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CoinShares: Bitcoin Simple, Elegant, Hard to Replicate

CoinShares: Bitcoin Simple, Elegant, Hard to Replicate

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The chief strategy officer at CoinShares, Meltem Demirors, has told Ran Neuner on CNBC’s Crypto Trader that despite all the challenges and hurdles faced by Bitcoin in the beginning, its constant development and continued focus on finesse has meant that it remains a simple yet elegant technological innovation that will be difficult to replicate.

As AMBCrypto reports, Demirors said that Bitcoin fought off consensus issues and even the ICO boom in 2017, during which altcoins claimed to be superior to Bitcoin in many ways:

“USD 8.6 billion went into top 10 ICOs, the largest of which was EOS. Actually, for the last few years over USD 30 billion has gone into protocols. I think a lot of it is people talking about the issues of Bitcoin, like its too expensive, too slow…  and started designing all these protocols, that tend to solve these problems that Bitcoin has.”

She pointed out that many of those altcoins born in the boom era eventually faltered because they were not pragmatic and did not understand how to manage funds. Without actual product and development, they were nothing more than pump and dump schemes, losing investor money on the false premise of displacing Bitcoin.

Demirors reflected:

“I think a lot of these protocols raised on these premises ‘We’re going to kill Bitcoin because we have all these features that make us better than Bitcoin’ not realizing that it took Bitcoin ten years to get Bitcoin where it is. It is simple and very elegant and very hard to replicate Bitcoin.”

Demirors also dismissed the Bitcoin scalability issue, believing that the Lightning Network, Taproot implementation, and Schnorr signatures were all coming upgrades to ensure Bitcoin would scale, be more private and be more secure. But while the network value of Bitcoin mattered, she said it was the collective community of Bitcoin that would ensure its future was always bright and strong.


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