THELOGICALINDIAN - Bitcoin is on its way to alter gold as a abundance of amount and wont calibration because it doesnt charge to says BlockOne cofounder and CEO Brendan Blumer
‘Bitcoin Will Replace Gold’ Within 20 Years
Bitcoin, some argue, can alone ability cogent amount if it can calibration to accommodated transaction demands of a all-around audience. However, co-founder and CEO of Block.one, Brendan Blumer, believes that Bitcoin may never charge to calibration affective advanced because it’s already able-bodied on its way to acceptable ‘digital gold.’
“Over the abutting two decades, Bitcoin will alter gold as the arch article to abundance value,” writes Blumer.
The executive, whose Block.one startup raised a almanac $4 billion aftermost year affairs EOS tokens, believes that best bread-and-butter action will not booty abode on the Bitcoin blockchain itself. Instead, best accustomed affairs will move to applications that will be congenital on top of the Bitcoin abject layer.
“Most of the action will breeze to scalable layer-two solutions, but Bitcoin’s acquaintance and clamminess will abide to compound,” he explains.
One such archetype today is the Lightning Network (LN) that has grown exponentially over the accomplished year. With account acutely improving, this second-layer appliance is alpha to bear on its affiance of transacting bitcoin instantly at fractions of a penny.
Therefore, the Bitcoin blockchain may not charge any added on-chain ascent at all, admitting “big fees for settlement-layer transactions” are to be expected, according to Blumer.
Blumer’s anticipation echoes last year’s report from Microsoft, which assured that layer-two ascent solutions, such as LN are above to ascent on-chain by accretion the block admeasurement limit.
Bitcoin is ‘Gold 2.0’
At the aforementioned time, the Block.one CEO isn’t the alone one who thinks Bitcoin may become the all-around ‘gold 2.0’ abject band for autumn value.
Earlier this year, the Winklevoss twins stated that they accept “bitcoin is bigger at actuality gold than gold.”
Wall Street adept and host of the Keiser Report, Max Keiser, additionally predicts Bitcoin will become the new apple assets bill and abundance of amount calling it “peer-to-peer gold.”
“To absolutely get Satoshi’s vision, it’s peer-to-peer gold… that’s what Bitcoin accomplishes, that’s what Bitcoin is, action me on this, go ahead, but you’re wrong,” he said aftermost month, responding to a World Gold Council report that argues Bitcoin cannot never become a acting for the chicken metal.
More recently, acclaimed broker and goldbug Marc Faber accepted as ‘Dr. Doom’ has additionally put his bark in the bold by affairs into Bitcoin for the aboriginal time.
“I bought Bitcoin for the aboriginal time ten canicule ago,” he said.
Nevertheless, considerable efforts abide to optimize the Bitcoin arrangement and addition throughput capacity. The latest abstracts shows that accretion block sizes accept not resulted in college fees due to the credible success of Segregated Witness.
Do you accede with Brendan Blumer? Share your thoughts in the comments area below!
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