Thread by @thatguyintech

#TheBWord Conference, Demystifying Bitcoin

Session 5 notes: Debunking "Bitcoin Can Be Displaced Easily" w/ @LynAldenContact 👇

@LynAldenContact

@LynAldenContact "The success of a cryptocurrency relies on its network effect.

The stronger the network effect, the better the security and development it enjoys, resulting in an entrenched advantage." - @LynAldenContact

just like social media or viral apps

@LynAldenContact what gives Bitcoin its network effects?

- security: BTC's hashrate makes it the most secure v other networks
- scale: the number of involved devs, businesses, users is robust
- decentralization: there is more division of power in Bitcoin than most other cryptocurrencies

@LynAldenContact An example of security strength:

Compare hashrate of Bitcoin to some if its copies (Bitcoin Cash, Bitcoin SV).

Bitcoin is blue, the copies are in red and yellow. The difference is clear.

i.e. It's easy to copy Wikipedia, but it's not easy to get people to use the copy

@LynAldenContact on Scale:

Bitcoin has over 100 million users (est.), and there are unique hardware wallets, apps, banking integrations, etc. that are coming online

You can compare the adoption of Bitcoin to the adoption of early internet protocols like TCP/IP, USB.

@LynAldenContact on Decentralization:

Bitcoin is run more by the original design of the algorithm and the system, rather than human decision.

No difficulty bombs or "roadmaps" for the ecosystem.

@LynAldenContact Comparing @Bitcoin to Myspace:

@LynAldenContact @Bitcoin It's impossible to replicate BItcoin's origins at this point.

Most new cryptocurrencies today more closely represent a company rather than a protocol.