Jimmy Song Highlights Decentralization as Key to Success of Bitcoin Over Altcoins

Perceptions of Bitcoin (BTC) contra altcoins altered perpetually in 2018, as the largest cryptocurrency distant itself from the rest, Bitcoin developer Jimmy Song wrote in a blog post on Dec. 31.

An fervent defender of Bitcoin’s decentralized values, Song, who is also a visit amicable media commentator, argued that last year “showed […] what Bitcoin Maximalists have been observant all along.”

“Bitcoin is different because Bitcoin is decentralized,” he summarized, adding:

“The advantages of decentralization are mostly pointed and easy to dismiss, but they are genuine benefits.”

One of many sources to have criticized the initial silver offerings (ICO) marketplace in 2018, Song remarkable that the huge amounts of income lifted by projects contrasted with the small number that launched, while fewer still delivered a product that the marketplace would want or need.

The mismatch between fundraising and product success was due to centralized operation, he suggested, continuing:

“What we saw in 2018 is that carrying lots of ‘developer activity’ is not the same thing as producing something the marketplace wants. Bitcoin has renowned itself by releasing facilities that are indeed used, and not dress that aren’t like so many altcoins.”

Song used the example of prophecy marketplace Augur as one of the success stories of the ICO space, notwithstanding the height now averaging a small 25 daily users, each analogous to $3.65 million in marketplace cap.

The viewpoint on ICOs contrasts with predictions from trade height BitMEX CEO Arthur Hayes, who last week told Cointelegraph the attention was set for a rebirth within the subsequent 18 months.

In a separate interview on Monday meanwhile, Jed McCaleb, co-founder of remuneration height and compared altcoin Stellar (XLM), told Yahoo! Finance that financial institutions would not end up using Bitcoin in the future.

Article source: https://cointelegraph.com/news/jimmy-song-highlights-decentralization-as-key-to-success-of-bitcoin-over-altcoins

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