I remember a time when it was cool to say at a party that you owned some cryptocurrency. For a lot of people, it was something new and they wanted to learn more. It was lucky to run into another cryptocurrency fan. Times have moved on. If you mention cryptocurrencies today, most people will have a relatively good idea of what you're talking about. If you mention that you make your living in cryptocurrencies, people might wish you good luck. Some people may be convinced that cryptocurrencies are dead. Today it is very easy to meet someone who has direct experience with cryptocurrencies. If you get into a conversation, instead of technical details, you're likely to talk about the future potential of cryptocurrencies. It's relatively common to be asked what project you're closest to and what you hope to get out of it. People have asked me several times why I'm a Cardano fan. From my point of view, it's a logical choice. I wish the other projects success and am following their development with enthusiasm. I do not consider myself a maximalist. I have made a pragmatic choice and am devoting most of my time to the Cardano project. I will try to explain why this is so. TLDR Nobody forces you to choose one project and stay loyal to it forever. It is naive to think that tribalism will result in a single winner-take-all. The vast majority of narratives around cryptocurrencies are false, half-true, misleading, or somehow divorced from reality. If one clings to the principles of decentralization and is intellectually honest, one cannot consider Bitcoin the best solution. It would not be good if we were not constantly looking for an even better form of sound money. The best technology may not always win. Tribalism is holding back the whole industry First of all, it must be said that nobody forces you to choose one project and stay loyal to it forever. Technologically, this makes no sense, as many blockchain networks are built on similar principles. Entering the world of cryptocurrencies usually involves understanding the basic principles of decentralization. Holding cryptocurrencies can represent an endorsement of the principles and an expression of a desire to change the current financial system. It makes sense to be a fan of decentralization and to be a maximalist at the level of principles, but not at the level of a specific project. Associating principles with a single project may be possible, but it may prove limiting or constraining. Technology will always evolve and improve. Imagine committing to using, say, Facebook and no other social network forever. When Facebook was at its peak, it made sense to use that network. Today, there are many other alternatives that are the preferred choice, especially for the younger generation. But why not use Twitter or YouTube alongside Facebook? It makes no sense to limit ourselves when it comes to technology or services. It's fair to say that a particular solution is not suitable for you and that you don't need it. But why prevent others from making a free choice? Facebook is very likely to be surpassed in the next decade. It's smart to stay open to change and remain intellectually curious. It's perfectly fine if someone is a fan of a single project. It is wrong if the personal choice is presented as the best advice and the only possible choice for everyone else. Unfortunately, the cryptocurrency industry has gone even further. Some fans of a single project are in open warfare with other projects. Tribalism prevents the wider adoption of all projects. It is naive to think that tribalism will result in a single winner-take-all. The current adoption of cryptocurrencies is driven more by the pride and ego of influencers, not real utility. Fans are often unwilling to admit failure and look for false enemies where they might find allies. The cryptocurrency industry will fail if false marketing wins out over the desire to build and improve technology. Only clinging to basic principles and the ability to accept reality as it is can move us forward. Cardano is the logical choice Cardano is the logical choice for the best technology available. It's my personal choice and I'm certainly not saying it's the best option for everyone else. Each of us has different preferences, experiences, needs, and expectations. I am able to perceive the reality and impact of events on cryptocurrencies. I try to be flexible in my views on things. There's no point in clinging to narratives from the past, if it's obvious they are no longer true, people stop believing them and look for alternatives. They say that to break into the world of cryptocurrencies, you have to go deep down the rabbit hole. I dare say I have. I understand very well many of the technical details of Cardano, Bitcoin, Ethereum, and many other projects. I researched the economic and social aspects of cryptocurrencies. I experienced the dot-com bubble. I know the current modern trends. In all the time I've been in cryptocurrencies, I've changed my mind several times under the weight of facts and will probably do so again in the future. The vast majority of narratives around cryptocurrencies are false, half-true, misleading, or somehow divorced from reality. There is no point in comparing individual projects with each other and explaining why I see Cardano as a project that has a huge chance to succeed. However, it is fair to mention at least a few of the main reasons. Seeing as how only 2 pools produce the majority of blocks in the Bitcoin network, I can't argue that it's the most decentralized network in the world. Even more so when I see