John McAfee has an opinion on just about everything in the crypto world, and recently he’s been looking to wiggle his way out of a bet he made. That’s right, McAfee promised to eat his own dick live on TV if Bitcoin doesn’t reach $1 million per coin by the end of the year. However, in a bid to get out of honoring the bet, he slammed it as a simple ruse to onboard more users to the Bitcoin world.
As he called the bet an onboarding plan, he also slammed Bitcoin, calling it dead technology. Many critics were quick to bark back at McAfee, but he isn’t actually wrong. Bitcoin is rather old technology and most likely isn’t the future.
Bitcoin is More of a Legacy Coin
People all around the world are busy pushing for the mass adoption of Bitcoin, but in fact they’re turning Bitcoin into a legacy coin. Due to its widespread adoption, it will be hard to remove Bitcoin from the world as a method of payment, which could cause issues later down the line. Due to Bitcoin being rather slow and expensive to transact in, it therefore becomes less than ideal to use in a day to day setting. The only way Bitcoin can be used globally is with second layer scaling solutions, and that’s not really Bitcoin.
Other Coins are Much More Practical
Aside from the price fluctuation arguments of cryptocurrencies, there are many more cryptos that would be suited to mass adoption. New-fangled cryptos such as the Libra project from Facebook have positioned themselves as superior in virtually every single way. They’re cheaper to use, they’re more stable in terms of price and they’re faster to use.
So, perhaps it’s time to start listening to McAfee and stop pushing for the mass adoption of Bitcoin and instead push for an alternative cryptocurrency that performs much better. Now, we’re not saying Libra is the answer, but the future will be a cryptocurrency along the lines of Libra – sorry Bitcoin.