Bitcoin, at press time, is trading below $9,500 again, meaning it’s back to the same lows it was at roughly two or three weeks ago. The currency continues to sink following a nasty fall that saw it lose more than $600 in less than an hour just a few days ago, yet there are those who refuse to acknowledge bitcoin is anything less than perfect. Among these men is David Wachsman.
Wachsman Says a Revolution Is Coming
Wachsman founded a company that shares his last name. This company is a global blockchain services firm, and he’s confident that despite bitcoin’s present trading price, the currency has not reached its end. He feels its blockchain is as powerful as ever, and the currency is on the brink of what he’s calling a solid “revival.”
In an interview, he states:
We’re seeing a revival of bitcoin. It is the oldest blockchain and is in many ways, one of the slowest blockchains. The one that has certainly had its challenges in terms of upgrades, but bitcoin is experiencing an enormous social revival in our industry. It is amazing. Bitcoin is reliable, and that reliability has turned out to be something incredibly sexy.
One of the reasons he says bitcoin will always remain popular is because people trust it. Many of the new tokens, he claims, are frowned upon by long-term cryptocurrency enthusiasts, who fail to see their prowess or acknowledge their benefits. He explains:
It is the tortoise and the hare story. The tortoise, which is bitcoin, seems to be racing ahead of the hare, which is all these other blockchains for the moment. As people look at how crypto has evolved thus far, they, unfortunately, see that there are not a lot of use cases that are at work today. We don’t have a lot of consumer grade products right now. Today, you can rarely use crypto outside of payments. That’s what it comes down to, and bitcoin works well as a payment method. There’s never been a transaction to my knowledge that’s ever been interrupted. It’s not really possible.
Bitcoin Is Just Respected
Many newcomers came crawling towards bitcoin in 2017 when its price was the most bullish. He claims that for the most part, people have seemingly lost interest in the coin and what it can do, but he’s certain this is about to change. He says:
As for the people who have always been interested in the industry and the technology, I don’t know any who are not interested in bitcoin, so the average person in the blockchain or crypto space likes bitcoin more just because they have always like bitcoin. The new people who have come on, who really get the technology – who understand the power of the blockchain – all of them in some way, shape or form respect bitcoin.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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