The following blockchains bitcoin wiki, backed by scientific papers, technological and geopolitical, illustrate how Bitcoin will inevitably lose its value. IOTA was conceived and designed with a vision further into the future than most of us can comprehend.
Its features will turn into major benefits as time progresses and it is a question of when, not if, IOTA will take over as the standard in cryptocurrency and industry 4. What limitations will be the death of Bitcoin and the uprising of IOTA? Though you will not find a defined answer to that here, my commentary and facts I present should authenticate this opinion. That’s hard to determine because fear, uncertainty, and doubt have become anything to an investor that threatens his investment. First and foremost an investors ignorance is the main culprit of FUD. This, of course, also applies to IOTA supporters.
Cryptoland and its effects, in general, have the ability to transform investors into raging mobs that ignore facts, reason, and humanity, just to protect their funds and hopes of a big return on investment. Bandwagoning is a phenomenon that goes beyond rationality. Ad hominem, blatant lies, death threats, I’ve seen them all. But one thing is for sure: the truth always wins. Is this article filled with logical fallacies, bad anecdotes or lies? No, because I don’t like misinformation.
Whether or not there is an incredible number of competing projects, magazines and investors that are spreading lies and false claims about IOTA, this article is not about creating deception, it is just my honest point of view. Satoshi The incredible whitepaper in 2008 opened a world of wonders. With a new perspective on transferring money, we experienced the first sign of real emancipation from the big institutions that fostered inequality and a world where the power was not in the hand of the people. I think all cryptocurrency investors can agree on these points or at least use them to newcomers why they invested. Some other changes were implemented because game-theoretical aspects needed to be included, such as the small block size. Some others are changed to account for the growing number of users that congested the network. The biggest change of the technological nature, however, was that people became aware of the monetary advantages Bitcoin introduced.
Hard-forks, specialized mining hardware, bandwagoning, social media manipulation, smear campaigns, and hacks are the daily madness we all are aware of. The incentive to earn money is so big that the initial ideological dream, the democratic advantage, and most importantly the technological advancement is almost completely ignored to a point where Bitcoin doesn’t fit into the real world anymore. Mining Issues Mining is a vital part of Bitcoin’s consensus and creation of the currency. This assumption turned out to be false given that the number of full nodes, including Nelson nodes is higher than 5000 already. Bitcoin is proud to be the most secure project.
There is no other project with a higher number of developers and a longer time-frame where bugs and problems have been eliminated. That is a truth that every investor should acknowledge. There are hundreds of projects, dozens of wallets, countless corrected bugs, and a journey that has undoubtedly proven that Bitcoin is not hackable. The consensus is decoupled from the user. The holy trinity of Bitcoin’s consensus lies in the miners, validators, and users. Mining in Bitcoin gives the network its blood-pressure and nutrients, but the heart grows too big.
The hash power is growing exponentially because the rising user-number and the incentive to earn money with mining follows the mainstream adoption. More and more people and companies, even hardware giants like Nvidia and AMD start to specialize in mining cryptocurrencies. That is an ecological tragedy and a centralized point of failure masked as an advantage and technological progress. It is a reasonable assumption that even in the future, they will use the cheapest energy source. Iceland, however, experiences a different problem. The geothermal energy that is used to mine cryptocurrency is a limited collected source. Additionally, the electric grid is pushed to its limits right now.
Also, the consumption of energy from vulcanoes still heats up the atmosphere. It may be renewable, but it’s avoidable heat for the atmosphere. These examples show that political decisions can shut down major parts of the hash power at any point, given that the incentive to mine threatens the environment and the electrical grid. Since IOTA has no mining, but a small proof of work, the electrical consumption can solely be created in renewable energy-clusters in every city and area in the world. IOTA that is functioning in a multi-connection distributed mesh net. Since there are no centralized mining farms nor fossil energy usage, IOTA will be used everywhere, while Bitcoin will face serious problems.
Additional information on the energy consumption and the ecological footprint is written here. As the last addition to this section, I want to highlight that Cogniota, according to developers of IOTA, will make it possible to sell hash power for computational services. This incentive combines two major advantages: IOTA can incentivize parts of the mining industry to sell their hash power in order to solve actual problems, rather than an exchange of money. Scaling Solutions Scalability is not just a buzzword that has minor impacts. It determines if a currency can be widely used in the future or not. Bitcoin with payment channels that will enable billions of transfers, without fees. This is the missing piece of the puzzle, according to the Bitcoin evangelists.