Even After A Decade, Bitcoin Can Only Be Used By Developers, Says Wall Street Journal

As Bitcoin touches the tenth year of its existence, its relevance comes increasingly into question and according to an opinion piece in the Wall Street journal, that question cannot be answered too positively. Bitcoin hardly has viable use cases and cannot be used by laymen besides the developers, the journalist writing it opines. The article, published on New Year’s Day itself expresses a great deal of frustration about the he adoptability and prospects of Bitcoin and its counterparts. The article reads:

“Few tangible uses for Bitcoin (BTC) and its underlying blockchain technology have emerged,”

The author does not mince words when it comes to describing crypto’s fall over the course of the recently concluded year. It says, that once Bitcoin’s (and that of other cryptocurrencies) prices began to climb the charts in the later part of 2017, the development side of cryptocurrencies went completely out of the window. The article also emphasizes on the hopelessness of the 2018 crypto scene by asserting that the 2017 dream run would never be repeated. An excerpt says:

“At the beginning of 2018, the question was whether Bitcoin could live up to the hype of 2017’s manic rally,” and at the end of 2018 the answer was “no.”

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The article drives home its main point rather strongly, that even as the the market gets increasingly flooded by more varieties of cryptocurrencies, the adoptability by laymen does not seem to rise. Most of these cryptocurrencies remain viable to be used primarily by developers. To quote the article:

“Bitcoin and the hundreds of other digital currencies that have popped up over the years are still largely usable only by developers.”

More or less, despite acknowledging the positive role played by new institutional entrants such as ICE by Bakkt, the article repeatedly focuses on how the crypto market does not really seem to be headed anywhere.

The author, in this regard almost seems echo Jed McCaleb when he said 90% of the crypto projects were “BS”.