It has been fifty years since the launch of the fiat money experiment known as the US dollar.
On August 15, 1971, Richard Nixon took the dollar off of the gold standard. Essentially, the “US dollar became fake money ripping off workers, and savers became losers,” as Robert Kiyosaki explained on Twitter.
The author of ‘Rich Dad, Poor Dad’ continued, “50 years ago today is why I do not save dollars. Smart people save gold, silver, and Bitcoin.”
Indeed, Bitcoin is, by far, the best-performing asset of the past decade.
However, is there only one Bitcoin worth your attention and investment? Which is the real Bitcoin? Which is the best Bitcoin?
In case you missed it, during the Miami Crypto Experience, I had the privilege of participating in the big block size debate.
Chris Odom, the creator of the Open-Transactions financial crypto library, introduced the debate, explaining that the original Bitcoin was forked because of disagreement within the developer community over which direction to take.
The three most notable versions of the original blockchain network are now commonly known as Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV). Yet, which of these offers the most potential value?
The Miami Crypto Experience recruited JC Crown to represent Bitcoin (BTC). JC is involved in the Lightning Network and integrating Bitcoin with esports, most recently with Counter-Strike.
My friend Sterlin Lujan advocates for Bitcoin Cash (BCH), and he works for CryptoSpace, an emergent exchange. Sterlin, like myself, advocates for the mass adoption of peer-to-peer electronic cash to undermine nation-states.
I was recruited to represent Bitcoin SV (BSV). While I argue that Monero (XMR) is what the prior two technologies are striving to be, I emphasize the entrepreneurship in BSV, apart from its use as a currency.
Eryka Gemma, the conference MC and debate moderator, fielded questions to the panel, such as “Which coin will you not use?” and “What is the best way to scale Bitcoin?”
JC claims that BTC is the default Bitcoin, mainly in that it is the go-to investment asset, the so-called digital gold. BTC also has the Lightning Network, their second-layer solution for faster transactions.
Both Sterlin and I point out that most Bitcoin activity, as it currently stands, is easily visible forensically through blockchain analysis. The Lightning Network is essentially just a simulation of Bitcoin because transactions take place on a second layer and not on the base layer’s ledger.
The most common criticism of BTC is the high transaction fees. To me, it feels like paying a parking ticket every time I use it.
To Sterlin, BCH fulfills all the requirements for decentralized peer-to-peer cash. Sterlin claims that Bitcoin Cash (BCH) is the best version of Bitcoin because BCH has CashFusion, bringing BCH the option of some privacy features.
It’s true – no one needs their everyday transactions tracked by chain analysis companies. For some, using CashFusion restores the freedom to spend money the way they see fit.
Sterlin and I favor increasing the block size for scaling the network, while JC assumes that placing another layer on top like Lightning will be sufficient.
Most people don’t realize that what they want for transactions is Monero (XMR), the leading privacy coin.
However controversial as it may be, I still argue that BSV is the honest blockchain, the only one that focuses on the ‘bit’ aspect, which many ignore in favor of the ‘coin’ part.
The main competitive target of BSV (and Bitcoin in its original design) is not Wall Street but Silicon Valley. The advantage of BSV is not only in its potential as a currency but also in the computational power the network harnesses.
It’s time to disrupt Big Tech!
Enjoy the whole debate here:
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