The fierce argument for and against Bitcoin has been going on for more than 11 years. However, with the continuous development and expansion of the cryptographic industry, and continued to move closer to popularity and acceptance, these debates still exist.
- Overstock's bitcoin fan CEO is gone, the departure statement does not forget to call the blockchain
- How does Bitcoin fight against negative interest rates?
- Bitcoin becomes a sovereign currency? There are three obstacles to overcome
- Over 600 million U.S. dollars invested in a year, 71% from institutions, Grayscale annual report reveals Bitcoin trends
- Bitcoin extortion, revealing underground rivers and lakes that you don’t know
- Max Keiser: Bitcoin’s “self-settlement” attribute challenges the dollar
Just yesterday, Dante Disparte, vice chairman of the Libra Association, publicly pointed out the flaws in Bitcoin. He acknowledged that Bitcoin as an asset class proved that scarcity could be used as a support. However, he also quickly pointed out that Bitcoin is not a payment method.
"The basis of economic liquidity is the payment channel."
Bitcoin does not have a payment function, which is why he decided to join the Libra project.
Of course, Disparte is not hostile to cryptocurrencies, although he believes that Bitcoin cannot solve the problems it is already working on. He doesn't think Bitcoin can achieve mass adoption or eliminate friction. For him, Bitcoin is simply not a suitable solution.
Akin Sawyerr, the strategy director of the Decred project, disagrees. Many people may know that the Libra project was created by Facebook and managed by the Libra Association, which is basically a company organization that supports the project in the form of an alliance.
They believe that people without bank accounts and scarce bank accounts in the world need a new form of assets that can do things that banks have not done. They believe in Facebook's vision: Libra is an asset that can achieve this goal.
Sawyerr sees them as a company committee for money and self-interest. He said such a committee is not capable of handling funds better than a decentralized system that has operated independently over the past 11 years-although centralized entities have been trying to find ways to stop and destroy it.
Instead, Sawyerr says the only real way to help the world is to empower individuals and provide them with basic sovereignty. He meant giving people full control over their funds, not letting a central agency manage them for them.
Many people agree with this view because banks have proven that centralized institutions are not credible. After all, it was they who triggered the financial crisis, which led to Satoshi Nakamoto creating Bitcoin.
As for the Libra Association, it was facing its own crisis back in 2019, when many companies decided to withdraw from the project. Some of the most famous companies include MasterCard, Visa, and even PayPal.
But Disparte countered that unless the payment system provided by a permissionless cryptocurrency project can be truly used by developing countries and prove the system's scalability, let Libra accept the so-called "cryptocurrency purity test" is unfair.