The Blockchain is Bigger than Bitcoin

In this recent article, Matthew Sparkes looks at the current status of Bitcoin. He argues that what is much more important is the fate of the blockchain, the decentralized infrastructure upon which Bitcoin is based, but which does not depend upon Bitcoin for its existence. Or does it? He says that if the price of Bitcoin falls far enough, it is possible that a cascade of failing Bitcoin miners will bring the infrastructure to a stand still. With no mining activity, the length of time it takes to confirm transactions, whether of Bitcoin or any other transaction, would grow until finally they might never be confirmed.

This scary possibility is enough to encourage me, as someone who looks forward to the scenario Sparkes described last June in this piece, to continue to hold Bitcoin regardless of the downward trend.

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