how the hash rate is concentrated in large mining halls in the hands of a few entrepreneurs. I see the security budget problem as urgent and I can't tell newbies that there is plenty of time to solve it. If I want to stick to the basic principles of decentralization and understand the long-term economic sustainability of blockchain networks, Cardano is a better choice for me than Bitcoin. Although I see the successes of the Ethereum project, I think Cardano is more technologically advanced as a younger project. Just compare the quality of PoS consensus, the possibilities to scale the account-based model compared to the eUTxO model, or the differences between Plutus and Solidity. I could mention many other reasons but I will just mention some of them. It is not so essential. This text is not intended to be a detailed analysis of my decision. Again, I respect Bitcoin and Ethereum and I am a fan of these projects. Cardano has a huge and healthy community. That seems to me to be a very important factor. The protocol itself is just a piece of technology with a built-in economic model. Despite the best efforts of the team to set the economic incentives in the best possible way, the protocol may have problems sometime in the future. The team behind the project seems to me as one of the most important things. However, the team must not remain in the role of authority that makes decisions. Building decentralized project management is extremely difficult. I have the feeling that some members of the Bitcoin community are trying to give the impression that there is no team or leader behind Bitcoin because Satoshi has left the project. This is one of the false narratives that have taken hold perhaps because most people have no idea what GitHub and source code are. I consider Cardano to be one of the most decentralized networks at the level of the production of blocks. Once the Voltaire era is over, project management will also be decentralized, including a project treasury to fund future development. The Cardano community cares about decentralization and supports technological innovation. Protocol issues and future updates are debated. For me personally, it is nice to be part of this community. Of course, this does not prevent me from being present in other communities as well. However, I must admit that I find it hard to identify with the mainstream views of the Bitcoin community. However, this is not necessary. Everyone is free to decide what network to use, regardless of what they think of the community members. There are more and more people who distance themselves from the Bitcoin community but use Bitcoin. This is an interesting phenomenon and the question is what impact it will have on adoption. If I align my personal preferences with the mission of each project and take into account the influential members of each community, I feel most comfortable in the Cardano community. Every person in the world will have different preferences, and that's a good thing. There is nothing in the world that suits 100% of the population. Different missions built on the same principles Many people are fans of the idea of sound money and therefore become Bitcoin maximalists. You can support this idea without becoming a maximalist. I will be happy if Bitcoin succeeds in this endeavor. The missions of Cardano and Bitcoin are fundamentally different. If you see Bitcoin as a store of value and Cardano as a global social and financial operating system, you can root for both projects simultaneously. It is incredibly stupid to claim that you are not a true Bitcoiner if you are using or following another project. This is called bigotry and it has no place in the world of technology. A large portion of Bitcoin fans believes that the entire world will be using BTC for payments within a few years. Some even think that fiat currencies will disappear and governments will cease to have control over us. There will be no need to pay taxes. I can't predict the future, but I believe these views are out of touch with reality. It makes sense to build alternative financial services, especially for developing countries. It is smart to digitize identity and change the way we handle digital data. The transition of the internet from Web2 to Web3 is probably inevitable. It makes sense for new decentralized communities to emerge on technology platforms that allow them to vote and define rules that are immutable and fair to all in the same way. I see the ADA coins mainly as a key to decentralization. I mined briefly in 2017 but didn't like having a noisy machine in a room I wanted to use for something else. To this day, I'm not sure I completely agree with excessive energy consumption. I see PoS as a technological innovation that can replace PoW. Moreover, staking will always be easier and more economically accessible to people than mining. From a decentralization perspective, PoS seems to be a more appropriate mechanism. I know many people in my circle who dislike Bitcoin because of its excessive energy consumption. Part of the population will never accept PoW as a technology that should be around for another decade, and it doesn't matter how much green energy is used for mining. The younger generation tends to care about the planet more than the older generation. So I don't think there will ever be only one form of sound money in the world. It wouldn't be good if we weren't looking for an even better form of sound money. If the new money of the future is to be grounded in technology, it makes sense in the context of the evolution of civilization. At this