Blockstream CEO: Bitcoin is paramount, stablecoin and central bank digital currencies cannot match it

According to Cointelegraph reported on November 26, Blockback CEO Adam Back stated in an exclusive interview that for him, Bitcoin is paramount and that even stablecoins or other digital currencies issued by the central bank cannot be linked with Comparable.

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Adam Buck was one of the first people to use Bitcoin and invented the Hashcash Proof-of-Work (PoW) system. In addition, he also attended the Group of 20 (G20) conference held in Japan this year, where he talked about the positive uses of blockchain.

At the G20 summit, Buck, who was sitting next to the governor of the Dutch central bank, stated that he believes that blockchain will become another open network plan and that financial institutions will no longer benefit from technology because it means that international transfers will no longer require credit Intermediaries such as problematic banks.

The Financial Services Agency of Japan describes Adam Barker as a legendary crypto punk who can facilitate useful discussions about the role cryptography and blockchain may play in the future.

Cointelegraph contacted the CEO to comment on China's possible development of the central bank's digital currency (CBDC) and the increasing use of blockchain technology by private institutions. Buck said that for him, these were not as important as "uncensored currencies" like Bitcoin.

"I think blockchain is more about license-free, uncensored use and free market currency. Separating currency from the country and using a gold-like mining digital commodity currency: Bitcoin. I think that for some For some use cases (such as crypto transactions), having stablecoins is possible and useful, but because of the risk of custody, these use cases are not as good as Bitcoin in nature, and if there is a central bank underwriting, then the traditional institutions reflected in the operation Benefits may not be attractive to users. "

For Facebook's proposed cryptocurrency Libra, Buck pointed out that it has nothing to do with cryptocurrency, but just another "modern banking application":

"But in fact, as Libra showed, it will not be a decentralized cryptocurrency, but more like a commercial alliance competitor of Venmo, PayPal, and QQ Pay. It just has a user interface that looks like a crypto wallet. .It's just another more modern online banking application in terms of licensing, registration, account freeze, or operator's financial interest. "

Buck's view of Libra is the same as his view of CBDC, although he believes that CBDC has a greater chance of success than Facebook's Libra project. He pointed out that only Bitcoin has the characteristic of self-sovereignty, which makes it superior to other projects currently under development.

"After all, the company will reduce user registration and use fluency because of economic interests. Due to policy monopoly, the government is more likely to be isolated from market competition. Therefore, we will see how the situation in various countries develops, but I think that today ’s Stablecoins lack the self-sovereignty of Bitcoin, as will stablecoins issued by the central government in the future. "

Buck also pointed out that if blockchain applications cannot be audited like Bitcoin, they are worthless.

"I think if the blockchain is publicly auditable, it will have more value. On the contrary, if the end user cannot distinguish between the organization that uses the database behind the firewall and the organization that uses the blockchain, then it There is no value. "

Buck also recently highlighted the benefits of the Lightning Network, including faster transaction confirmations and lower risk of double spending.