The crowning cryptocurrency, Bitcoin has received a strong remark from the author of the book, Mastering Bitcoin, Andreas Antonopoulos. During an interview for Monero Talk, Andreas named Bitcoin as “Reserve Currency of Crypto”.
Monero, the thirteenth-largest cryptocurrency by market cap is on top of bulletins with around $1,068,254,815 market capitalization. However, on November 02, 2019, MoneroTalk interviewed Andreas Antonopoulos wherein he elaborated Bitcoin as the tip of the spear.
“Then the rest of the sphere, isn’t just Monero, it’s the entire crypto ecosystem it’s everything that comes behind and unfortunately part of that means we’re also bringing along a bunch of free riders who are shilling their scams. But, to me that’s an inevitable outcome of simply opening the doors to alternatives and choices”, Andreas told MeneroTalk during an interview.
He is a Greek-British bitcoin advocate who further said this type of currency is a perfect choice for people whose regions are featured with very strong surveillance and currency controls. He said cryptocurrency is an opportunity for people to make a choice far beyond fiat. He emphasized Bitcoin as the reserve currency of crypto, adding other cryptocurrencies also makes sense for few specific applications.
“To me, the tip of the spear that opens the door, the thin end of the wedge, if you like, is Bitcoin and it provides liquidity to everything else.
In his view, other blockchains and cryptocurrencies are best suited to a set of applications whereas bitcoin failed. Notably, while Bitcoin is an open and decentralized cryptocurrency, Monero (XMR) on the other side is the privacy-centric cryptocurrency. Andreas said;
“As each crypto specializes a bit more through some of the design trade-offs it makes that means it can’t fill other use cases. And privacy made is one of these tricky things because privacy is one of the things where there may be some inherent trade-offs between very very strong privacy and soundness of the monetary policy.”
At the time of reporting this, the #1 cryptocurrency, Bitcoin is valued at $9261 against USD – however, the coin is currently declining by 0.02 percent within the past 24Hrs, it is holding the leading spot in terms of market capitalization ($166,965,712,379)
Image Source – Flickr / Jason Benjamin