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BSV developer Joshua Henslee has produced some high-quality content recently. In this video he explains how Bitcoin is and always was meant to be money.
Bitcoin should be used, and that was before the HODL meme took over
Henslee notes that the consensus in the digital currency space today is “hold it and hope it grows.” However, Bitcoin was never meant to be like this; it was designed as a peer-to-peer electronic payment system. In other words, it is meant to be used to exchange value.
Henslee recalls that Bitcoin was priceless in the beginning – it was simply a way to transfer value online. He recalls the takeover of the digital gold/store of value narrative and says that anyone who believes this narrative is not using their brains. For Henslee, a true store of value cannot drop 30% virtually overnight like BTC did. Gold remains the best store of value because it is more stable and has a long history that dates back thousands of years.
The recent UST/LUNA crash got Henslee thinking once again about Bitcoin as an electronic payment system. If any of the top 10 digital currencies can implode so dramatically, then any of them could. However, if companies and people used it for the exchange of value, it would not be possible for such a dramatic collapse to occur. For example, if Haste Arcade and a lot of other such apps were on LUNA, he doesn’t think they would have crashed like they did.
So how did we get to a situation where people just hold digital currencies to speculate? Henslee says it was around 2016 when the BTC camp gave up on any serious attempt at scaling and just tried to pump their coins.
Solana and other blockchains that can allegedly scale
Henslee admits that he doesn’t spend a lot of time analyzing or thinking about other blockchains. While many are touting Solana as the next big thing, he attributes that to most people in the digital currency space “living in la la land”. He notes how Solana has imploded multiple times, and how it’s unacceptable for a system to go down for hours, let alone longer, in the real world. If the world’s payment systems were running on Solana and it went down for more than 7 hours like it did recently, Henslee believes there would be class action lawsuits by merchants and others affected.
” This is unacceptable. Bitcoin has never gone down,” says Henslee.
On other blockchains and their supporters, Henslee takes aim at Sam Bankman-Fried for his recent false comments in the Financial Times. He says what “SBF” said is true for BTC, but it is not true for Bitcoin (BSV). He wonders how it is possible for one of the leading figures in the industry to say that with a straight face. Unfortunately, he does not attribute this to ignorance; he sees a more sinister and dishonest motive at play.
The Horrible Inefficiency of Today’s Payment System and the Need for Bitcoin
During his previous life as a technician in the credit card industry, Henslee gained an inside view of the deterioration of the existing payment infrastructure. He describes it as outdated and says people would be surprised how awful it is.
What about those who say innovative companies like Stripe have fixed things and made money on the internet obsolete? “No way,” says Henslee, “we still need money on the Internet.” He challenges anyone to try sending a dime to one of these apps and see how far they go.
Henslee notes that currently we are in a “chicken and egg” situation where Bitcoin must be used to gain value in order to attract interest and be used. However, he notes that the desire for hard money is there and is clearly seen in people’s desire for gold and silver, and over time he believes Bitcoin will be more desirable than both. Why is that? With its superior scaling, extremely low fees, and a strict cap on supply, it is simply a superior form of money.
“We have something special, which does something that nothing else can do, and which really realizes the dream of Bitcoin before 2015 before all the nonsense about scaling starts,” he says. , ending the video.
Watch: CoinGeek New York Panel, Future of Digital Asset Trading & Financial Services
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