Bitcoin
If You Don’t Believe Me Or Don’t Get It
Why Bitcoin Did Not Succeed Yet
“Making society more productive would require limitations to that power, and the people who spent a career gaining power are not likely to give it up voluntarily.”
- source
The reason Bitcoin didn’t scale.
Infiltrators used textbook excuses to block progress and development and prevented the brand name “Bitcoin” from dominating as a means of exchange.
Bitcoin, as a brand name became mainstream in 2013 and reached a peak in popularity by 2017.
It would have been an entirely different financial world today if Bitcoin was allowed to scale instead of imposing useless solutions like Segwit and the Lightning Network.
A massive misinformation campaign commenced in mainstream media since 2011, with Bitcoin portrayed as a villain and a threat to our societies.
The Bitcoin effect was massive, but the direction changed, and the Peer-to-Peer Cash experiment proceeded with a different name.
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Progress Reversed
Shutting down nodes and miners is impossible, so opposing forces needed to figure out a way to reduce Bitcoin’s rapid expansion.
Until 2017, Bitcoin witnessed exponential adoption by merchants and consumers, leading to a significant shift of financial power towards the individual.
The speed at which Bitcoin was gaining adoption was so rapid that it posed a challenge for the legacy financial establishment.
The threat of disruptive, decentralized P2P cash taking over a big part of the traditional financial system was realistic.
It is still inevitable that Bitcoin will alter the course of financial history and empower the individual.
However, Bitcoin progressed and upgraded, but not with its old BTC version. It is now Bitcoin Cash, a Bitcoin better than even Satoshi imagined.
If You Don’t Believe Me Or Don’t Get It
The issue was scalability. In 2010, the 1MB blocksize limit was put in place to tackle spam on the network, although Satoshi also provided guidelines on how to increase that limit.
Bitcoin’s scalability is not achieved through the BTC version, which opted for a different approach using SegWit and LN (the Lightning Network).
Bitcoin scales in the Bitcoin Cash version, and works even better than Satoshi imagined.
The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server. The design supports letting users just be users. The more burden it is to run a node, the fewer nodes there will be. Those few nodes will be big server farms. The rest will be client nodes that only do transactions and don’t generate.
“Quote from: bytemaster on July 28, 2010, 08:59:42 PM
Besides, 10 minutes is too long to verify that payment is good. It needs to be as fast as swiping a credit card is today.”
See the snack machine thread, I outline how a payment processor could verify payments well enough, actually really well (much lower fraud rate than credit cards), in something like 10 seconds or less. If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.
Source: BitcoinTalk
The famous Satoshi quote: “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”
The above is an answer to Dan Larimer’s question if Bitcoin was able to compete with banks in terms of speed.
Bitcoin influencers often misuse the famous Satoshi quote without understanding its true meaning. However, when taken out of context, the quote loses its significance.
Currently, the BTC version of Bitcoin is crippled.
Fourteen years later, there is no mass adoption, no use case for snack machines, and nobody is even considering adopting Bitcoin as a means of payment.
The pointless custodial efforts with LN centralized wallets divert from the foundations of Bitcoin.
In Conclusion
BTC remained static, didn’t develop, and did not scale.
Bitcoin Cash offers complete financial freedom and includes everybody.
Bitcoin Cash advanced to meet the demand for P2P Electronic Cash.
A permissionless system based on trustless code is an environment that empowers the people as opposed to the trust-based traditional financial system.
Starting to rebuild and recover from the damage done, Bitcoin Cash is now expanding adoption and rapidly growing again as decentralized electronic cash for a better world.
Also Read:
Parts of this story were originally published at read.cash. Rewritten for Medium.
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