Shapeshift CEO Erik Voorhees: Bitcoin’s Blockchain Can’t Implement Every Idea or Variable
ShapeShift CEO, Erik Voorhees, has talked about the cryptocurrency market and Bitcoin (BTC), the most popular digital asset in the space. During an interview with Peter McCormack at WhatBitcoinDid, Voorhees said that Bitcoin needs to be very conservative.
ShpeShift CEO Talks About Bitcoin
During the conversation, the CEO of this recognized company in the crypto space said that fungibility and Lightning Network were very important for Bitcoin. It is very important for Bitcoin in terms of technical aspects. He said that Bitcoin has to be very conservative and it cannot try out every single idea proposed.
It is worth mentioning that the virtual currency cannot be “the most innovative” in the space while being the most conservative. Indeed, Litecoin (LTC) has been several times described as a testnet for Bitcoin. There are experts that believe that Litecoin could be used to test new implementations that later could be adopted by Bitcoin.
It is important to mark that Voorhees said that other chains that are more centralized shouldn’t be dismissed. This is the case of Ripple, for example, that has a small number of validators compared to Bitcoin and it owns almost 60% of XRP supply.
On the matter, the CEO of ShapeShift commented:
“I think that there should be chains that are more centralized and with higher throughput and there should be chains that are less centralized with less throughput and having both of those in existence actually makes the whole crypto ecosystem stronger and in both cases, we’re still vastly better off than any bank.”
Voorhees has also talked about the bull market experienced by Bitcoin and the crypto space and how prices fluctuate. He mentioned that this is the fourth time that he faces a bear market. Nonetheless, he mentioned that the bear market “gets bigger” and also “more intense” compared to other bear trends.
Voorhees said that back in 2011, people talked about Bitcoin but it was not as important as now, is worth several billion. At that time, people talked in terms of hundreds of thousands of dollars, not multi-billion dollars.
He went on explaining that he is not worried about recovering from the 2017 bubble since the industry has improved exponentially, with new improvements, larger resources and more. He showed that Bitcoin now has more chances to succeed than back in 2011.
At the time of writing this article, Bitcoin is being traded around $4,010 and it has a market capitalization of $70.70 billion.