Tuesday, February 25, 2020

A Shift In Focus; It’s Heading To A Centralized Bitcoin Rather Than To A Decentralized One

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Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

At first, the argument among Bitcoin enthusiasts is always tied around so many functionalities; these arguments were basics and directed towards the basic principles behind its creation.

Back then, people deliberate mostly about the future of bitcoin, will it last long or just fade away and die like it never existed? Will, it just be a medium of storage or serve as a means of exchange? Will government and its agencies embrace the coin or kick against it? Will, it finally replace fiat money or serve as an alternative?

These were the basic questions, back in the day. But these days, virtually every conversation around the next price swing in bitcoin devolves into a debate about whether or when a Bitcoin ETF will get launched.

With the way things are going, Bitcoin may not be used for its original purpose again. The Bitcoin ETF is the direct opposite of its initial intent behind its creation.

Though the call for the launch of the first ETF is rife; the delay is basically because, Bitcoin, being the worlds most popular cryptocurrency is largely unregulated and thus, exchange bodies like the America Security and Exchange Commissions are skeptical about its introduction to the open market.

To be successful, it will greatly rely on proof of ownership at the ETF level. The backers of this idea, are significantly relying on the popularity of the coin and hoping that it will interest people, who will be willing and ready to allocate a portion of their wealth to Bitcoin via the ETF so that the bitcoin community can witness another sporadic surge in the price of the coin.

Though the idea of a bitcoin ETF is not all that bad, the fear is over the nondisclosure and the protection of the investor, who will be putting out his/her neck to the traded fund. But if the exchange commission will be transparent enough and assure investors of their basic protection, it will build confidence in the mind of the would-be investors and even operators.

So many analysts are of the opinion that it will be a disaster in waiting, especially from the price point of view. As virtually everybody is aware of Bitcoin and they have in one way or the other found out about the coin and how they can get their hands on it.

The backers of the Bitcoin ETF are optimistic about the whole idea, especially as it will not be entirely decentralized. This, they say will build the trust of investors, as it will in a very long way reduce their fear of being scammed.

Though its still a work in progress, the bitcoin community is eager to witness the next phase of the Bitcoin revolution.

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