Here’s the Depressing Truth about Bitcoin, According to a Former Top Developer for Ripple

Matt Hamilton, who was once the director of development at Ripple, took an unconventional approach to answer the question of what sets Bitcoin apart from other cryptocurrencies when he was asked to explain the distinction.

As a result, the programmer noted that the primary distinction is that Bitcoin was the first cryptocurrency to innovate and validate the notion of artificial digital scarcity. Whereas other cryptocurrencies currently control the field. According to Hamilton, all new discoveries, inventions, and business models are now being constructed and shaped not based on Bitcoin.

Easy: Bitcoin was revolutionary and proved the concept of artificial digital scarcity. All the rest are where the actual innovation is now happening and business models are forming.

— Matt Hamilton (@HammerToe) October 5, 2022

Bitcoin-Related Goals and Objectives

This is not to argue that efforts are not being made to improve Bitcoin technology. For instance, Lightning Labs, the firm responsible for the architecture of the Lightning Network, has just published a test version of Taro, a new piece of software that will enable Bitcoin developers to build, send, and receive assets on the Bitcoin blockchain.

#Bitcoin is Winning.

— Michael Saylor⚡️ (@saylor) October 5, 2022

Michael Saylor, who is well-known for being a Bitcoin maximalist, is also not keeping away. As was recently made public, MicroStrategy is searching for a software engineer to construct a SaaS platform that is built on the Lightning Network.

MicroStrategy is looking to hire a Bitcoin Lightning Software Engineer to build a Lightning Network-based SaaS platform. ???#bitcoin pic.twitter.com/XFYrkIaFA9

— Neil Jacobs (@NeilJacobs) September 30, 2022

The Percentage of the Total Market Held by Bitcoin

Bitcoin’s portion of the overall capitalization of the cryptocurrency market continues to be reasonably large. Bitcoin is responsible for $381.4 billion out of the total value of $916 billion. Bitcoin’s dominance has reached a comfortable level, gaining 41.75% since it hit its 2018 lows in early September.

It is difficult to determine if Bitcoin has outlived its usefulness. Still, for the time being, it continues to be the most important cryptocurrency on the market. It even appears to have a possibility to continue the technical advancements it has already made.