Bitcoin: After Nearly 14 years, Has BTC Met Expectations? 

Spread the love

Bitcoin: Freedom, backed by real-world utility, and a stable tokenomics will allow the success of Bitcoin’s authentic mission, says Jin Gonzalez, Chief Architect of Oz Finance.

When the world’s first cryptocurrency was born in 2008 most individuals hadn’t heard of it, and those who had didn’t perceive it or made it a punchline. 

Things have modified drastically since then. And not simply the value of Bitcoin, which rose from a fraction of a penny to shut to $70,000 in November 2021, and again to round $20,000 during the last a number of months. This thrilling interval witnessed new industries develop, broaden, and set off different sub-industries. 

Bitcoin has been the driving power behind all of it, establishing itself because the benchmark retailer of worth and technique of alternate with over 81 million wallets in existence. Still, it’s changing into more and more clear the world’s first cryptocurrency has but to satisfy its promise of gaining international adoption as a functioning legal foreign money, or as an inflation hedge.  

In addition to not attaining widespread adoption as a functioning foreign money, Bitcoin, or any cryptocurrency for that matter, hasn’t offered the advantages and freedoms that they initially supposed. 

Falling quick

In the early days of Bitcoin, staunch advocates believed that the coin would supply full discretion, privateness, safety, and most significantly monetary independence. Despite there nonetheless being many hardcore Bitcoin believers, many started to comprehend that Bitcoin’s public nature doesn’t guarantee all this as a result of it’s fairly straightforward to trace transactions on the Bitcoin blockchain.

People are nonetheless taxed on revenue realized on Bitcoin. The blockchain can be utilized to establish people and monitor transactions, and the ledger can be utilized as proof towards a person who’s compelled to submit their KYC. Then Bitcoin, and by extension all crypto, expanded its imaginative and prescient of liberating the plenty from conventional finance to different use circumstances. That is, as a hyper-secure and environment friendly switch of worth, a retailer of worth, an inflation hedge. 

Bitcoin and the inventory market

That didn’t fairly work out. Instead, it finds itself mimicking the inventory market and, specifically tech shares, albeit with increased levels of volatility. This doesn’t bode properly for many who sought to diversify their portfolios in protection towards exploding inflation. The present on-going market downturn has uncovered Bitcoin as not being actually impartial of the mainstream monetary world. This is because of its fluctuations being in lockstep with worldwide markets.

Bitcoin really bought a second likelihood to show itself as a functioning foreign money when El Salvador turned the primary nation to pass legislation making Bitcoin a legal tender. But even after that, many businesses within the nation El Salvador had been unable to simply accept Bitcoin for a myriad of causes. And that is on prime of a laundry checklist of different problems plaguing the Bitcoin launch within the small Central American nation of six million.  

El Salvador’s half-baked launch of Bitcoin up to now hasn’t produced the outcomes that many voters and Bitcoin evangelists had been hoping for, when the historic announcement was made final summer time. Given the idea that Bitcoin hasn’t offered the essential freedoms it sought to allow, do cryptocurrencies have an actual future going ahead?

Bitcoin El Salvador

If not Bitcoin, then what?

Crypto has endurance, and this bear cycle has enabled an industry-wide shift that has refocused the emphasis on constructing. The earlier bull cycle positioned an excessive amount of emphasis on token launches and hype. But not sufficient on constructing precise services and products to assist the token’s worth. This is being corrected as we communicate, however the {industry} continues to be struggling from an absence of real-world utility. 

Crypto and blockchain initiatives have to go a special route than they’ve been. Instead of dashing to pump a brand new hyped-up token into the oversaturated market, the main focus needs to be on methods to present the advantages that Bitcoin and blockchain initially supposed. This means offering monetary freedom by privateness safety, balanced regulatory cowl, and a fair-tax regime. Now neither Bitcoin or every other main token or cryptocurrency actually present this. 


Crypto and the higher Web3 setting continues to be stuffed with potential. But to make sure that this bear cycle produces outcomes, the principle precedence must deal with the freedoms of privateness, regulatory, and tax protections. These freedoms, backed by real-world utility, and a stable tokenomics will allow the success of Bitcoin’s authentic mission. 

An preferrred token ought to suppose large however act native on the onset, that means gaining recognition and regulation from a nationwide or regional authorities earlier than increasing or doing an IDO (initial DEX offering). Legal critiques and smart-contract audits may be leveraged to offer transparency and construct credibility. This lays the groundwork for legal onboarding right into a structured setting with correct regulatory cowl.

Crypto initiatives should get up and notice Bitcoin has fallen quick. If the {industry} goes to spur a monetary revolution and usher us right into a Web3 future, it must be finished by a coin that gives one thing extra than simply speculative hype. A crypto {industry} that prioritizes growing and innovating new services and products, whereas providing these freedoms, will not directly profit Bitcoin as it will profit your complete crypto ecosystem. Going ahead it’s crucial that we assist initiatives and use circumstances that translate in the true world or else this bear market won’t ever go into hibernation.  

About the creator:


Jin Gonzalez has established six startups over time, together with two profitable exits. Prior to founding Oz, a digital property undertaking with the goal of connecting a community of particular financial zones throughout the globe, he was accountable for pioneering the adoption and embracing of blockchain expertise on the Union Bank of the Philippines, as their Director of BD, Fintech, and Blockchain. Gonzalez can be the Executive Director of the Distributed Ledger Association of the Philippines. 

Got one thing to say about Bitcoin or the rest? Write to us or be a part of the dialogue in our Telegram channel. You can even catch us on Tik Tok, Facebook, or Twitter.

The post Bitcoin: After Nearly 14 years, Has BTC Met Expectations?  appeared first on BeInCrypto.

Spread the love