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The perceptions of Bitcoin (BTC) against altcoin have changed forever in 2018, since the biggest cryptocurrency has separated from the rest, the developer of Bitcoin Jimmy Song wrote in a blog post on December 31st.
A fervent defender of decentralized values of Bitcoin, Song, who is also a frequent commentator on social media, claimed that last year "showed […] what the Bitcoin Maximalists have always said ".
"Bitcoin is different because Bitcoin is decentralized", he summed up, adding:
"The benefits of decentralization are often subtle and easy to repel, but they are real benefits."
One of the many sources for criticizing the initial market for coin offerings (ICO) in 2018, Song noted that the huge amount of money raised by the projects contrasted with the small number launched, while fewer still delivered a product that the market wanted or needed.
The imbalance between fundraising and product success was due to a centralized operation, he suggested, continuing:
"What we saw in 2018 is that having a lot of" development activities "is not the same as producing something the market wants, Bitcoin has distinguished itself by releasing the features that are actually used and not the duds that are not as many altcoins ".
Song used the Augur prediction market as one of the success stories of the ICO space, although the platform is currently calculating an average of only 25 users per day, each corresponding to $ 3.65 million in market capitalization.
The outlook on ICOs contrasts with the predictions of the director of the BitMEX trading platform Arthur Hayes, who last week told Cointelegraph that the industry was ready for a rebirth within the next 18 months.
Meanwhile, an interview released Monday, Jed McCaleb, co-founder of the payment platform and associate altcoin Stellar (XLM), told Yahoo! To finance that financial institutions would not end up using Bitcoins in the future.
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