Lyn Alden believes that developments after the creation of Bitcoin have not been able to surpass it either. The executive sees Bitcoin as opera in technology, as it will improve over the years to stay current.
The founder of Investment Strategy, Lyn Alden, recently said that Bitcoin (BTC) is improving, unlike other cryptocurrencies.
Alden objected to the idea that the pioneering cryptocurrency is easy to displace, as she considers it wrong. The advisor highlighted that none of the cryptocurrencies after the creation of Bitcoin has been able to surpass it.
She believes that Bitcoin has been successful because it is a well-designed protocol, and the path dependence is difficult to replicate. By that, the executive meant that the developer who created Bitcoin finally left the ecosystem.
The person or group of people who created the Bitcoin protocol and its reference software in 2008 used the pseudonym Satoshi Nakamoto. Since Nakamoto disappeared from the public scene in 2010, the cryptocurrency is not dependent on his leadership.
Bitcoin Is Not a Company But a Protocol
Alden considers Bitcoin to be a protocol rather than a company, while other blockchains are more like a company. In this way, she spoke about the dependence of other projects on the decisions of their founders and a centralized development team.
The specialist said that the Bitcoin and Ethereum blockchains have a significant network effect, but that is all their resemblance. She highlighted that both have very different qualities in many other areas, one of which is decentralization.
Bitcoin Is the Leader in the Adoption of Cryptocurrencies
The executive also mentioned that more than 100 million users adopted Bitcoin. She said that figure includes those who hold Bitcoin in self-custodial wallets, on exchanges, and in other custodial services.
According to Alden, that number would indicate that Bitcoin is currently at its highest level of adoption. She compared this development of BTC to that of the Internet at the same point in its life cycle. Besides, she said that Bitcoin is the asset that has reached a market capitalization of USD 1 billion the fastest.
Exclusive Wallets and Applications for Bitcoin
The founder of Investment Strategy also mentioned that Bitcoin has more varied software and hardware wallets than other currencies. Likewise, she noted that there are a variety of applications that only work with BTC.
Alden specified that the Bitcoin ecosystem overlaps in the broader crypto space in many ways. However, she said that it also has a part of an ecosystem focused only on Bitcoin. She highlighted that including all these different layers makes the Bitcoin development network very large.
Question of Whether a Better Competitor Can Replace Bitcoin
Regarding when better technology will replace Bitcoin, Alden replied that Bitcoin is opera in technology. She anticipates that Bitcoin will improve in the coming years and will always remain current.
She compared Bitcoin to TCP/IP computer network protocols, as they will still be the backbone of the Internet after five years. She attributes that to the critical mass of users they have reached, which she believes will happen with Bitcoin.
Alden noted that there have already been four growth cycles in the history of the Bitcoin network, all of which have been strongly correlated. She explained that Bitcoin held firm throughout that time, being the leading cryptocurrency for almost 13 years.
By Alexander Salazar
