Satoshi Nakamoto Blog
Image default
Banks Bitcoin Bitcoin Technology Dan Held NEWS News teaser satoshi nakamoto store of value VISA

Satoshi’s Vision ‘Not a New VISA’ But An Alternative to Banks, Says Dan Held


Bitcoin creator Satoshi Nakamoto wanted it to be an “alternative to banks,” not a “new VISA,” cryptocurrency veteran and former Blockchain executive Dan Held has said.


What’s In A ‘Vision’?

In a series of tweets January 14, Held became the latest well-known figure to take issue with pundits who claim Bitcoin’s intended purpose is primarily as a currency for payments.

They, he argues, especially those who champion the concept of “Satoshi’s vision,” do not take into account the full implications of the Bitcoin whitepaper Nakamoto published in 2008.

“Satoshi’s Vision… is a silly endeavor, as it doesn’t matter what it was, we are where we are now,” he began.

However, those pushing the ‘Bitcoin was first made for payments’ narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.

World ‘Needed’ A Banking Alternative

As Bitcoin price 00 has fallen almost continuously since December 2017, the largest cryptocurrency has faced multiple votes of no confidence, mostly from mainstream economists and proponents of altcoins such as Bitcoin Cash (BCH).

Amid issues involving volatility and acceptance, many sources have queried where Bitcoin’s place will ultimately lie in tomorrow’s market.

For Held, this is undeniably as a store of value (‘SOV’), rather than an alternative to payment processing networks such as VISA and MasterCard which critics complain surpass Bitcoin in terms of speed and transaction capacity.

“With the 2008 financial crisis, trust had been lost in a world that ran on trust. Bitcoin was launched in a time of absolute necessity, Satoshi planted the seed at precisely the right moment,” he continued.

The world didn’t need a new VISA, they needed an alternative to banks.

As Bitcoinist reported, the mainstream media tone around Bitcoin appeared to change over the new year.

Two conspicuous articles – from TIME Magazine and this week from the Spectator – both argued Bitcoin had fundamental use cases for the global community which no other asset could rival.

In terms of capacity, however, Bitcoin will ultimately offer better options than credit card networks via off-chain processing on the Lightning Network – millions of transactions per second compared to VISA’s 45,000.

What do you think about Dan Held’s perspective on Bitcoin? Let us know in the comments below!


Images courtesy of Shutterstock





Source link

Related posts

Bitmain Announces New ASIC Exit for Equipment for Cryptocurrency Production — Coinzdaily

satoshi

IBM Completes Blockchain Trial Tracking a 28-Ton Shipment of OrangesIBM Completes Blockchain Trial Tracking a 28-Ton Shipment of Oranges

satoshi

JVCEA to Put New Limit in Place for Cryptocurrency Exchange – Coindoo

satoshi

Facebook’s ‘GlobalCoin’ Crypto Will Be Tied to Multiple Currencies: Exec

satoshi

Elon Musk’s warm reception in China is a wake-up call to Tesla’s skeptics

satoshi

Crypto Arbitrage Today: ADA, QTUM, BTG, XLM, USDT, DASH

satoshi