What he argues is that many of the reasons Bitcoin core developer Mike Hearn says Bitcoin has failed are prematurely spurned indicators that Bitcoin is actually succeeding. Cary points to some signs of hope for the future of Bitcoin in his piece, taking aim at traditional banks and contrarians who believe Bitcoin cannot and will not be able to disrupt the status quo.
Using a phrase often reserved for huge banking institutions, Cary refers to Bitcoin as “too big to fail.” Pointing to Bitcoin’s growth trajectory and steady adoption over the past 5 years, Cary concedes that the overall system which Bitcoin runs on needs upgrading to continue to function well, however, he also asserts that it’s a good problem to have.
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What began as a small experiment is now a rapidly expanding ecosystem. There are so many people using it now that we have to plan for more capacity. It was never a secret that the software powering Bitcoin would have to get upgraded occasionally—just like the software on your iPhone
While some in the cryptocurrency industry have angst around the 20-30 minute delay surrounding transfers and confirmations of transactions surrounding Bitcoin, Cary has a bit of a more optimistic viewpoint in that established and traditional banks can still take several days to transfer money overseas and the costs can be high as well. Cary believes that Bitcoin’s place in the market will drive growth in both adoption and innovation in the coming 5 years.
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