Simon Lindh: I’m more bullish on bitcoin than ever – here is why

Simon Lindh: I'm more bullish on bitcoin than ever – here is why.

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OPINION. "Bitcoin remains strong as the only cryptocurrency that is truly decentralized", writes bitcoin enthusiast Simon Lindh.

The majority of all altcoins claiming to compete with bitcoin prove to be centralized and are oftentimes pure frauds because they promise the impossible.

Eos is still worth billions, but it quickly turned out that they censor transactions. Ethereum currently has about ten percent inflation per year and also has major scaling problems. There is talk of changing inflation and consensus in ethereum, but there is uncertainty when and if this will ever happen. So as a “store of value”, not even these ones compete with bitcoin.

Bitcoin resisted the attack from miners and corporate interests that wanted to increase the block size as a short-term solution to the scaling problem. Their failure show how bitcoin’s consensus rules are governed by users and the network as a whole, and that a change of the smallest rule only leads to the creation of a new fork, a centralized altcoin.

“Bitcoin is ‘hard money’ for real”

Bitcoin remains strong as the only cryptocurrency that is truly decentralized, censorship-resistant and has the largest amount of “proof of work”, making it the safest. Bitcoin is “hard money” for real with its limited number of coins and predictable rate of inflation.

We can use bitcoin to preserve value into the future and be sure it will not inflate, which has always been the case historically as soon as a central party gained control over the printing press. Bitcoin’s biggest competitor today is therefore not altcoins, but physical gold.

Common people have completely missed Lightning Network

The payment with Lightning Network rollout by merchants is now in full swing. Recently, Cheapair threw out Bitpay (anti-bitcoin company) in favor of BTCPay Server that has Lightning Network support. Coingate is another payment gateway that receives Lightning Network live in multiple online stores.

I have personally used a Lightning Network wallet for the phone in recent weeks and it has worked unexpectedly well. I’ve been drawing on Satoshis place for a satoshi per pixel and played on Lightning spin, but also made transactions to and from friends.

Lightning Network makes all the altcoins talking about faster and cheaper payments (at the expense of decentralization and security) become completely irrelevant. Nevertheless, most people have not even heard of Lightning Network.

Bitcoin and Lightning Network disappear behind all the marketing

There is a big fluffy cloud of marketing from blockchain companies, various ICO companies, and altcoins. Why? They make money when you buy and use their coins. Bitcoin and Lightning Network have no market budget. There was never any ICO and there is no “token” to be used on the Lightning Network.

Lightning Network is an open source protocol with various implementations from various teams around the world that have agreed on a standard. We have the best developers who are passionate about creating a new monetary system (bitcoin) and now we have Lightning Network on top that makes bitcoin the world’s best and cheapest micropayment system.

The price and fundamentals are disconnected

At the moment there are very much FUD (fear, uncertainty, and doubt) and dejection for the price decline following the irrational hype in December. Interest from speculators has cooled down.

However, one should not forget that the price and fundamentals are completely disconnected. For example, the largest dApp platforms (decentralized application) are worth $60 billion and the only thing that has come from that, apart from the ICO industry, is Cryptokitties with a few hundred active users, as can be seen here, and the game is not decentralized and therefore does not even need the blockchain.

If I get to speculate, I think we’ll reach and pass the “all-time high” of $20,000 at least to the next dimidiation in two years when inflation dimidiates from four to two percent, which is the same annual inflation that gold has.

Altcoins, like litecoin, ethereum, bitcoin cash and not least the majority of all the ICO coins will, just like history has proven, not overcome bitcoin, so there’s really no reason to hodl these coins longterm.

Simon Lindh,
Bitcoin enthusiast

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