Posts tagged "innovation"

Limitations of Bitcoin revolution

I really like how Bitcoin brought up so much new energy into the cryptocurrencies world. It combined great ideas of P2P networks, proof of work, append-only databases, and others together into a working and popular system and spawn new ideas and new innovation. It started a new cycle of decentralization of technologies.

But as a currency itself, it lacks innovation. It is still an one-dimensional numeric-like value used to valuate everything humans do in the same traditional way. Bitcoin is often compared to the Internet, how it brings a new era. But if we are comparing it with the Internet, then it is the Internet at the stage where people would take physical books, scan them as images, and make them available online. No interactivity, no multimedia, no searching or social capabilities, no additional value besides digitizing the content in the most simple way. Bitcoin does the same. It just digitizes existing concept of money. It does this in an interesting and innovative way, but it is still just a digital image of money.

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