OpenBazzar Founder: Bitcoin Acts as a Means of Payment First, Not Store of Value
- OpenBazaar CEO believes bitcoin should primarily be used a medium-of-exchange (MoE).
- He doesn't support the common narrative the Bitcoin should mainly be considered a store-of-value (SoV).
There has been a lot of controversy about the original intention behind the creation of Bitcoin. OpenBazzer Founder Samuel Pitt has spoken up for the payment side. In a video released by Pitt, argued that Satoshi Nakamoto did not design Bitcoin as a store but rather as a means of payment.
Bitcoin Whitepaper Mainly Refers to Bitcoin as Means of Payment
He cited the number of times Bitcoin was referred to in the whitepaper as a means of payment. According to Pitt, the Bitcoin creator mentioned its use as a store of value just 8 times but mentioned its use as a means of payment 34 times, which in his opinion means the asset was purpose-built for payment not as a store of value.
He accused Bitcoin proponents who claim the cryptocurrency's main use is as a store of value of adulterating the real information by leaving out certain words and statements just to make their arguments sound valid.
“Dan posted a long twitter thread earlier this year making his case. The thread became popular and is commonly referred to as good evidence for the store of value claim. There are 47 tweets he posts, but only six of them actually quote Satoshi discussing anything directly related to store of value,” he said.
Are Ripple and Stellar Better Options?
Bitcoin has recently been considered to be a store of value with the increasing need to have a store of value that can be easily moved around since government is seeking control of things more and more. Gold which has been the preferred store of value has now become unattractive because of the difficulty in moving it.
Some users have however complained about Bitcoin’s slow processing capacity which makes it unsuitable for payments. There are faster payment options such as Ripple and Stellar which have been largely adopted for such purposes. Whatever it is, the choice may be left with users to determine what to use it for.
Bitcoin’s price is $55,103.57 BTC/USD exchange rate today. The real-time BTC market cap of $1.03 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $20.82 Billion and live coin value change of BTC -1.81 in the last 24 hours.