• Obi Nwosu, CEO and co-founder of Fedi, believes that Bitcoin will come out on top by the end of 2023.
• He argues that it is becoming increasingly difficult to deny that Bitcoin offers the most efficient and secure ecosystem.
• Nwosu envisions a “multicoin future” where multiple cryptocurrencies can be used for different purposes.
Bitcoin Set To ‘Tick, Tick, Tick’ By The End Of 2023: DeFi Exec
The Growing Dominance Of Bitcoin
In an interview with Cointelegraph, Obi Nwosu, CEO and co-founder of Fedi, explains why it will “be clear” that Bitcoin will come out on top by the end of this year. Nwosu argues that it is becoming increasingly hard to deny that Bitcoin has the “fastest, cheapest, easiest, most decentralized and secure” ecosystem. He anticipates this will become even more apparent by the end of the year as its superiority “is going to be clear” in every aspect.
A Multicoin Future
Nwosu also believes there is space for other cryptocurrencies besides Bitcoin. He envisions a “multicoin future” comparing it to the evolution of music – just as there are still record players and vinyl enthusiasts who prefer tapes and laser disks over digital formats such as MP3s or streaming services.
Prioritizing Perfection Over Speed
Nwosu highlighted that prioritizing perfection may cause delays but is preferable to having changes made “again and again”. He believes there is a big misunderstanding regarding what he calls ‘slow innovation’ in Bitcoin; rather than being due to functionality or scaling limitation this speed is due to focus on creating solutions “that are correct the first time”.
Overall Nwosu predicts that by the end of 2023 it will be clear why Bitcoin dominates cryptocurrency market – its efficiency, security and decentralization make it ideal for a range of use cases from developing functionality to establishing social media networks or empowering local communities. Additionally he sees room for other cryptocurrencies alongside BTC in what he imagines as a “multicoin future” similar to how different types of music have their own audiences in today’s world.