Bitcoin's rise and fall should make people understand what is really happening with the cryptocurrency.
The future it presented, according to Forbes, is as bright as any; efficiency in transactions, as well as dealing digital products, is easier with bitcoin. However, the focus could quickly go wrong when the focus falls on bitcoin instead of blockchain-based platforms.
Analysts have likened bitcoin to the early days of the Internet; back then, when a new technology arrived, it was interesting but the truth is that there is almost no one to try it out. Blockchain, on the other hand, is technology that can be studied without the risk of losing big. Blockchain can be used for transactions, while bitcoin is used for transactions.
Bitcoin is still in the infancy of its stages. There is research into it, but there aren't anything else that can be done about it. On the other hand, blockchain has been a tech that's a part of a lot of research now. Blockchain can be used in real estate, a sector that's been in dire need of an upgrade, that's why research into the technology is currently prevalent.
In the case of bitcoin, it's still a little too soon to consider it a "global digital currency." Most countries--like China--have yet to warm up to bitcoin. Now, research backs up the hesitance to include bitcoin in important transactions. According to NYU, bitcoin's limited adoption has "technical design" to blame.
Blockchain isn't doing well in this department too; some vendors have asked for Proof of Work (PoW) blockchains instead as payment, but it hasn't caught on due to lack of widespread adoption.
NYU Stern professor Kose John, Franz Hinzen, and McGill University professor Fahad Saleh was also vocal about their criticism of bitcoin not fulfilling the need for scalability and decentralization.
According to the report, corporations that had been implementing bitcoin will find that it is lacking in certain aspects. Academics, as well as the general public, were advised to look for other alternatives than bitcoin, seeing that blockchain alternatives were still a viable option rather than just completely trust in the cryptocurrency.
Bitcoin, blockchain, and cryptocurrency as a whole is still in its infancy. It is simply unfair to support one and reject the other. However, due to a wide number of applications it can be applied into, blockchain stands out as the "more serious option" between the two, and may temporarily leave bitcoin to pick up the pieces.
