More

    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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,290FansLike
    2,762FollowersFollow
    4,138FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    TRON (TRX) Price Analysis (February 23)

    • The trend of the coin looks bullish in its medium-term while the short-term outlook is in a range-bound. • Patience is required at this...

    Block.One’s Beta Launch Of EOS Based Social Network Voice Raises Privacy Alarms

    Block.one’s Facebook asking for tons of personal data to jo Voice beta More concerning than privacy alarms is the use of data to...

    Criminal Assets Bureau Confiscates Over 6,000 Bitcoin But Unable to Sell Them

    The Criminal Assets Bureau (Cab) has confiscated 12 online accounts, wallets containing 6,000 bitcoin of a drug dealer who had €55 million (over $59.6...

    Top Medical Firms Set to Develop a Blockchain Solution to Prevent Counterfeit Drug Supply

    Top medical firms partner to develop a blockchain based solution to combat counterfeit drugs in the market. The MediLedger blockchain aims to verify...

    EOS Suffers “Major Outage” on Coinbase as Network Performance Issues Arise

    This month alone Coinbase suffered issues with EOS thrice, the exchange is still investigating the problem. Meanwhile, No blockchain is cartel resistant, but EOS’s the...

    New Jersey Introduces Bill For Crypto Firms To Obtain Licenses From State Authorities

    A New Jersey lawmaker introduces a bill to regulate the cryptocurrency and digital assets industry. The bill states each virtual asset company must obtain...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.