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Bitcoin.com’s CEO Roger Ver has backed Bitcoin Cash( BCH) to gain in popularity going forward. Mr Ver asserted that BCH aligns best to Nakamoto’s vision compared to other Bitcoin Forks. He made these suggestions during an interview with HardForking.
A BCH champion, Mr Ver ventured that cryptocurrencies should offer a substitute payment system, but not be another investment instrument. He averred that for us to prevent government control we should use cryptos as money. According to him, using cryptocurrencies for trading will mitigate the government’s monitoring of individual transactions.
Focus on Utilitarian Value
He also weighed in on the drawbacks of Bitcoin maximalism insisting that the focus should be on their utilitarian value. Furthermore, Mr Ver stressed the need to encourage people to link currency usage to their needs. Our motivation, he opined, should be on developing tools affording us total control over our finances. These tools will liberate us from politicians and Banks.
The interview went on to discuss privacy in crypto usage. On this issue, he contended that the cryptocurrency laws should adopt their wording from the U.S second amendment:
“The right of the people to keep and bear cryptocurrencies shall not be infringed and just leave it at that and let people do what they want with their own crypto.”
Mr Ver postulates that Bitcoin(BTC), Bitcoin Cash and Bitcoin SV(BSV) provide three different use cases of the same thing. Whereas BTC is a store of value, BHC is a payments system and BSV is a coin. Of these three, he argues that BCH will stand the test of time.
The opinions regarding Bitcoin’s ultimate objective are as diverse as are its use cases. One school of thought holds it as the investment tool of choice. That said, others take this view to be diminishing of the reasons for creating cryptocurrencies. This divergence of opinions among Bitcoin’s user base is the cause of the different bitcoin Forks, BCH included.
Bitcoin Cash A Boon For The Unbanked
Although idealistic, Mr Ver’s perception of BCH could be beneficial particularly to those hindered from accessing conventional finance. Bitcoin has gained in attractiveness buoyed by its last bull run. Many see it as the go-to tool for investments. On its part, BHC is experiencing competition from other solid innovations across the payments sector.
Ten years into their existence, cryptocurrencies are far from gaining the level of mainstream adoption envisaged in their development. Highlighting this is a recent study which revealed that only 7% of the world population owns crypto. The study however didn’t reveal the proportion of its sample that used crypto for everyday transactions.
Another recent study by J.P. Morgan indicated that the use of card payments in the last four years has increased remarkably. The majority of the global population though, still rely on legacy banking systems for their transactions.