We look forward to the start of Bitcoin’s migration in 2023

The influence of cryptocurrency maximalists is not conducive to the development of cryptocurrency.

The amount of off-chain transactions in cryptocurrency is tracked on the central exchange, but on-chain transactions in which cryptocurrency moves are made only through the blockchain network. Because on-chain transactions are tracked, large cryptocurrency flows led by whales are good news for the average person looking for a return on their investment. However, there are investors who have fallen into the maximalism of certain cryptocurrencies in spaces such as social networks. These are the people who hold most of their cryptocurrencies. This maximalist not only propagates his own cryptocurrency, but also falsely criticizes other cryptocurrencies. All are strategies to increase their investment profits. The problem is that this maximalist propaganda and other cryptocurrency criticisms work.

Each cryptocurrency has a different underlying blockchain technology, a different consensus method, and a different ledger recording method. The degree of centralization/decentralization is also different. Investors should see and follow future technologies and prospects, but the future prospects seem like a fog while playing around with this maximalist’s jokes. The day when maximalism has no place may be the day when cryptocurrencies are normalized.

Hoskinson criticized maximism in a recent video, arguing that it is making the cryptocurrency industry much more difficult to grow. “Maximumism made no sense to me at all,” he said. Indeed, Hoskinson said Bitcoin maximalists should consider using Cardano’s technology to bring smart contracts to Bitcoin.

The problem with Bitcoin is that it uses excessive computing resources for security, which leads to excessive energy use, which leads to environmental destruction. Already, Bitcoin miners are on the brink of bankruptcy as their profits are not keeping up with their investment costs. Without miners, Bitcoin cannot be decentralized. Of course, off-chain transactions that are bought and sold on the central exchange will continue.

Bitcoin really needs to migrate. The problem, however, is that there is no one who can take the lead. Of course, more than 51% of Bitcoin miners need to agree, but they are not interested in future technological advances. But what if Bitcoin is migrating to survive?
First, we need to change the proof-of-work method to the proof-of-stake method. This will require miners to switch roles as validators in order to continue participating. In the proof-of-stake method, there are two techniques for creating a ledger. Ethereum’s account-based model and Cardano’s eUTXO model are available. The eUTXO model is an extension of the UTXO model of Bitcoin to perform smart contracts.

If so, the future of Bitcoin is more likely to be successful when it migrates to a form such as Cardano technology rather than Ethereum. Cardano CEO Hoskinson is proposing to a Bitcoin Maximalist at this time. He says we need to apply Cardano technology to migrate Bitcoin.

We look forward to the start of Bitcoin’s migration in 2023. It will be a WIN-WIN in the cryptocurrency world.