Whatever your allegiance to the crypto community, we must pay tribute to the original Blockchain solution – Bitcoin. However, it was 10 long years ago that Bitcoin was born (an eternity in the cryptocurrency space) and things start to get away from the King.

The path of Bitcoin has changed forever in August 2017 challenger has made its way into the debate on the escalating boom. Bitcoin Cash appeared with his backers claiming that he was the only true leader. Shortly after, it's the failure of Segwit 2x, which confirmed the status of Bitcoin as a digital gold. As a digital gold, he may not have any rivals, but in the world of cryptocurrency, he may have played his last shot.

Scaling is a constant topic for evolving cryptocurrencies. to be abandoned by investors for a more avant-garde cryptocurrency.

An Aging King

After bringing millions of users to the cryptocurrency space, Bitcoin struck a log on his network. with transactions faster than what they can be extracted. This backlog has resulted in higher transaction costs and longer waiting times.

These factors all end up being counterproductive to the principles underlying cryptocurrency, which are to eliminate the banks' power over money. Bank charges and centralized waiting times are an integral part of the irritation caused by the fact that another entity controls its money. Bitcoin is taking more and more of these bad habits, leaving its users with a sense of déjà-vu reminiscent of the days when banks held a monopoly of money services.

Waiting behind the scenes

to digital gold was a common decision, and therefore the responsibility can not really be put on the shoulders of the currency. But in this short period of time, frustrations among investors have increased regarding the issues of scaling up.

Other currencies are waiting to try to evade Bitcoin, and this has already been shown declining market dominance since November. Currently, Bitcoin's market share is just over 33%, it was not so long ago that there were more than 60.

Bitcoin Cash is the most competitor direct from Bitcoin, trying to replace it with a peer-to-peer electronic checkout system ", as stated in his white paper. However Bitcoinc has more than its potential replacements to worry about because the rate of currency adoption is reversing. Bitcoin has long dominated a number of large companies that had adopted it as a form of electronic payment, but have since reneged on their adoption. Steam, once a staunch supporter, no longer accepts Bitcoin, while Microsoft has sown confusion by refusing to only agree to refute it and declare:

"Microsoft has restored Bitcoin as a payment option after working with Our provider will ensure that lower Bitcoin amounts will be redeemable by customers. "

While businesses are turning away from Bitcoin, even some of the Most established names in cryptocurrency join the door step. Vinny Lingham, CEO of Civic, who is highly respected for his opinions in the crypto community, said:

"When I look at the product, I think the demand is greater for the peer- to-peer. "

Where to Go for Bitcoin?

There are currently ongoing projects for the oldest and best-known digital piece to try to solve this problem Some of the solutions being considered include the Lightning Network, or major network upgrades such as block size modification.

Lightning Network, a technology that is tested slowly but surely on the Bitcoin network, consists of removing -chain transactions and opening the payment channels.With these off-line transactions, the result is an almost instant transaction, at a much cheaper rate. level n cessitera much consensus and will undergo more tests and evidence before that & # 39; it is cut and usable on a large scale, which is another problem that knows Bitcoin.

Even the idea of ​​making big changes to the network could again fail and flounder. We have already seen with the failure of the potential Segwit2x upgrade. Larger blocks might solve the problem, but Bitcoin will basically follow the same path as Bitcoin Cash, and with too many loyal supporters in the community, it's unlikely to happen.

Hard to dethrone

Bitcoin is well anchored in the cryptocurrency space, and will likely be a prominent motto for quite a while as people refer to Bitcoin before everything else. But as the community matures, explores and demands more, Bitcoin could have problems. Changes must occur, and even if Bitcoin will not fall on its sword too early, if it does not change, the potential for failure will continue to increase.