Adam Back, the cryptocurrency advocate, the founder of Hash Cash, and Blockstream CEO, recently accepted an interview with Total Connector, in which he discussed the development of Lightning Networks and its impact on the Bitcoin ecosystem. Regarding the global adoption of cryptocurrencies, Back claims that countries with relatively low inflation rates are facing “high inflation prospects”.
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As a result of these changes, Back added that citizens of these countries are buying Swiss francs to hedge their depreciated national currency. In the long run, any government effort to achieve stability will ultimately have a negative impact on people's spending power, eroding savings and reducing profits. Back also said: "Bitcoin is one of the few places where the rate of return is high." He stressed that
“Bitcoin trading account mortgage services typically pay a fairly high interest rate (5% to 10%), compared to most banking institutions in euros or dollars, which are less than 1%.”
Although Bitcoin is considered a highly volatile asset, Back points to the importance of 5% of Bitcoin's portfolio allocation, saying it “may double the value of their portfolio.” Given this, the famous bitcoin Advocates appreciate the outstanding vision of Nakamoto to create a decentralized and secure currency.
Back also stressed that Nakamoto was active in several forums and initially provided the impetus for the adoption of Bitcoin. He says,
“In an early post, Nakamoto also had an idea that the agreement usually had to remain immutable. I think his forward-looking nature is very interesting and it seems to be very good afterwards.”
Back also emphasizes the fact that Bitcoin mimics gold (scarcity). In addition, as a staunch supporter of Bitcoin, Back also believes that the development of the side chain will make the competition currency redundant. He said that the new functions and features of the blockchain can be built into the bitcoin through sidechains. In theory, this will make many of today's competitive coins redundant.