point, however, it is naive to think that Bitcoin is it. Personally, I see Bitcoin as one of the first attempts and I'm waiting to see how it fares in the next decade. I would find it extremely foolish to say that everything is decided and unchangeable. The adoption of cryptocurrencies is still very low, their value is too volatile, and regulations can change a lot. Building a complete financial system on which a stable economic environment can emerge is more interesting to me than the emergence of digital sound money. I see volatility as a usability killer for daily payments. Cardano will be more quickly available to solve specific financial problems in developing countries. If I had to bet on whether tokenization, smart contracts, digital identity, stablecoins or Bitcoin would be more disruptive to the financial world in developing countries, I would bet on the formerly listed technologies. The best technology may not always win There have been several times in history when two similar technologies or services have existed and the inferior one has prevailed. It doesn't really matter which blockchain project you currently perceive as the best technologically. Users decide what they will use the most. Success is not only determined by technology, but by many other factors. We may think that decentralization is the most important feature, but the winning project may not be the best in this category. Bitcoin and especially Ethereum have a huge user base. Old users will not switch to another network because of decentralization. Especially long-term hodlers, as they are historically financially tied to their network. Economic engagement is a higher priority for them than clinging to principles. It's a good thing for Cardano that adoption is low because most people on the planet haven't decided which network they prefer. People tend to go where most people are. Bitcoin and Ethereum have the first-mover advantage. Cardano has a very good reputation and the community is growing rapidly. I think Cardano is one of the few projects that have a chance to catch up with the older players. I believe that developers and users in the longer term will appreciate the advantage of the eUTxO model and the higher scalability at the first layer after the PoS Leios implementation. Other benefits will be for example multi-asset ledger, babel fees, predictable transaction outcome, etc. These are small things that on the whole will be perceived positively, especially by new users. The success of smart contract platforms will not ultimately be determined by the quality of the first layers, but mainly by the UX of the applications and their capabilities. Cryptocurrencies are still waiting for a killer app and Cardano may surprise. The eUTxO model has not yet shown its full potential. I expect 2023 to be a watershed year in this regard. I'm not afraid to admit the fact that Cardano is a bit late to the scene and that Bitcoin and Ethereum have an insurmountable lead. However, I am not convinced that it would be valid. Cryptocurrency adoption is roughly 5%. It's so low so far that until it's at least 20%, everything is basically open. Institutions are only buying cryptocurrencies for now, but the financial transformation hasn't even started to happen yet. Rather, we're trying out first concepts, not knowing if NFT is a valid direction, and testing the quality of networks. I expect that after the next halving, we will see a new ATH in 2025, which will again be followed by a market decline of at least 50%. In the case of Bitcoin, nothing major is likely to happen in the next 5 years. High volatility will continue to prevent the use of BTC for anything other than holding in a wallet. Major technological developments will continue to take place on platforms and a few details may change everything. Of course, Cardano is not the only smart contract platform that is struggling for users, but I dare say that methodical technology development and innovation will lead to success the fastest. Conclusion It's sometimes said that Cardano is a cult. You can say that about pretty much any community. Personally, I see a community as individuals who share similar ideals. Mainstream influencers have a major impact on communities and I don't consider all of them useful. I even think some are detrimental to the mass adoption of cryptocurrencies, though they may not want to admit it. It's a shame that the cryptocurrency space isn't one big community working together to build an alternative financial world. From the outside looking in, it must look like several groups are trying to achieve a similar goal. Competition is healthy and spurs technological development. Blockchain projects are primarily protocols to ensure P2P interaction between users. This can be accelerated, made cheaper, anonymized, and extended with new possibilities. Staying with the same solution forever would essentially mean denying all new developments and ideas. Let us not forget that the banking system has become obsolete precisely because it has been unable to innovate fundamentally for decades and is overregulated. The blockchain industry must remain the opposite of this approach. I can't imagine Cardano, as a leader in innovation, losing potential overnight. For me personally, Cardano is the logical choice when it comes to the decentralized network I trust the most and the community I am closest to in terms of opinion. I use other protocols as well and I'm a fan of innovation throughout the space. Decentralization as a concept must be successful. The future will be multi-chain anyway.
