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Bitcoin Has Become About The Payday, Not Its Potential

Cryptocurrencies aren’t a store-of-value nor safe haven for anyone’s assets. They’re experiments.

It wasn’t supposed to be about price, but it’s only become about price

Early advocates of Bitcoin made certain not to tie the usefulness of Bitcoin to its price. It could evade restrictions, shed costs, and help the most vulnerable gain access to currency without middlemen. That was the sell.

The price of Bitcoin since 2011. Source: AOL

The ideas are there, but the technology in practice isn’t

I conducted a small experiment last year and tried to “set up” a small company on the Blockchain. It failed miserably. Online forums weren’t helpful, consultants had no answers, and I couldn’t get further than getting a digitized time stamp on a PDF.

Commands on a Bitcoin ATM are seen at a restaurant in Toronto, Ont., June 3, 2017. Source: CHRIS HELGREN/REUTERS

But how will this evolve?

In his book Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts, programmer and author David Gerard deflates a lot of the hype, peeling the layers on the shady Initial Coin Offerings (ICOs) which have scammed thousands of investors on the Ethereum platform and more.

Maturity and prosperity

The Bitcoin scaling debate of the summer of 2017 revealed a lot of the limitations of the currency.

A customer feeds cash currency into a Bitcoin ATM located in Flat 128, a boutique in New York’s West Village, on Aug. 22, 2014. Source: BRENDAN MCDERMID/REUTERS

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