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Bitcoin (BTC) is poised to claim the cryptocurrency throne by the end of 2023 as its superiority “will be evident” in every aspect, according to Fedi’s CEO.
During the Bitcoin 2023 event in Miami on May 20, Cointelegraph reporter Joe Hall interviewed Obi Nwosu, CEO and co-founder of Fedi, a custodial platform that offers an alternative solution for those who do not have access to or trust centralized exchanges.
Catching up with homies is the best part of conferences. @obi @FelixWeis taking the picture!
Known these dudes for over almost a decade now! And what a decade it’s been! pic.twitter.com/1UcfX6KdIg
— Marshall Long (@OGBTC) May 19, 2023
Nwosu stressed that it is becoming “increasingly difficult to deny” that the Bitcoin ecosystem is “the fastest, cheapest, easiest, most decentralized and most secure” of all cryptocurrency ecosystems.
Nwosu expects this to become even more evident by the end of the year. He noted:
“By the end of this year, it will be clear that Bitcoin will tick, tick, tick.”
He said that whether the goal is the development of functionality, the creation of a decentralized network of social networks, or even the empowerment of local communities, it is becoming “increasingly clear” that Bitcoin is the most efficient and secure solution.
However, he believes that there is room for other cryptocurrencies besides Bitcoin. He envisions “a future with a few coins”, comparing it to the evolution of music.
“I mean, there are still turntables and vinyl…there are people who like cassettes and laserdiscs.”
In addition, he stressed that there is a “big misunderstanding” regarding his “slow innovation”.
He explained that while people believe that Bitcoin has functional or scaling limitations, “the reality is” that development is incredibly fast, with a focus on building solutions “that get right the first time.”
Nwosu noted that prioritizing excellence can cause delays, but is preferable to having to make changes “over and over again.”
Related: Bitcoin FOMO is gone, portfolio managers are serious about BTC – 3iQ CEO
According to Nwosu, cryptocurrency is essentially an “idea” as it “is a combination of philosophical aspects and technological aspects combined together.”
He explained that due to the intangible nature of cryptocurrency, it cannot be fought with physical forces such as “guns or missiles.” Instead, it is vulnerable to attacks due to “misinformation and sometimes inadequate or over-regulation.”
Countries that do not believe in free speech or just freedom in general are actively considering this strict regulation of cryptocurrencies, Nwosu said.
He believes the key to countering this situation is to “correct” misinformation and create systems that “empower the good guys.”