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Crypto in plain English

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April 25, 2022

Are Bitcoin’s best days over?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today, let's talk about the future of Bitcoin – is it outdated and will soon make room for a modern successor, or will it forever stay the number 1 cryptocurrency by market capitalization?

Surely you know by now that everything started with Bitcoin. It has revolutionized the way we think about digital money and the entire financial system. But it is also the oldest technology and the vision of crypto has expanded a lot since then. So what does that mean for its future?

First, we need to understand that there are two different ways to think about Bitcoin – to some people, it is simply a great store of value, like digital gold. And with a limited supply by design, people like it as an alternative to savings in traditional currency, because that can be printed and de-valued by governments as they please.

On the other hand you have those who want to use crypto as digital money. They pump money into crypto to bet that it will someday be the only way we send currency around, pay for things, and invest. And arguably Bitcoin just can’t handle real-world use. The amount of transactions it can process at a time – which is currently just 7 per second – and how quickly it takes for them to be confirmed - which is around 10 minutes – is a real problem. Imagine buying ice cream like that - it would be impossible.

That’s why newer technologies have popped up, like Ethereum which still has similar problems but is fully programmable, and more recently Solana, Avalanche, Celo, etc. And they start to eat away at Bitcoin. But who knows - real Gold still has the highest market cap of all assets, with almost 12 trillion dollars it is worth 4x more than Apple, the most expensive company in the world. Never underestimate the potential of digital gold.

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