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Bitcoin’s [BTC] credibility questioned by critics after volume drops due to blackout in Venezuela

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Bitcoin's [BTC] credibility questioned by critics after volume drops due to blackout in Venezuela
Source: Pixabay

The blackout in Venezuela caused a drop in the total volume of Bitcoin traded and according to some reports, these volumes fell by 40%. Citing this development, Frances Coppola claimed Bitcoin and its industry would be crippled without electricity.

Known for criticizing cryptocurrencies, Coppola has also invited a lot of rebuttal from the XRP army for her criticisms.

Frances Coppola tweeted,

Bitcoin and other cryptocurrencies need the Internet. This implies they need electricity, without which, the transfers wouldn’t happen. Blockstream launched a satellite recently to ensure that the Bitcoin network stayed alive, even during massive blackouts, and to protect it from governments trying to bring the BTC network down. This satellite is meant to allow Bitcoin transactions to go through, without the use of the Internet.

Alex Gladstein, a Twitter user commented,

“Satellite (@Blockstream) and mesh networking (@gotenna) and offline transaction (@SamouraiWallet) advances will make Bitcoin more robust than the existing financial system. That aside, how is electricity is a problem? Consider the pre-car, pre-hospital, pre-washing machine era.”

Another user, @notgrubles, tweeted,

“Show her my setup / tutorial. It’s completely battery powered and can send and receive BTC during Internet and power outages. I can’t show her since she’s blocked me.”

The CEO of Blockstream, Adam Back, who helped with the launch of the satellite, tweeted,

The blog by @notgrubles explained the simple steps required to send BTC without the use of the Internet. The transactions can be broadcast using SMS by mesh networking devices. GoTenna is a type of mesh networking device that can send BTCs with the help of the software, TxTenna.



Blockchain and cryptocurrencies remain nascent technologies that need time to mature and use cases to present. The tweet by Coppola received backlash from Bitcoin enthusiasts.

@kyletorpey, a writer, commented,

“Good thing the legacy banking system runs on unicorn farts. Would be fine when the electric grid goes down.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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