In the last few days Bitcoin has hit the media again, but this time not for Dark markets or illegal activities but for the story behind one of its core developers leaving.
Could the remarks be true about the social experiment of Bitcoin being a failure? This is yet to be seen but there have been red flags for some time both with its core developers, monopolies and what’s really been happening with it. Truth be told, nothing is really happening other than hype.
With the core developer leaving to a different project that will most probably be around blockchain technology but may not include Bitcoin it becomes apparent that Bitcoin may burst it's media hype bubble.
Bitcoins original plan for users around the world to take advantage of low cost and easy to use P2P payments is the largest failure due to such a small user base holding Bitcoin and the near non existent real world use case of transactional payments.
Bitcoins bubble is limited to a small group of avid users, technology start ups and investors but outside that the average person on the street hasn’t heard of it and doesn’t understand it, or if they have they don’t trust it. This was highlighted in Greece in the Summer of 2015 when Bitcoin was heralded as the saviour of a country on the cusp of financial ruin, with banks closed it was the perfect opportunity to see if Bitcoin could live up to it’s promises. It couldn’t. But what it could do was push out lots of hype and most likely generate millions for those savvy investors and well funded Bitcoin companies vying to get market share. The reality is though it is a very long way off being a financial saviour especially considering the average user of Bitcoin needs fiat currency to buy it in the first place, not to mention they need to be fairly technology savvy and have a smart phone at least. Not ideal when most of your banks are shut and smart phone penetration is no more than 40% of the population.
Media and VC’s talk constantly about Bitcoin but they don't actually talk about the facts that the social experiment is a failure as the only users are crypto enthusiasts “There are more Star Wars or Star Trek fans than Bitcoin users”.
Does this mean Bitcoin failed to capture the hearts of its original target market of end users? In the meantime Bitcoin opened up the underlying technology of the Blockchain to the very people the social experiment was meant to replace. “THE BIG BANKS”
But you can look at this 2 other ways also:
Taking the points of the core developer, regardless of it seeming a small breakdown and outcry for attention, some of the points are very true but the issue is not just the developers, it's also the people representing Bitcoin and the technology that are misleading the world with hype and then we have the VC investors hoping to invest into the lucky dip lottery of did we just find the Facebook of Crypto Currency. “Bitcoin is so big that you really need a microscope to find it in the world as it's really that small”
Bitcoin created the Wild Wild West of Technology and financial advancements but based on the fear of missing out on the Explosion of the Internet all the rats are now trying to climb for their piece of cake. We also have other contenders such as Ethereum which is now getting as much coverage and attention as Bitcoin, but again what does Ethereum really have? A Tool Kit and unfinished protocol which they state has bugs, did they maybe rush the release of Ethereum to calm the oceans with the consumers involved in their Pre-sale getting restless and with the rumours they started to run low on Funding?
Has bitcoin failed? it would seem to be a balance 50/50 on technology and the adoption side where it has failed as all products and services are selling back to the same consumer base, could Bitcoin be replaced? Its’ underlying technology of the blockchain will replace it along with Ethereum and more likely NXT with its rich feature set, dubbed the sleeping giant of Blockchain.