Is Bitcoin Losing Its Bling, Or Has It Been Reached By Its Own Limits?

Two years ago, when cryptocurrencies were still in its infant states and bitcoin reigned supreme, we would have never envisioned that other coins could challenge the supremacy of bitcoin. Never in our wildest dreams could have we foreshadowed that anyone could create crypto assets for every possible function out there (hello, ERC20 tokens!). But, in the end, thinking objectively: what have we achieved till now?
In the beginning, there was bitcoin, and the future was indeed bright. Bitcoin was touted as the great economic miracle of this century, destined to bring democracy to the unbalanced banking system and help the unbanked. Blockchain was also put on a pedestal; all problems (no matter which) would be able to be solved by the use of this amazing technology. But, as they say, the only important thing of a technology for society is its application. And, to the day, bitcoin has not been able to live up to its golden name.
Yes, there is now an established market for investing in bitcoin; exchanges to buy and change bitcoin for another crypto coins and for fiat. And now, you can pay in some commerces with bitcoin also. But, strangely, focusing on what we can do, make us also focus on what has not been achieved yet.
Poor people all over the world still don’t know what bitcoin or cryptocurrencies are. Even if they knew, true massification will not be possible, at least with this focus. Bitcoin faces scalability issues for its total massification; a month ago, Diane Abbot, UK’s shadow home secretary said that “if everyone took their bitcoin money and tried to buy a new car all at once the whole thing would collapse”. And, sadly for us, she is right, but not for the reasons that she alluded then. The bitcoin network does not have the technical capacity of supporting that amount of operations concurrently. There are second layer solutions, but they are not practical and require setting up channels in advance of operations.
The point is that at the inception of bitcoin (and cryptos in general) we could see everything with a look of hope, believing that crypto would aid to solve most of our problems; like most incipient technologies. But, coming full circle, we can say that despite achieving much, there is much more to do.

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