The recently concluded Coinsbank Blockchain Cruise saw a lot of cryptocurrency luminaries speak on the fintech industry and digital assets. Roger Ver, the CEO of Bitcoin.com gave his perspective on Bitcoin [BTC], market adoption and Bitcoin Cash [BCH].
Roger Ver stated that one of the most important reasons why he got into cryptocurrencies was because of his inspiration from science fiction stories and how it could be implemented using cryptocurrencies. According to him, cryptocurrencies enables the marriage of computer science engineering and economics, a prospect very dear to him. Ver went on to speak about the advantages that large countries can enjoy using digital assets.
The CEO elucidated on the ways how cryptocurrencies can improve the state of society. He added that digital assets can result in higher per capita income, increased life expectancy, higher literacy rate, and reduced corruption rates and bribery. He asked the audience to focus on how the quality of administration increases when a peer to peer network comes into play.
Ver then went on to talk about how economic freedom of countries plays a big role in adoption and the quality of life. He stated that countries like Hong Kong, Singapore, and New Zealand enjoyed high levels of financial leeway, which in turn also results in cryptocurrency adoption. The CEO of Bitcoin.com also gave a brief as to why Bitcoin was popular in 2011 and the stark differences the cryptocurrency suffered in 2018. There is a reason why other coins are doing well, it is because Bitcoin lost its way and coins like Litecoin [LTC] have become so popular.
He stated that BTC in 2018 was not a peer to peer network and had high transaction fees, things that would have killed the cryptocurrency back in 2011. He said:
“Can you believe it? The BTC core developers totally forgot what the original Bitcoin stood for. Last year the transactions on the blockchain had an average transaction fee of $50. That is crazy!”
Moreover, Roger also upped his assault on BTC core by saying that “The BTC core developers understand the software code but do not understand the economics code.”
He closed his presentation at the conference by pointing out some advantages that Bitcoin Cash had that would endear it to users. According to Ver, BCH makes it easier to start a business and enables people to enforce property rights. Furthermore, he added that digital asset adoption can improve a country’s economic system. He stated:
“Imagine, Venezuela is adopting cryptocurrencies wholeheartedly right now. This is a prime example of how crypto can make the world a better place.”
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