Bitrefill COO John Carvalho: Bitcoin is Where you Want to Store Your Life Savings, Not an Altcoin
As the world awaits on another mega bullish run in the cryptocurrency market and Bitcoin, in particular, understanding digital assets will play a huge role. In a podcast titled, The Bitcoin Game, the chief communications officer (COO) at Bitrefill, John Carvalho spoke on Bitcoin and the industry in general. In the talk, John stressed on the need for second layer improvements and sidechains in promoting the use of Bitcoin and other currencies.
Bitrefill allows its users to purchase over 700 gift cards in over 170 countries, top up your phone (supports over 900 operators) and sent payments through the Lightning Network (LN). The Sweden based company aims at increasing the adoption and use of various cryptocurrencies globally including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dash (DASH) and Dogecoin (DOGE).
John Carvalho (The Bitcoin Game)
Speaking on the current dominance of Bitcoin and the impact to other cryptocurrencies, John believes BTC will not survive as the only cryptocurrency in the world. However, the constant comparison most of the altcoins adopt with Bitcoin shows that
“they are living in Bitcoin’s shadow”.
“Maybe, there is some actual utility [in altcoins]. For example, if you need low security and low censorship resistance and you only need to send money to a far off country quickly, any sh*tcoin can work as long as the settlement can be made reliably. But if you want to store your life savings somewhere, I’ll not use an altcoin for that.”
He further touched on the issue of Lighting Network simplicity. The LN network structure has previously been described by Bitcoin Unlimited’s Peter Rizun as an ‘abacus’. The comments by Peter caused an online storm among the cryptocurrency community, who viewed the comment as an oversimplification of the second layer platform.
“Best Store Of Value In The World”
According to Carvalho, comparing the abacus to the ledger system is limiting. He further called on to the community to learn and understand the Lightning network and the concept of liquidity. He states,
”In abacus, things move from the one end to other, you know it’s just one bar. But the problem is that it actually an array of abaci. And its abaci of abaci. So everybody is keeping track of who controls what.”
In a question on the high transaction fees on the Bitcoin blockchain, John says the nature of Bitcoin blocks will always cause the high transaction fees. He further said the value of Bitcoin forces the blockchain to be full hence the high transaction costs. He says,
“Bitcoin’s blocks are full, they always are going to be full. Even when the blocks appear not to be full, they are essentially full. If the cost of recording on the blockchain is low, someone will always find a reason to fill it….They are supposed to be full as Bitcoin is the best store of value in the world. Why shouldn’t they be full?”