Bitcoin in agony? This is what Matt Corallo, eminent developer of Bitcoin Core, suggests in an analysis that is as brilliant as it is chilling. Exclusive revelations on the existential challenges that threaten the premiere of the queen of cryptos.
From the ideal of freedom to centralization?
Tensions within the Bitcoin community continue to grow. In a blog post, Matt Corallo, one of the main contributors to Bitcoin Core, claims that the next few years will be as crucial for BTC as the famous block war of 2017.
According to Matt Corallo, Bitcoin was always intended as a way for individuals to conduct peer-to-peer transactions, without the control or interference of a third party. However, this original ideal is today threatened.
While the Bitcoin community has long focused on improving the network's transactional capabilities through solutions like Lightning Network, this effort now faces a major pitfall: the inevitable presence of a centralized and untrusted party in the flow payments.
“Unfortunately, all ideas for making bitcoin (or any other cryptocurrency) actually useful for transactions tend to have an unreliable part in the flow of funds“, deplores Matt Corallo. And these centralized parties are increasingly being targeted by regulators.
Indeed, no current solution allows fully decentralized end-to-end crypto transactions. This flaw leaves the door open to increased and potentially coercive regulation of these payment intermediaries, warns Matt Corallo.
Between regulation and speculative drift, Bitcoin in danger
The regulatory tightening against crypto players and the ambiguous positioning of part of the Bitcoin community make Matt Corallo fear the worst. Some no longer see BTC as anything other than a speculative asset and reject non-KYC payment rails, which are vital to preserving user freedom.
To top it all off, the growing centralization of mining could be the weak link through which stifling regulation falls on Bitcoin. Internal quarrels plague the Bitcoin ecosystem which does not currently have the weapons necessary to counter these existential threats, warns Matt Corallo.
The future of Bitcoin as a tool for global financial freedom has never been more uncertain. Without a start and mobilization of the community, the dream of a free and decentralized Bitcoin could quickly turn into a nightmare.
Matt Corallo's warning sounds like an electric shock. To save Bitcoin and its original ideal, a crucial fight looms on several fronts: drastically improve the confidentiality of wallets, work for regulatory change and deploy scalability solutions on a global scale. In the absence of awareness and massive efforts in this direction, the future of the queen of cryptos looks very bleak.
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