Bitcoin is not “fair” or real value, and price volatility of cryptocurrency does not allow you to use it as a storage means. About this in an interview with Recode, said the founder and former CEO of PayPal, bill Harris.
According to him, bitcoin cannot be used as a means of payment due to high transaction fees, which are quite long. In addition, Harris called cryptocurrency “fraud”, the price of which is growing under the “pump and dump”.
“Bitcoin draws the misinformed buyers into a spiral of greed. In any reasonable universe, it is possible that someone will release a script and create out of thin air millions of dollars?”, asks PayPal co-founder.
Bill Harris pointed out that the potential of the coin is only used by criminals for money laundering or tax evasion, and mining have a negative impact on the environment.
In turn, Forbes magazine cites the opinion of renowned cryptocurrency expert Kyle Thorpe, who points out the fallacy of the judgment of Harris. As emphasized by Thorpe, bitcoin has a real use cases, while associated with bitcoin criminal activity is rather a special case.
He also says that Harris wrongly compares the first cryptocurrency with Althingi ICO, pointing to cases of fraud in projects for the initial placement of tokens, although bitcoin is not directly related to them.
The problem of high commissions and long transaction confirmation times also not really relevant to bitcoin, but with the introduction of the technology of Lighting Network can and does recede into the background.
Kyle Thorpe stressed that the main value of bitcoin is that it “is resistant to censorship,” a currency that is not designed for everyday purchases, giving him the definition of “digital gold in the growing cashless society.”
Recall that in March, one of the founders of PayPal, Peter Thiel said that bitcoin will always be the dominant cryptocurrency, and expressed confidence in its “long term.”