Bitcoin

Why ONLY Bitcoin, and not Crypto – Part 4

3 Mins read
Bitcoin meme

It was in 2017 bull run that I entered the Bitcoin space. I was excited about 2 things:

I was a person playing by the rules of system to fix the system (RTI, Complaints, Escalation to higher authorities, Activism). At first promises of Bitcoin (creating a new system) seems very unreal. But thankfully I found Andreas M. Antonopoulos, very early in my journey into the rabbit hole. For me, he is like Jon Snow of decentralization. Also thanks for my friend, Saravanan mani for helping me to understand the depths of Andreas’s words.

Bitcoin meme
Typical bitcoin journey. Unfortunately, many people get stuck at Stage 2 / 3

Journey into Bitcoin:

I started understanding some foundation of how Bitcoin works, why the decentralized money cannot be censored, how it helped Julian assange early in 2010 to collect donations and such. Then when I came to the fairy land of Ethereum (where they decentralize everything) I was mind blown (yet again).

I thought Ethereum is the perfect platform (decentralized AWS) to run all applications that we need censorship resistance like

  • Wikileaks
  • Piratebay
  • ERC – 20 token Incentivisation for TOR relay volunteers
  • Voting system

Initially I was confused why these apps were not being built on Ethereum. For a long time I said to myself, maybe Vtalik and the community are still not confident on the bandwidth of the Infrastructure and not ready for serious real world use cases that I listed above.

But it took me years (and a good friend) to understand Vtalik and the whole Ethereum community are nothing but scammers. They don’t care about censorship resistance, privacy, etc.,

Scammy Shitcoiners:

These shitcoiners are happily building everything irrelevant from Crypto kitties, all those scammy ICOs to NFTs in 2021. Without solving any real world problems, all coins can be safely classified as Ponzi schemes and ponzi schemes don’t long last. It might implode anytime.

Apart from the community direction, let’s look at some other aspects:

1. Blocksize

Bitcoin: BTC block chain is around 420 GB now. With some effort (like buying an external hard disk), anyone can run a bitcoin full node.

Ethereum: With the block chain size crossing 7-8 TB, I wonder if any individual is running the Ethereum full node. Someone might say about Archival nodes, but then again Bitcoin pruned nodes will take up less space as well.

2. Community focus

Bitcoin: The community is damn adamant on not compromising the fundamental principles: Censor resistance, Individual sovereignty, Privacy, Decentralization. We have seen in 2017 scaling wars, they community is very clear on solving the scaling problems without compromising the fundamental principles.

All other coins: I don’t get the real focus of the other shitcoins, as far as I researched.

3. Real world Usage

Bitcoin: Served real use cases of people/different communities from Year 2.

  1. 2011 to 2015
    1. Wikileaks, EFF, Internet Archive and many such Non for profits
    2. 1000s of Merchants started accepting Bitcoin through Bitpay server.
    3. Silk road
  2. 2016 to 2019
    1. Japan govt. recognized Bitcoin as a virtual currency
    2. Steam and many other companies.
    3. Retail investors started not just speculating, but also understood Bitcoin as a long term Store of Value (SoV) and started STACKING.
    4. Blockstream launched Bitcoin satellites to keep the networking running, in case the Govt cuts down the Internet. And that’s a WOW!
  3. 2020
    1. Thanks to Covid/Inflation 2.0, Bitcoin welcomed all the Institutional investors who were looking at alternative non inflationary.
    2. Tesla, Saylor/MST and many other corporates started stacking Bitcoin as world’s best SoV.
    3. I started running Bitcoin full node as well 🙂
  4. 2021
    1. El Salvador started using Bitcoin as a legal tender. And announced plans to build their ‘Bitcoin City’ with bitcoin backed Govt. bonds.
    2. Bitcoin which was only seen as a SoV, become a Medium of Exchange (MoE) with the Lightning network, Umbrel, etc.,
    3. I started running my lightning node at ‘my-secret-ip.onion’
El Salvador – Passing law to make Bitcoin as Legal Tender

Shitcoins: Inviting other coin holders to add their points in comments, if at all there is any.

In the light of the Satoshi, we now proclaim Bitcoin of the House Blockchain, First of His Name, King of the Libertarians and the Cyberpunks, and Lord of the global financial system. Long may he reign!”

Note: Going forward, will be happily sharing this post to anyone who asks me whether coin X will go the moon or coin Y will do 100x!

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