Lyn Alden – Bitcoin Has No Real Competition (BTC Explosion)
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Lyn Alden Why Bitcoin Has No Real Competition
In this video, Lyn Alden explains why Bitcoin cannot be displaced by other tokens as the leading digital coin. Here is the summary of the video:
One of the challenges of blockchain is that Satoshi created digital scarcity, which is remarkable. And the kind of workaround to that is that anyone can copy the entire code base and modify it and make their own separate blockchain. But that’s not something that can be done with precious metals because we have only one gold, silver, platinum, palladium, and others.
But with blockchains, you can make an unlimited number of them. However, some people view that as a threat to Bitcoin’s scarcity because there are only 21 million bitcoins. And we have Bitcoin Cash, Ethereum, Litecoin, and more. People think this can defuse scarcity, especially because they think one blockchain is better than others.
Contrary to what people think, Bitcoin cannot be threatened.
One of the best analogies to explain this is Wikipedia. For example, you can copy and download data from Wikipedia. You can even download all its content. However, you can’t get anywhere near Wikipedia’s traffic and you can’t copy the network effects. Specifically, you can’t copy the millions of links around the internet pointing to the real Wikipedia. You can’t also copy the active user base of people that are constantly updating Wikipedia. The same goes for Facebook, Twitter and any other leading network.
Compared to other coins, Bitcoin has the network effect. The lightning network is another enhancement to the network effect. Bitcoin now has multiple layers of network effects built on it, enhancing security and development. Moreover, there are certain hardware wallets that only cater to Bitcoin. These are some of the features that separate Bitcoin from other tokens. And this is why Bitcoin can be viewed as money while everything else is at best an equity or at worst a scam.
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Credit: What Bitcoin Did (Full unedited video)
Bitcoin Risk Assessment with Lyn Alden
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