Many personalities in the crypto sector are fully convinced that Bitcoin will cease to exist with the passage of time, if its function as digital gold does not turn into something more useful for society. While physical gold, in addition to being an accumulation tool, is also a material used for the creation of jewelry or furnishing components that generate a certain interest for people, a digital wallet whose function is only to keep BTC it will be overtaken by other cryptocurrencies.
Sandeep Nailwal, co-founder of Polygon, Bitcoin risks being overshadowed by Ethereum which is becoming increasingly decentralized and secure and is improving its scalability, ready to become an easy-to-use currency, supported by the largest crypto community, a consensus that continues to grow steadily. Is this a hypothesis to be taken into consideration? Technology shows that a constant process of progression, development and improvement of the product is always necessary, the risk is that else they can overcome Bitcoin and turn it into an obsolete currency.
At the moment this vision is in my opinion very remote and the attention from big investors is also incentivizing developers to work on the network. The data on the disclosure of the Lighting Network are very encouraging and its dissemination is at an all-time high, although it is still contained. Twitter is launching tips in BTC, using LN itself, otherwise it would be too expensive to send tips. All this will incentivize its use and improve the scalability, speed and cost of transactions on the network.
According to former developer Gavin Andresen, the Bitcoin network is in danger of being abandoned if there are no improvements to optimize the currency's transactions and utility and BTC will migrate to another blockchain so that it can be used in the most appropriate way, taking advantage of the efficiency of the new one. net. At the moment it is not possible to establish if this will really be possible but the attention on Bitcoin is such that it seems to me really impossible that all this can happen. One thing is certain: Bitcoin appears to be traveling at a very slow pace from a development point of view compared to other cryptocurrencies. Perhaps developers find it less interesting or potentially less profitable to work on the Bitcoin blockchain than other more emerging blockchains.
The CEO of Twitter has created a fund for Bitcoin developers, it is clear that Jack Dorsey has an interest in keeping the network alive and working on it to increase its efficiency. A major obstacle at the moment is also the high electricity cost of mining, a problem linked to climate change that is increasingly at the center of public opinion and on which a solution must be found. How much energy will it take to mine Bitcoin in 10 years? What if it's not cheaper? All this could spell the end of his network.