In a recent interview, Tone Vays, a popular Bitcoin [BTC] influencer, opined on the factors that make Bitcoin [BTC] better than altcoins, alternative uses of blockchains other than cryptocurrency and the risks involved in it.
The discussion began with Tone Vays explaining the reason he would choose Bitcoin over altcoins. Taking the example of Monero [XMR], Vays said it goes far beyond the network effect, which determines the value of a cryptocurrency. He stated:
“[Monero] it’s not as distributed amongst the global population is another factor. The third factor is the developers, the developers of Bitcoin are at a different level and they are programming at a different level so that’s another big factor towards Bitcoin and against Monero.”
He went on to say that people have to invest in electricity cost and hardware. People would not want to invest in an inferior currency like Monero [XMR] that could “disappear over time”, he said. Furthermore, in his opinion, the profit made by mining a coin like Monero to sell it for a better coin does not last forever. Vays agreed that Bitcoin is the solution to the “big problem”, and said:
“Bitcoin isn’t competing with Monero for anything; it’s not competing with Litecoin. Bitcoin is competing with gold; Bitcoin is competing with the US dollar; Bitcoin is competing with the Euro; it’s competing with the SDRs that the IMF [International Monetary Fund] might have as a backup in case the fiat currencies, you know the Euro goes down and the US isn’t far behind the global plan would be to move to like a basket of currencies of other countries”
On the other hand, he says that Bitcoin and Monero are “not on the same playing field” as Monero is competing with Litecoin, Zcash and other altcoins.
He further spoke about the use case of blockchain when it is connected to a physical asset. He said that although it is easy to transfer ownership or lose ownership of an asset in this case, the risks involved overpower the benefits. According to him, there is no use case other than a currency that would be good for a blockchain. He added:
“Anything you put on the blockchain you’re at risk of losing it completely now when it’s only Bitcoin and when it’s just money you have to be careful but and you can always let somebody else like a Bitcoin bank be the owner of that but they can be hacked as well”
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