This is the main argument for Bitcoin detractors. Mow makes the case that Bitcoin has yet to create a true community. Instead, it only has a band of users who use it for their own ends. This is despite the reality that Bitcoin now has a larger footprint than it has ever been.
Bitcoin has obviously had issues that have made it relatively unstable. They include: coin community consensus on forking and related issues. This, in addition to regulations and security problems with exchanges, has played a part in the volatility.
Add the above concerns to price volatility critics interpret them as a risk in having BTC as a store of value. Accordingly, skeptics like Mow are positive that Bitcoin will remain a fringe speculative phenomenon. Needless to say, this is an opinion much like anyone else’s. Obviously, some within the Bitcoin field have differing views and see the coin as a viable SOV.
The Opinion of Jack Dorsey’s Square Crypto
Square crypto is a project from Twitter CEO Jack Dorsey that announced in March intentions to build a small team to help with Bitcoin and cryptocurrency development. Interestingly, Dorsey named the firm square crypto meaning that the firm is probably hedging on which coin will actually rise to the top. Bitcoin has faced issues of speed of transactions and costs in the race to become a mainstream SOV.
Nonetheless, Dorsey has lent support for Bitcoin development. This is because Dorsey aims to “make some step changes to various aspects of the ecosystem, versus iteration.”
Dorsey believes that the Bitcoin community still has some flows. This is because the coin still has security issues and needs to improve efficiency. The confidence investors like Dorsey have in Bitcoin is reassuring because it means there is no ceiling on Bitcoin’s capabilities as an SOV as some naysayers claim.
Improving Bitcoin Community
Bitcoin still has a great community. That said, the community needs to do a better job of integrating with the general public. Indeed, to gain the legitimacy a true SOV needs, Bitcoin has to be used more widely and dynamically.
As such, the core community is important in improvements and the decentralization Bitcoin needs. Even though some may not view it as an actual community, the role Bitcoin enthusiasts play in decentralization and improvement in the network is immense. They are as crucial to future expansion as the new ideas and investors that come into the community.
The entrance of Smart crypto into this effort is a commendable development. In the same vein, companies that need Bitcoin to be successful to make even must create roles that deal exclusively with making the case for mass adoption to the general public. This will certainly move Bitcoin from not only a community but also a necessity for many.
Therefore, Bitcoin can most definitely become a store of value into the distant future. This effort involves a lot of stakeholders. It goes without saying that replacing any financial system is no mean feat. Bitcoin certainly had major hurdles to pass to reach that. It had some slips but not a fall. A future with Bitcoin as an SOV is very much in reach. Perhaps the Mow Bitcoin assesment will be changed in the future.