Bitcoin is Just a Pioneer and Not a Gold Standard

When looking at Bitcoin, I usually think of phone brands and companies such as Motorola, Nokia, Blackberry, Semens, Sagem, Sony Ericsson, and the likes of them. They were among the early pioneers of mobile communication and mobile computing, but today, most of us would hardly accept any of these devices over current offerings from the likes of Samsung, BBK (Oppo, OnePlus, Vivo, etc.), Apple, Xiaomi, and a few others. These devices have outdone themselves, and their days of fame and glory are now gone.

That is the same situation I see Bitcoin (BTC) in today. It has done well to popularise cryptocurrencies, made room for the development of other cryptocurrencies, and made some rich and others poor, but I feel its days are now numbered.

Most people associate cryptocurrency with Bitcoin, so when they think of cryptocurrency, they automatically think of BTC. But the crypto world is now so vast that it is an offence and shows disregard for the vast array of crypto projects out there to make Bitcoin a synonym for crypto. The most interesting thing is that most currencies are decoupling from Bitcoin as they are not allowing the Bitcoin economy to shape the value of their assets any more—they now operate an independent economy.

What is this institutional interest?

Even though Bitcoin has lost a lot of value and is hard to get back, it seems that institutions just don't see that cryptocurrency isn't just Bitcoin. See the mess El Salvador got themselves into by choosing Bitcoin over stable offerings like HBD or USDT.

It's clear that institutions don't care about the possibility of other blockchains and are using Bitcoin anyway, even though it's very unstable. which is rather unnerving. So, what is special about Bitcoin, you may wonder?

Because of its longevity amongst other personal-institutional factors, most institutions have built their systems (facilities and infrastructures) around Bitcoin and a few other early cryptocurrency projects. While I strongly believe that most institutions need a good cryptocurrency consultant, it is not entirely their fault, as Bitcoin has not just served as a pioneer but has stood the test of time—it has gathered the trust of institutions, and it is just hard to beat that trust.

Hive can do better than BTC. We need to do a lot of work, but among this is more active development to encourage more utility, like integrating and building a WordPress plugin to allow Hive blockchain payments so that we can at least reach out to micro institutions to adopt Hive. With micro-institutional adoptions, we can do more marketing to get Hive into the hands of large institutions (macro-institutional adoptions), and with that, it will be a win-win for us all.

Building infrastructures to support institutions will go a long way to enhance public trust on our blockchain and help reassure institutions that Hive is going no where, and with time, we will gain the same amount of trust and reputation as Bitcoin, and be in the forefront of web3.0 and utilitarian crypto.

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