Coinshares CSO Puts Crypto Conversations On Chilled Ice: Bitcoin Is Very Difficult To Recreate

Coinshare Chief Believes Bitcoin Cannot Be Replicated Despite Simple Elegance

The Chief strategy officer of Coinshares, Meltem Demirors briefed CNBC crypto-traders about the crypto-space changing dimensions and some protocols. She elaborated the initial hurdles that Bitcoin faced and how the coin managed to get through that.

Demirors talked about the protocols of cryptocurrency back in 2017 while addressing to the ICO boom. She exposed that in the top 10 initial coin offerings (ICOs) with the largest being EOS, an estimated above eight billion dollars ($8.6bn) has been invested. She further revealed that thirty billion dollars ($30bn) have gone into the arena of protocols. She said that people are skeptical about Bitcoin, that it is expensive and slow; therefore, they are constantly striving to make Bitcoin efficient by establishing different protocols.

Some Altcoins in which investors had invested money at that time were not able to withstand sluggish market trends and became obsolete. It happened due to the lack of any sound and practical projects and also due to the lack of funds to effectively materialize the plans.

Demirors revealed that it takes ten years to Bitcoin to secure its position in crypto-market and the coin has done a lot of effort for its survival. She said Bitcoin is simple, elegant and it is hard to make a copy of Bitcoin. Bitcoin is now strengthening its security and is working on different projects in this regard. There are various features which are being introduced in it like Lightening network (to increase the scalability), Taproot implementation, Schnorr signature, etc.

Besides the value of the network and price of Bitcoin, the crucial parameter is users of Bitcoin that forms a community that collectively work. Demiror applauded Ethereum and said that it had done a tremendous job in establishing an effective community and overcome the obstacles in its path.