Bitcoin Cash (BCH) To Replace The Fiat Currency System According To Alex Fauver At CyberCapital BV
Alex Fauver, analyst at CyberCapital BV and a founding partner in a startup, TwoHop Ventures, gave his thoughts on the cryptocurrency industry taking over the current centralized system of fiat currency from banks.
The concept of cryptocurrencies as explained by Alex is quite different to your everyday normal investor explanation. A mechanical engineer by experience and profession in the past, the concept of thermoeconomics in his cryptocurrency research excited him as it is closely related to thermodynamics in engineering. The concept of thermoeconomics proposes the notion that money is a representation of energy that is a result of human interactions. As central banks and governments have control over monetary systems in the globe today, the energy is limited to their rules and regulations which stifle free flow of money. For example when central banks prints money, they are stealing the energy from the citizens.
The analyst at CyberCapital BV further explained that though the overall notion of thermoeconomics may sound a bit over the top but it follows through all areas of living organisms too. Fauvel took a practical case in Biology, the “red queen hypothesis” to explain further,
“You can make parallels with that in biology. You have this dynamic called the red queen hypothesis which is parasites and hosts, and parasites steal energy from a host. So in that respect, central banks really act like parasites, and if they get too big, they kill both the parasite and the host.”
This is similar to the case of the 2008 financial and banking crisis experienced that caused a huge economic downturn across the globe. It is well documented that this global crisis was the start of the cryptocurrency revolution with Bitcoin launching in January 2009.
Alex Fauvel Chooses Bitcoin Cash (BCH) To Replace Fiat Currencies
The problems faced by the fiat currency system at the moment continue to give Bitcoin credibility and pushing the coin further for global adoption. However, the blockchain is facing lack of scalability issues, slow and expensive fees making global adoption quite difficult. This made Alex love for the cryptocurrency switch to Bitcoin Cash (BCH) upon the fork of the main BTC network after a while of skeptics on the survival of a forked cryptocurrency.
“When I first discovered cryptocurrencies in 2013, like everyone I fell in love with Bitcoin. And then it broke my heart, just like Brian Armstrong from Coinbase. And Ethereum was all the rage. Something never really sat quite right with Ethereum to me, and that’s partly probably because it was supposed to be built on [BTC]. And then Bitcoin Cash happened,”
He further added he did not at the start believe that a minority fork, BCH would survive especially given the heavy dominance BTC had at the moment. However, his understanding in the field of incentive of proof of work mining consensus mechanisms and the drive of miners to mine BCH ,hence his realization that the digital currency fork could actually work. He said,
“My understanding of the incentive mechanisms that drive miners to continue to mine developed, so that I realized they’re not hostile. And if they are hostile, the whole thing breaks down, but because they are part of the system, they’re never going to be hostile.”
For further participation in growing the Bitcoin Cash community through merchant adoption and development of the platform, you can join the bComm Association. The association aims at providing a platform for all Bitcoin Cash needs for exchanges, consumers, miners, developers, content creators and the general BCH community. Furthermore the first Coingeek Week will be happening in November and members of the bComm Association can get discounted prices on the tickets to join other developers and marketers of the BCH community at the event.
This will be an excellent opportunity for all BCH enthusiasts to network and share ideas for development of the BCH network. The tickets will be made available at Coingeek’s official website here.