Blockstream’s Samsom Mow: Bitcoin May Be Bad For Payments, But Lightning Network Can Fix It
According to him, the whole idea behind BTC is not really to be a currency to be used in everyday activities. The way he sees BTC, it is all about a great way to store value digitally. It is, therefore, a medium for the transfer of wealth, not really a currency. He believes that affirming this has made several people dislike him and affirm that he hates Bitcoin, but that’s far from the truth.
His view is only that BTC was created for that purpose, not to be money. Fortunately, he affirmed, the Lightning Network was created in order to give BTC a shot at becoming the kind of currency that can be used any day.
The LN is pretty fast and the fees are very low. It was created exactly with these payments in mind. One the network reaches mainstream adoption, it can change Bitcoin. No longer people would need to wait hours before transactions are complete.
He also affirmed that something that was interesting about Bitcoin was that the token had some kind of “virgin birth”. Unlike the altcoins that came later and copied its concepts, it was really decentralized and unable to be controlled by a single group. All the times that people tried, hard forks happened.
In related news, Mow has recently affirmed that Facebook’s Libra would be screwed if people decided to make the right choice and use BTC instead.