The Major Attacks on Bitcoin and Who Is Winning

Bitcoin's significance lies in its technological impact, despite the distractions caused by its price volatility. Rather than solely focusing on the value of Bitcoin, it is essential to consider two key aspects: the growth of its network and the development of its technology. Similar to the scaling of the monetary system, technology also evolves in layers. For instance, gold served as a base settlement layer, while subsequent layers such as paper certificates, checks, credit cards, and digital payment platforms like Venmo and PayPal provided different trade-offs. Bitcoin, often criticized for being slow, is actually scaling in layers as well. Layer Two applications have enabled faster, cheaper, and more private Bitcoin transactions, making other cryptocurrencies claiming superiority in these areas obsolete.

Many politicians have shown resistance to disruptive technologies, viewing them as threats to the existing financial system. However, it is crucial to recognize that creative destruction, where new and superior technologies replace outdated ones, drives progress.

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