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Bitcoin Cash [BCH] proponent, Roger Ver compares Bitcoin [BTC]’s intrinsic value to gold

Shahrain KM

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Bitcoin Cash [BCH] proponent, Roger Ver compares Bitcoin's intrinsic value to gold
Source: Pixabay

On 18th September, the CEO of Bitcoindotcom, Roger Ver spoke about the growth and adoption of Bitcoin Cash [BCH] in South Korea, during an interview with South Korea’s SBS CNBC. He also spoke about the intrinsic value of Bitcoin [BTC].

They spoke about the global concerns surrounding the cryptocurrency market as evidenced by the recent statement made by Jerome Powell, the Federal Reserve Board Chairman. Roger stated that cryptocurrencies do not have any intrinsic value.

He said:

“I heard him say that. And the fact that he would say something like that just shows that he hasn’t studied the concept at all. There is absolutely no such thing as intrinsic value. Gold has no intrinsic value either. The value is in the mind of the being beholding it.”

According to Roger Ver, if there were no humans on the earth to look at gold and value and like it, gold would have no value. He added that the same concept applies to Bitcoin, if there weren’t any human beings to appreciate Bitcoin [BTC], then it would have no value.



The Bitcoin Cash proponent said that this is a fundamental tenet of the Austrian School of Economics. He further stated that most people working at the Federal Reserve don’t understand this key concept which is why they are accustomed to saying “such foolish things”.

Roger said that there is a lot of “excitement” about Bitcoin Cash in the Korean market at present. According to him, many platforms are being built on Bitcoin Cash and several businesses are integrating it as well. Roger Ver said:

“We’ve had multiple meetings yesterday, we have more today with different businesses here in Korea who are busy integrating Bitcoin Cash because it’s the most usable, widespread and easy to develop cryptocurrency around. So it’s getting a lot of traction here in Korea and the world at large.”





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Shahrain KM is a writer at AMB Crypto. Her curiosity in Blockchain technology and Cryptocurrencies has led her to be a part of the news reporting team of AMB Crypto. She does not hold value in any cryptocurrencies currently.

Bitcoin

Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand

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Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of Bitcoin.org and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:



“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.





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