Giants we once expected to stand tall forever have been easily knocked down and pushed to the edge of obscurity. Remember how massive and popular Myspace was? Everyone who was anyone had a profile on that site – and few could picture a future of social media without Myspace being the center piece.
Fast forward to today, and Myspace is all but forgotten. Where it once stood, Facebook now stands larger and more powerful than Myspace was even at its peak. However, this replacement didn’t happen overnight, or by mistake. While Myspace was good, it was a flawed idea – and Facebook was all too ready to fix these flaws and capitalize on Myspace’s weaknesses.
In fact, some are beginning to wonder if Bitcoin may be the next Myspace. Sure, Bitcoin has widespread appeal and adaptation, but could it replaced by a better product?
People who believe Bitcoin is on its way out point to the slow transaction times, high fees, and rising price as reasons to think Bitcoin may be easily replaced. They would argue that mass-adaptation will never come to a product that can’t easily be used. Rather, Bitcoin-skeptics point to Monero, Ethereum, or a still-unknown cryptocurrency as the most likely replacement.
However, Bitcoin-skeptics fail to take into account the massive amount of interest being poured into Bitcoin right this moment, and the brilliant team behind Bitcoin ensuring it stays at the cutting-edge of cryptocurrency.
Worried about slow transaction speeds? The new Lightning Network may be solving that.
Concerned about high fees with every transaction? It appears the fees are getting lower and lower – and will continue to do so.
Think it’s too expensive to own a Bitcoin? Fractional transactions allow anyone to participate, no matter how expensive Bitcoin is.
It seems that as soon as one problem pops up for Bitcoin, the brilliant community around Bitcoin invents a solution and clears the hurdle. This isn’t to say that an impossible obstacle won’t be discovered in the future. However, as we stand today, it looks like the future is bright for Bitcoin.
Who cares if Bitcoin is more of a Myspace or a Facebook? After all, who is to say that Facebook can’t be beaten too?