Trump charges against BTC and cryptocurrencies and… nothing happens

Donald Trump's tweets mentioning Bitcoin and cryptocurrencies are revolutionizing the internet, at a time of stagnation in adoption.

July 12 is a day important within the history of Bitcoin and cryptocurrencies. This is because Donald Trump, President of the United States, has spoken about Bitcoin and cryptocurrencies. As they say, even bad publicity can be good publicity. Despite the criticism of cryptocurrencies, it is an indication of their importance.

The reality is that it was not so much for Bitcoin, but for Libra, Facebook's manipulative digital asset. Congressmen and the US Treasury have already told Facebook that if it wants to be a bank, it must comply with banking regulation.

Trump talks about Bitcoin, an indication of the importance of the currency

Everyone can express their opinion, but the price of Bitcoin has remained stable after this tweet. This is a clear indication that, in principle, it is good news. The reality is that it is good news, because it gives visibility to BTC and altcoins. Many highlight that it is an important psychological milestone that gives visibility to an important and emerging market.

Although we should ask ourselves why this Bitcoin reference is due. There is a lot of talk about regulations and futures markets based on this cryptocurrency. The reality is that in Congress they are uncomfortable with this cryptocurrency. This tweet is only a reflection of the tensions between senior officials in the Trump administration and developers of BTC and other cryptocurrencies.

Brian Armstrong, CEO of Coinbase, on the other hand, has stressed that BTC cannot be crushed by anything. Specifically, he posted on Twitter: “Achievement unlocked! I dreamed of a president of the United States who needed to respond to the growing use of cryptocurrencies years ago. First they ignore you, then they laugh at you, they fight you and then you win. We just got to step 3 "

A stagnant adoption with no signs of growth

Despite the joy of Armstrong and others, the reality is that the adoption of Bitcoin and cryptocurrencies is stagnant. This is because the utility is extremely limited. Bitcoin supports between 5-7 transactions per second, far from the thousands of transactions that the VISA network supports. Altcoins are not much beyond that, at best it is around 50 transactions per second.

And of course, with these data, adoption is not viable. Bitcoin needs to increase the number of nodes and remove the ASICs, which do not contribute anything to the network. It is necessary to return to the incentive to have a node and the lack of update weighs down. Currently only a handful of geeks use bitcoins to buy, the rest is HODL or speculation. So we are not going anywhere.

If the Bitcoin Core doesn't launch before the new code ends, we could see the decline of cryptocurrencies. And if Bitcoin goes under, they will all go behind, since they all have a pair with Bitcoin. But it is that forks and egos do not help either. BCH, BTG, BSV, BTCD, and so many other forks fragment users and only create bloat. Here the ego is worth more than technology.

Source: CT