Over the weekend, Bitrefill CCO John Carvalho was featured on multiple panels at the Understanding Bitcoin conference in Malta. During the first panel on day one of the event, Carvalho discussed the misleading sales pitch altcoin promoters make to people who are new to the Bitcoin space and the problems these altcoins would face if they started to become as popular as Bitcoin.
Bitcoin Faces Reality
Carvalho’s comments on these points came out of a conversation around how Bitcoin’s perceived value proposition has evolved over the years. While many of the startups built in the early days of this technology were focused on payments, there was eventually a pivot towards the store of value and speculation use cases.
Payments are now being pushed onto the Lightning Network, and Bitcoin’s base blockchain is mostly viewed as a settlement layer. This allows bitcoin to get the best of both worlds in terms of the stability of a “digital gold” and the payments infrastructure of a censorship-resistant Venmo or Cash App (see a longer explanation of this point here).
Recently, Carvalho revealed that Bitcoin’s Lightning Network has overtaken all of the altcoins in terms of payment quantity at Bitrefill.
In Carvalho’s view, some early Bitcoiners, such as early Bitcoin angel investor and current Bitcoin Cash proponent Roger Ver, never altered their views in the face of new information around what this new technology can realistically achieve.
“[Ver] never stopped promoting bitcoin the way we all used to by mistake,” said Carvalho.
Here, Carvalho was pointing to how Bitcoin was originally promoted by many people as an anonymous, fast, and cheap payment system.