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Charlie Shrem: Bitcoin-Altcoin Speed Comparison is Red Herring Argument

Charlie Shrem_ Bitcoin-Altcoin Speed Comparison is Red Herring Argument

Bitcoin Foundation co-founder Charlie Shrem has downplayed the importance of blockchain networks’ competing transactional speed, saying that speed comparisons between Bitcoin and other altcoins are merely “red herrings” in determining network superiority.

A pioneer and advocate of Bitcoin, Shrem insists that Bitcoin’s main points for superiority are its security, decentralization and censorship resistance, believing only Bitcoin has a “censorship-resistant value network”. He believed that payment speed was never a problem since Bitcoin was created at a time that digital payment services like PayPal were already around:

“Transaction speeds when debating bitcoin vs other faux-cryptos is red herring argument. That’s not why we’re here. We’re building a censorship-resistant value network that can never be controlled by a single party.”

Even altcoin supporters from Digibyte agreed that Bitcoin would “always be king”:

15 second block times. < $0.00001 per transaction. Add instant on chain transactions and everything is made much easier for the user and merchant #DGB #UTXO @GetDigiCafe . That’s all. #BTC will always be king, don’t worry

— Devon ($DGB) (@digibytehelper) May 26, 2019

Shrem, who is the host of the Untold Stories podcast, has been a long time supporter of Bitcoin. However, many altcoin competitors use transactional speed as a point of contention, with many altcoins having much faster block times or, in the case of forked coins like Bitcoin Cash, larger blocks to allow more transactions to be confirmed within a block.

However, these tend to be generally less secure, leading to merchants requiring more confirmations before accepting a transaction. For Bitcoin, even 1 confirmation is commonly accepted nowadays.

BitMex Research, for example pointed out that Bitcoin Cash recently has a successful 51% attack on its blockchain:

“Based on our calculations, around 3,392 BCH may have been successfully double spent in an orchestrated transaction reversal. However, the only victim with respect to these double spent coins could have been the original “thief”.”


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Bitcoin Price Set to Overtake All Time High Says Senior Analyst

A senior analyst at leading social trading network eToro has announced that he sees Bitcoin overtaking its all-time high of $20,000 with “absolute certainty”

Mati Greenspan, who is also a well-known bitcoin expert, told the UK’s Sunday Express that bitcoin’s January retracement was “a temporary swerve” and feels certain the trend will now be upward for the digital currency. Although he describes himself as, “not a fortune teller or anything like that,” Greenspan  suggested that “Whenever the price moves and jumps into a new order of magnitude, we need to see some sort of retracement on that.”

According to CNN, this is not the first time that analysts have compared the recent slump to the drop in 2014 when bitcoin dropped by 80% in value and then failed to recover for over a year. The market is now considerably different from its position over three years ago with a daily global trading volume of $30 million.

Greenspan is not alone in his views regarding the figure, providing that bitcoin can continue its trading volume, but some investors and analysts see the 20k target happening sooner. Billionaire investor Mike Novogratz, and Pantera Capital CEO Dan Morehead, along with other investors, see bitcoin surpassing its all-time high by the end of 2018.

The market may have benefited recently from the frequent announcements made by well-known investors about to embrace cryptocurrency trading. Also, banks beginning to express a more favorable interest in the market, such as Goldman Sachs announcement to offer bitcoin futures trading on behalf of its customers, does have an impact as well.

Goldman Sachs has said that it has no plans to initially buy and sell Bitcoin itself, but a team is looking into the possibility, provided it can gain regulatory approval and then work out a plan for eliminating risk.

In the last few days, Bitcoin Foundation founder Charlie Shrem has tweeted that May 2018 will be the “last time” bitcoin costs less than $10,000.

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