Mathematician Andrew Poelstra Explains Why Bitcoin is Different Compared to Other Crypto Assets
Bitcoin (BTC) is the most known virtual currency in the market. There are several lovers and haters behind this cryptocurrency. It was the first virtual currency to be released to the market and one that offers P2P transactions secured on the blockchain.
In a recent interview with Monero Talk’s Douglas Tuman, Andrew Poelsra, Blocksream mathematician compared how Bitcoin supporters see the digital asset with how other altcoins supporters see it.
Bitcoin is usually called ‘digital gold’ for the limited supply it has and also for being used as a store of value during difficult times. This is the use case that it is possible to see in Venezuela or Zimbabwe. In general, Bitcoin is based on soundness and stability at the expense of privacy.
At the same time, he mentioned that developers behind Bitcoin try to preserve these values in the system. As Wences Casares, the CEO of Xapo says, Bitcoin will have to become a global and apolitical store of value and a medium of exchange if it wants to become digital gold.
Poelstra Said About Bitcoin During His Conversation With Tuman:
“The view amongst most bitcoin people I know is not that they don’t care about privacy or fungibility – they care very very much – but they view bitcoin right as something in its infancy that’s very much like a cool technology experiment. But it’s one that can not fail, or it’s one that we better not cause to fail. And that takes precedence over everything else.”
Poelstra said that the crypto community wants to reduce costs and also increase participation in the network. This would allow the network to keep being decentralized.
As Bitcoin is a very decentralized network, changes take longer to be approved and implemented. Additionally, researchers and developers have to be patient with their work and developments on the network.
He added that if Bitcoin fails, the world might not see any other possibility to have a decentralized cryptocurrency such as BTC. Thus, he says that if Bitcoin fails after ten years, this would be very bad for the whole space.
About scalability, he commented that as Bitcoin is one of the most used digital currencies in the market, individuals in the network are very concerned about scalability issues. Other altcoins might have better scaling solutions but they lack the number of users for their solutions to be implemented.
The second layer scaling solution called Lightning Network (LN) could play an important role in improving Bitcoin scalability in the future.