Review: Uncensored Crypto docuseries episode #2

The Uncensored Crypto docuseries seeks to shine a light on the power struggle going on between the crypto world and traditional institutions. 

The 9-part series explores how censorship is being used to hide the benefits of crypto, DeFi, and decentralized systems from people looking for financial freedom. It also covers how crypto has the potential to completely change the traditional, centralized systems as we currently know them.

The second episode of the series explores the supposed “rivalry” between Bitcoin and Ethereum, and whether altcoins are even worth pursuing at all.

Recap of topics covered in episode 2 of Uncensored Crypto

Mass adoption of crypto

“I think right now we’re living through the largest adoption of technology that we will ever see in human history.” – Brian Rose, founder and host at London Real

Brian Rose discusses the number of people turning away from traditional financial services in favor of crypto, blockchain, and DeFi, and how the support for crypto far outpaces society’s adoption of the internet and mobile phones. This sets the stage for cryptocurrency to completely disrupt the current system and become a key part of the shift to a decentralized web 3.0.

Bitcoin 

“Bitcoin will be the stablecoin that backs the entire crypto economy.” – Josh Malikovich, student and CTO of Bitcombine

Uncensored Crypto presents two points of view about Bitcoin: Bitcoin maximalists who believe anything besides Bitcoin is a waste of time, and those who believe altcoins like Ethereum are the future.

Bitcoin is discussed as a store of value that is great for everyone to invest in because it helps even out the playing field for those who don’t have the financial resources or knowledge to invest in traditional methods like real estate or stocks. 

Bitcoin’s guaranteed scarcity ensures that it will always be valuable, and can earn its holders a higher return on their investment than they would get from holding money in a traditional savings account in a bank. 

And while Bitcoin’s detractors say the crypto is significantly slower and can be more expensive than other blockchain platforms, Bitcoin maximalists say this slowness comes with its own advantages.

Ethereum

“I think [Ethereum] is just as valuable if not more valuable in many different ways because it’s going to be used in 10,000 different ways where Bitcoin’s going to be used in one or two.” – Mike Dillard

This episode of Uncensored Crypto takes a look at Ether, the second-largest cryptocurrency by market cap. While Ethereum is often viewed as Bitcoin’s rival, the docuseries presents the position that this isn’t the case. Instead, Ethereum is an entirely different application of the same technology. 

Ethereum plays an important role in developing not just the DeFi world, but everything from decentralized social media networks and even gaming. This is because its smart contract technology allows it to function as the foundation for many different decentralized programs.

Are altcoins worth investing in? 

“Anything that’s not Bitcoin, in my opinion, is pretty much a s*itcoin. Now, can you make money on that? Absolutely […] and I think they’ll be around forever, but they aren’t good stores of value.” – Josh Malinkovich, student and CTO of Bitcombine 

Throughout this episode there are two perspectives on altcoins: some believe they’re valuable investment opportunities, while others think they’re a waste of time. While altcoins have the potential to quickly raise the value of your portfolio, some detractors say that they aren’t worth the investment because altcoin companies can essentially act as their own banks and print too much of their own currency.

Is it too late to invest in Bitcoin? 

“As a retail investor, if I’m looking at this as if I’m too early or too late, no, you’re still very early, and you want to get in before that massive wave of institutions gets in.” – Alex Benfield

A common myth addressed in this episode of the docuseries is people who think it’s too late for them to invest in Bitcoin or Ethereum. However, Uncensored Crypto makes the case that this couldn’t be farther from the truth. 

With some predicting that Bitcoin will reach over $100k in the coming year, the experts interviewed in this episode say it isn’t too late, and that it’s important to invest now before the crypto industry becomes more regulated and sees more institutional adoption. 

What does the future look like for bitcoin and crypto as a whole?

Future of the mass adoption of crypto

Crypto seems to have a promising future, given that it has increasingly seen more mass adoption by governments and traditional institutions around the world. For example, El Salvador recently made Bitcoin an official currency in the country and plans to create the first Bitcoin mining city, and Zimbabwe is thinking of doing the same.

Here in the U.S, Miami has announced a plan to pay its citizens Bitcoin dividends from the city’s investments, and New York’s incoming mayor, Eric Adams, has considered adopting a similar plan in NYC, in addition to taking his first few paychecks entirely in Bitcoin.  

In addition, Avalanche, one of the newer cryptocurrency companies launched in 2020, recently made a deal with major accounting firm Deloitte to use their platform to help streamline FEMA’s disaster relief policies.

As more institutions, celebrities, and politicians start embracing crypto and finding different use cases for blockchain technology, people will have more direct control over their own finances. 

Decentralized finance offers a secure and trustless way for people to manage their finances, without any need for gatekeepers or middlemen. 

Future of bitcoin

There are some in the cryptocurrency space who view Bitcoin as outdated technology, especially considering that there are blockchain platforms out there that offer faster transaction times, better scalability, and lower fees. 

However, Bitcoin supporters point towards a healthy future for the original crypto. As mentioned throughout this episode of Uncensored Crypto, Bitcoin is currently seeing the most adoption by traditional mainstream institutions. However, the possibility of new regulations in the crypto industry could impact its future, and countries such as China have already banned the use of Bitcoin altogether.

But another benefit to Bitcoin is that it has been around the longest, which makes people more likely to trust it. While it’s still relatively young, the fact that it has been around so long and seen so much growth, especially in the past several years, shows that there’s still more to come for the king of crypto.