Every Proof of Work coin must choose between specialized hashing, leading to centralization over time, or generalized hashing, resulting in a constantly insecure chain.
Specialized hashing algorithms for Proof of Work require specific hardware, electricity, space, maintenance, and capital, leading to centralization over time.
Generalized hashing algorithms allow more participation but can make the chain insecure due to the vast latent hashrate available for potential attacks.
A perfect cryptocurrency needs to have uncensorability, certainty of supply, and transferability as a store of value.
Bitcoin faces challenges with decreasing security spend and centralization of hashrate, impacting its resilience to attacks.
Issues in Bitcoin such as affordability, speed, and scalability make it less efficient as a medium of exchange, while alternative cryptocurrencies offer better solutions.