Can the Bitcoin blockchain (BTC) enable full mainstream adoption as a store of value without the need for second-level scaling solutions? Konstantin Richter, founder and CEO of Blockdaemon, the blockchain infrastructure company, seems to believe it.
“Bitcoin is the best cryptocurrency to save,” Richter told the Cointelegraph, adding:
In terms of what the Bitcoin blockchain can currently handle in terms of latency and bandwidth, Bitcoin is very powerful. If we start talking about using Bitcoin for payments, there will be a need for a level 2 extension, but for people who are planning to buy and hold, this is not necessary at the moment. ”
The creator of Bitcoins under a pseudonym, Satoshi Nakamoto, created the digital asset as a “peer-to-peer electronic money system” as mentioned in the official documents of the asset for 2008. However, as prices rise and spread, it seems that Bitcoins role has changed from the origin of transactions such as cash to store, has value like gold due to relatively slow transaction times and high fees.
Towards the end of Bitcoin’s last bullish campaign in 2017 and early 2018, Bitcoin transaction fees rose dramatically. Since then, the teams have been working on various other step-by-step solutions for BTC transfer, such as the Lightning Network – although the Bitcoin blockchain, according to Richter’s comments, can work just as well as a store of value.
“Infrastructure and liquidity supply are also converging, enabling testing of new business models,” he added.
“Stock exchanges, managers and financial institutions are looking for bridges to all sorts of major protocols through the blockchain to expand into a common stack, and this is where we actively engage in protocols to support that stack integration and growth.”
Bitcoin still has the most market value of any cryptocurrency, even a decade after thousands of new cryptocurrencies were created.