Heated Debate Among Bitcoin Proponents Sparked: Is Bitcoin A “P2P Electronic Cash” or “Gold 2.0”?
As we all know, the famous Satoshi Nakamoto was the first ever to pave the path to what’s considered decentralized digital cash via Bitcoin [BTC]. Ever since, we have seen many crypto projects come and go, with very few still standing strong.
According to news outlet, AMB Crypto, a new debate has sparked among Bitcoin proponents including the likes of Max Keiser of the Keiser Report, ShapeShift CEO, Erik Voorhees and Dan Hedl to name a few. What’s the debate on? As per a Twitter conversation, it seems like crypto fanatics are proposing BTC to either be considered as peer-to-peer electronic cash or gold 2.0.
If one revisits the Bitcoin Whitepaper, it clearly indicates that Bitcoin is a “peer-to-peer electronic cash,” which is something Roger Ver from Bitcoin Cash [BCH] has been advocating as well. However, Dan Hedl thinks otherwise.
Hedl has since tweeted that:
“It was purpose-built one day to be a Gold 2.0. HODLers are users! How hard is that to understand?”
This being said, Voorhees tweeted on Friday, May 31, that Bitcoin was actually purpose-built to serve as the latter case, which Hedl has since come across. He not only expressed that he disagrees with the statement, but has also invited the ShapeShift CEO to take a look at a piece he’s written explaining the cases made, as seen below:
I disagree, and encourage you to read this tweet storm where I comprehensively covered Bitcoin’s purpose:https://t.co/Fa4PwqKf6u
— Dan Hedl (@danheld) May 31, 2019
Max Keiser supposedly got involved in this conversation as well – indicating that Roger Ver’s perspective is inaccurate. According to Keiser, Nakamoto’s use of “cash” actually symbolizes “gold” and that Ver and others holding a similar viewpoint have misinterpreted Nakamoto’s white paper.
Recently, Keiser was quoted saying that Fed Reserve’s endeavor in “performing quantitative easing would lead to money printing without end,” reports CCN. This was noted to emphasis the effect it would have, that is, it could potentially lead to hyperinflation and that “bitcoin – like gold – will thrive in such an environment.”
In terms of the arguments made as to why BTC should be considered as gold, some include the time in which BTC’s price went up – more specifically, the global market’s current volatility – the fact that hyperinflation is normally an indicator of an increase in gold’s value possible and finally, due to its limited numbers in terms of token creation.
What end of the scale do you support? Is Bitcoin the next gold or is it a peer-to-peer digital cash? Let us know your thoughts in the comments below.