Perceptions of Bitcoin (BTC) versus altcoins changed forever in 2018, because the largest cryptocurrency separated itself from the rest, Bitcoin developer Jimmy Song wrote in a web log post on Dec. 31.
An ardent defender of Bitcoin’s decentralised values, Song, who is additionally a frequent social media commentator, argued that last year “showed [...] what Bitcoin Maximalists have been saying right along.”
“Bitcoin is totally different because Bitcoin is decentralised,” he summarized, adding:
“The benefits of decentralization are typically subtle and simple to dismiss, however they're real advantages.”
One of several sources to own criticized the initial coin offerings (ICO) market in 2018, Song noted that the massive amounts of cash raised by comes contrasted with the tiny range that launched, whereas fewer still delivered a product that the market would wish or would like.
The match between fundraising and products success was thanks to centralized operation, he prompt, continuing:
“What we saw in 2018 is that having many ‘developer activity’ isn't the same factor as producing something the market needs. Bitcoin has distinguished itself by releasing features that are literally used, and not duds that aren’t like so many altcoins.”
Song used the instance of prediction market Augur united of the success stories of the ICO house, despite the platform presently averaging a mere twenty five daily users, every reminiscent of $3.65 million in market cap.
The perspective on ICOs contrasts with predictions from trading platform BitMEX chief executive officer Arthur Hayes, who last week told Top Market Group the industry was set for a rebirth within the following eighteen months.
In a separate interview on Monday in the meantime, Jed McCaleb, co-founder of payment platform and associated altcoin Stellar (XLM), told Yahoo! Finance that monetary institutions wouldn't end up using Bitcoin within the future.
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