Bitcoin is in my opinion one of the best things since sliced bread. It is very successful as it started a financial revolution, it was the first and every other altcoin is already measured against Bitcoin. Why change it?

One of the facts of Bitcoin is that we have is to slow for mass adoption, but why does it matter? Bitcoin is currently at an all-time high of around $2900. Sure you are not able to buy a quick coffee or have lunch as it is not feasible, but is that what it was built for? For larger transactions like purchasing property, where speed is not an issue, Bitcoin will work perfectly well.

I have just read a very interesting article which was published in Forbes yesterday:

Bitcoin Is At An All-Time High, But Is It About To Self-Destruct Itself.

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Disclaimer: Please note that I am not a financial expert, but I like to think that I am a logical thinker. Maybe I am totally missing the point.

Fiat Currencies

Each country has its own currency and those who don't have adopted another. Why? Because the world evolved to this point. This is how everything works in today's life. The only problem I see with today's currencies is that there is no standard across the world against which countries are allowed to print new currency against.

The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, the most significant of which was the unilateral cancellation of the direct international convertibility of the United States dollar to gold.

While Nixon's actions did not formally abolish the existing Bretton Woods system of international financial exchange, the suspension of one of its key components effectively rendered the Bretton Woods system inoperative. While Nixon publicly stated his intention to resume direct convertibility of the dollar after reforms to the Bretton Woods system had been implemented, all attempts at reform proved unsuccessful. By 1973, the Bretton Woods system was replaced de facto by a regime based on freely floating fiat currencies that remains in place to the present day.

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Altcoins

In my opinion I do not believe that there will only be one dominant crypto currency that will rule the world. There will be various crypto's throughout the world… just like there is today. Each crypto will have specific reasons for its existence, just like it has today. There will be more new altcoins, just like there is today, Some will survive and some will die a slow death, just like they do today.

More importantly the world require a solid system, where we can intertrade between the various altcoins and currencies between different blockchains or distributed ledgers. This is an area where I believe something like EOS will play a significant role.

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Fiat currencies going Digital

In addition to the altcoins, I believe that most countries will convert into digital currencies just like Singapore is planning to do. You can read more about this in a recent post. More and more countries will do this, as it just make financial sense, as it is much more cost effective and transparent. If the FIAT currencies can compete against the various Crypto's is a question for another day.

Why should Bitcoin change?

Maybe somebody can shed some light on the whole debate around the possible split. In my opinion with my limited understanding, I do not believe that a change is required in the Bitcoin ecosystem. They are fighting the wrong fight. Rather fight to keep the system working as it currently is and ensure that it becomes the new world gold standard?

Happy Steeming!

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