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Bitcoin [BTC]’s ecosystem has seen a lot of bad business leave, says Bitpay’s CEO

Akash Anand

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Bitcoin [BTC]'s ecosystem has seen a lot of bad business leave, says Bitpay's CEO
Source: Unsplash

The cryptocurrency market’s behavior has been quite volatile with the bear currently reigning supreme over the bulls. As the rates of Bitcoin [BTC], as well as other cryptocurrencies, fluctuate sporadically, major proponents of the space have voiced their own opinions and qualms about the space.

In a recent debate on Bloomberg, Sonny Singh, the Chief Executive Officer [CEO] of Bitpay sided with the advantages of the cryptocurrency industry and his predictions for the future. The debate also included Bloomberg’s Stephen Gandel who focused on Bitcoin’s fall and the lack of adoption shown by the cryptocurrency market.

Sonny Singh stated that he was still bullish on the cryptocurrency market as more and more institutions and people were entering the space at a rapid rate. At the same time, he mentioned that the bearish market had taken out a lot of bad businesses which were built on just hype and not on anything substantial. He added:

“The traditional companies are all fine right now, while at the same time they are hiring new people. Fidelity and Goldman Sachs are the perfect examples of this phenomenon. Both the traditional bigwigs have delayed their cryptocurrency projects but they will come to fruition soon.”

Singh further added that regulators need to consider cryptocurrencies as an asset class for economics. Stephen Gandel was of a different opinion though, citing the not-so-great use cases and the 80 percent drop in value over the last year. Gandel also said that since the usage went down, the value of Bitcoin should only be floating around $4000 and can also fall to a lower multiple.



Singh countered by saying that everything that was built last year was overvalued and overhyped as 2018 was an anomaly in the cryptocurrency industry. He substantiated that comment by saying:

“Any industry that goes up by 20 times in a year is a big thing and the correction was eventually bound to happen. Last year, everyone thought that banks are using blockchain and associated technologies but that will only happen slowly.”

Gandel elucidated on his side of the argument by pointing out the illegal use cases possessed by the largest cryptocurrency on the planet. Sonny Singh rebutted the point that such illegal activities have been curbed now and there are big changes coming into the space that is focused on making Bitcoin a proper transaction and payment system.





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Bitcoin

Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra

Biraajmaan Tamuly

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Bitcoin will be vulnerable to Quantum Computing without preparation, indicates Blockstream Researcher
Source: Pixabay

Security is an important aspect of every crypto-asset and Bitcoin [BTC] is often dragged into debates on whether the blockchain is protected from hacks or vulnerable to certain technological developments.

In a recent episode of whatbitcoindid, Andrew Poelstra, the Lead Researcher at Blockstream, was asked about whether Quantum Computing was a genuine threat to the existence of some Bitcoin on the current blockchain.

Poelstra indicated that the threat was evident, but it was still a long way off from being practical in the current technological field. He mentioned that he expected quantum computing to come into play against the security of Bitcoin in “maybe less than 15 years” and said that he would be really surprised if “it was less than 25 years”.

Poelstra said that it was necessary to take actions in the current scenario for post-quantum systems because he believed that without any preparation for the impending technological aspect, it did not matter how the future rested. Without preparation, the community was going to be blindsided, he said.

He stated,



“It’s important now that we started working on standardization and exploring ideas and exploring what Bitcoin is going to look like in a post quantum world but in the current scenarios there were no candidates for post quantum schemes that would be reasonable to deploy them in a Bitcoin.”

The introduction of quantum computing in the cryptocurrency scenario was a topic which was widely debated among other personalities in the community as well. Mati Greenspan, a prominent eToro Analyst, had started earlier this year that the threat only existed to Bitcoin if quantum computing was available to only one person.

If people or users collectively upgraded to quantum computers, then the Bitcoin miners would upgrade among themselves to protect it from an alleged 99% attack, which is possible with a quantum computer.





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