Bitcoin (BTC) has been with us since January 3, 2019, and since then the blockchain cryptocurrency that started the craze has become a very difficult mine. Those that came early to support BTC is slowly but surely migrating to other cryptocurrency. One of them is Kevin Pham, a long time voice in the promotion of BTC early in its history, expressed his dissatisfaction as the BTC community “has become hypocritical”, as the BTC community is very loud against large block sizes, but supports ASIC mining.
Bitcoin he claims is a revolutionary way for people to re-imagine money, to break-away from the traditional fiat currency that the world is using for centuries. However, he fully disagrees with the commoditization of Bitcoins, to a point that it gets integrated with the current banking system and fiat currency.
“I’ve been working in crypto media and PR for years now, so I’ve seen a lot happen. I also understand the ecosystem and the people in it pretty well. There’s a lot of hype, hope, idealism, greed, and bullshit. And I’ve also met a lot of very cool people, some of whom are now my best friends. I’ve learned a lot and it’s changed the way I think, so much that I’d probably be a completely different person now had Bitcoin not come along (and so would the rest of you probably be too),” explained Kevin Pham.
He is, however, is not in favor of BCH (Bitcoin Cash), as he thinks that BSV has the edge and should be supported by the cryptocurrency community instead. However, a blogger from Yours.org has opposed his opinion, given the advantages provided by BCH.
“Their attacks on BCH were childish and oddly uniform, their arguments often without substance. As with politics, that’s usually a sign for me that someone’s on the right side. And looking at the landscape objectively, all I saw was a Bitcoin that had been co-opted by a company with dubious connections that seemed antithetical to cryptocurrency principles. BTC may hit a million someday and they’ll see that as its greatest achievement. But all I wanted was money I could use without the political interference, delays and censorship that plague the failing and degenerate fiat financial system,” said the Yours.org BCH blogger.
But both BSV and BCH have an uphill struggle to settle with, given the Bitcoin community is heavily fragmented now compared to years ago. Many still wish that BTC can maintain its relevance when it comes to market penetration given its high-value today, yet maintains the largest level of volatility. Supporters of BSV suggest that it follows the original trajectory of BTC before the latter was integrated with the current fiat banking system supported by national governments.
While BCH skeptics believe that the BTC, BSV and BCH fragmentation means everything needs to go back to square one. With many influential actors come and go in the cryptocurrency scene, it is only a matter of time when Bitcoin and its derivatives will receive an ‘overrated’ perception from the public, as new much modern cryptocurrency emerges, and that is already happening with Ethereum and Monero.