Greenpeace is pressuring BlackRock, the investment giant, to change Bitcoin's code to make it more sustainable ( Reuters). Meanwhile, BlackRock has launched a Bitcoin ETF, leading some to question if the company will create its own version of the cryptocurrency.
- Code Change: It's possible to change Bitcoin's code, but the community needs to adopt it for it to be valid. Forks have occurred in the past, such as Bitcoin Cash and Bitcoin SV, but none have solidified like the original Bitcoin.Forks are updates or changes to a cryptocurrency's code that create a new version of it. Examples of Bitcoin forks include Bitcoin Cash and Bitcoin SV. However, none of these versions have solidified like the original Bitcoin due to the lack of adoption and trust from the majority of users and miners, who continue to prefer the original Bitcoin network.
- Sustainability: Bitcoin consumes a lot of energy, but Greenpeace overlooks the energy consumption of the traditional banking system, which is much higher. Ethereum, for instance, has migrated to Proof-of-Stake, a more energy-efficient consensus mechanism.
- BlackRock's Bitcoin: If BlackRock creates its own Bitcoin, it may see initial appreciation, but without resistance to state control (a core characteristic of Bitcoin), it won't have long-term value. For example, Pix is an instant payment system developed by the Central Bank of Brazil that offers functionalities similar to Ethereum but without the decentralization and security of cryptocurrency.
- Altcoin Cycle: The Bear Market (market downturn) discourages the launch of new cryptocurrencies (altcoins) and reveals which ones truly have value. Investing in altcoins is risky because many lack a sustainable business model, have low adoption, and limited liquidity. Examples include Bitconnect, which was a pyramid scheme, and Terra (LUNA), which collapsed due to flaws in its stability mechanism.
- Bitcoin and State Resistance: The primary characteristic of Bitcoin is its resistance to government control due to its decentralized nature, which prevents any single entity from controlling the network. The state can interfere by regulating and imposing restrictions on cryptocurrency exchanges and transactions, limiting the ability to use and trade Bitcoin. However, due to its decentralized structure, Bitcoin itself remains resistant to direct control.
- Bitcoin is the only cryptocurrency with real value: Its resistance to state control and scarcity make it a unique asset.
- Invest cautiously: Avoid altcoins and dubious projects. Focus on Bitcoin and understand its fundamentals.
- Governments and institutions: The quest for control over cryptocurrencies is constant. Stay vigilant and defend decentralization and individual freedom.
