitcoin It is also the most used in the world. However, not everyone seems to agree that it is the best crypto out there. According to Justin Bons, founder of Cyber Capital, Bitcoin is one of the worst cryptocurrencies out there.
Lack of technological progress?
At a time when Ethereum and Cardano are waiting for major updates, giving them more flexibility and performance, Bitcoin (BTC) is still at its basic version. For some people, this stagnation shows how much interest Bitcoin is losing against the competition.
According to the fund’s founder and chief investment officer Cyber Capital, Justin Bons, bitcoin is “one of the worst cryptocurrencies”. He says that aone speculative asset without utilitysince unlike other coins that have evolved over the years, it has not shown any technological progress since its creation in 2009.
When it was first launched in 2009, bitcoin was designed by Satoshi Nakamoto as a peer-to-peer electronic payment system. In the White Paper, it could be read that any speculation about its value as an investment was only a by-product of its main purpose. Over time, the discourse on bitcoin evolved and it was seen as a store of value and inflation hedging.
Bitcoin has fallen
Recall that Bons has been a prominent figure in the crypto community for many years. As of 2014, he considers himself a crypto researcher and is also in charge nodes on the Bitcoin and Bitcoin Cash networks. In 2016, he built one of the oldest cryptocurrency funds in Europe, which has since become Cyber Capital.
In 2014, he was a strong advocate for Bitcoin and when reminded of that time, he says BTC has changed a lot since then. Indeed Not increasing the block size limit is a big deviation compared to the initial vision and initial objectives of Bitcoin. It was said at the time that BTC was just going to adopt the best technologies over the years.
However, the world has evolved, as well as cryptocurrencies, but bitcoin remained at its basic version. He has not not smart contracts or privacy technologies. And unfortunately, Bons says he hasn’t made any progress in scaling. have been faced with the Bitcoin Lightning Network, which are one of the best solutions when it comes to network scaling issues.
11 page thread on Twitter
In a nearly 11-page thread, Bons opened up on Twitter on Sunday about his feelings about Bitcoin. According to him, the value proposition of bitcoin and BTC has deteriorated over time. This, becausea security model that has proven to be flawed in the long term and more economic properties that are considered weak. In addition there are certain shortcomings, especially in terms of “programmability” and “composition”.
Bons adds that competing BTC networks have adopted better coin design methods. For some smart contract networks, the implementation of “ burning fee signs can lead to negative inflation rates.
“BTC competes with cryptocurrencies that may experience Negative Inflation […] due to burning rights, high capacity and high usability […] This is especially true for the post-merger of ETH and other tokens like AVAX, NEAR and EGLD. »
For the founder of Cyber Capital, the economic properties of BTC are quite weak. According to him, without any significant technological or utility advances, BTC becomesa speculative asset onlyfor people who continue to invest in it without thinking about the asset’s usefulness, use cases and income.
Bitcoin is losing popularity
However, it is worth remembering that Bons is not the first person to despise Bitcoin. Last June, Yifan He, chairman of the China Blockchain Service Network (BSN), said on “all unregulated cryptocurrencies, including bitcoin, are Ponzi schemes.»
In September 2021, Rosa Rios, former Treasurer of the United States and current board member of Ripple, also said that bitcoin was nothing more than a highly speculative asset compared to other cryptocurrencies like XRP which simplifies, for example, cross border payments.
