When writing in a blog post, Bitcoin developer Jimmy Song said that all of the perceptions of bitcoin against all other altcoins changed in 2018 because the number one cryptocurrency by market cap stood out from the others and we are finding out more from the blog post in today’s altcoin news.
Jimmy Song is a huge supporter of Bitcoin since he values the decentralization the most and he even argued last year that Bitcoin is different because it is decentralized by saying:
“The advantages of decentralization are often subtle and easy to dismiss, but they are real benefits.”
He also made clear that all of the money that was raised in 2018 for the initial coin offerings projects, very few have launched a ready product that the market needs but the others utterly failed to do so. He believes that the problem with the fundraising is due to the centralized nature by saying:
“What we saw in 2018 is that having lots of ‘developer activity’ is not the same thing as producing something the market wants. Bitcoin has distinguished itself by releasing features that are actually used, and not duds that aren’t like so many altcoins.
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Song used the example of the prediction market Augur as the success story in the ICO space beside the fact that the platform is currently having up to 25 users a day which corresponds to $3.65 million in market cap.
Also, the perspective on ICOs has changed for Arthur Hayes as well, the BitMEX CEO who said that the industry will achieve its rebirth in the next 18 months.
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