Does Bitcoin Matter More than Blockchain?
Many companies across various industries and sectors around the globe are embracing, not only the idea of blockchain but are integrating the very core of the blockchain technology to match their needs.
Blockchain seem to have easily become a new disruptive force evolving to take over the digital world and further, however, Bitcoin, the thing that started it all, is considered a charade by many of these companies that are not hiding their interest in the blockchain, but dismissing Bitcoin as an asset “without value.”
The latest market crash may be misinterpreted into a belief that Bitcoin has no value to offer, confirming everything that financial giants like Warren Buffet are saying about BTC and its (in)significance.
However, Bitcoin might be worth even more than blockchain in a way due to the fact that Bitcoin was the first prototype of what applied blockchain technology look like when taking form as a driving force behind a system.
At the same time, Bitcoin is disrupting the financial and banking institutions at its very core by posing somewhat a threat to the traditional way of transacting money across the globe.
Does Bitcoin matter more than blockchain after all?
Bitcoin is Challenging Financial and Banking Institutions
Once Bitcoin came onto the scene back in 2009, some people came to realize earlier than most of today’s BTC traders and users, that Bitcoin enables anyone to become his own banker and not in a traditional way either.
Although there are various currencies that are able to validate transactions within a faster processing timeframe, Bitcoin was at the time the only option available for making blockchain-based transactions.
Bitcoin offered what none of the banks could, or would, providing users with transparency alongside ultimate security powered by blockchain and cryptography while enabling them to send and receive money in record times with ultimate privacy of their identities.
That way, Bitcoin showed the banks how financial systems in their present form could change for better, enabling faster and cheaper transactions.
In the meanwhile, Bitcoin started to gain on its value in the cryptocurrency market, also posing as a model for the issuance of future cryptocurrencies and digital assets that came several years after BTC first appeared.
Bitcoin Has No Value?
Even at a greater capacity do we hear that “Bitcoin has no value,” now that the cryptocurrency market is crashing at an accelerated pace.
Warren Buffet, when asked about Bitcoin, said that Bitcoin is “rat poison,” further stating that he would never invest in BTC.
Mr. Buffet also stated that Bitcoin has no value and that it only depends on “how much the next guy is ready to pay.”
However, the very essence of the value that Bitcoin holds lies in the fact that BTC is the first example of how blockchain can be used to accomplish greatness in the financial sector in this case.
Many blockchain-based projects and various industry giants likewise are exploring blockchain for different purposes so blockchain technology is already going through an expansion.
In the meanwhile, Bitcoin is still worth billions of dollars in market capitalisation.