CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here.
According to former Reddit crypto lead-turned-entrepreneur Ryan X. Charles, there are only a couple options for the future of Bitcoin, specifically Bitcoin Cash-spinoff Bitcoin SV — it goes to astronomical highs, or it goes to zero. To illustrate his point, published the following tweet on Friday. It seems he has decided that of the two networks that came out of the BCH hard fork, he’s on the side of Bitcoin SV (BSV).
Two long-term possibilities:
1. All cryptos go to zero.
2. BSV goes to one million USD per coin and all other cryptos go to zero.
Only BSV has economics that work long-term. But even BSV will fail without massive growth.
Adoption trumps everything. https://t.co/6Yl6J1YaKJ
— Ryan X. Charles (@ryanxcharles) November 23, 2018
While there are of course many possibilities for the future of cryptocurrencies as a whole, and certainly any number of futures for all versions of Bitcoin, the real message of the Yours.org founder’s tweet lies in the last bit: “Adoption trumps everything.”
Yours.org One of First Services Launched on Bitcoin Cash
Charles had long advocated for larger blocks in the Bitcoin network, believing that the ability to simultaneously process millions of transactions is vital to the long-term success and viability of Bitcoin. It wasn’t until Bitcoin Cash went live that he felt he could launch Yours.org, which requires on-chain payments for people to read content — with payments as low as 1 penny being processed on a regular basis. Yours.org is something like a hyper-monetized WordPress.com or Tumblr, without building its own blockchain as Steemit has done.
In an interview with CoinGeek, he said:
“Something that I think the nChain and CoinGeek side understand that seems to have been glossed over on the ABC side is the desperate urgent need to scale right now.”
After leaving Reddit, Charles listed for a bit, floating the idea of creating a decentralized version of the social site, but eventually landed on the creation of Yours.org. More recently, he has been active on a Bitmain-backed payments project called Money Button, which makes it easy for websites to accept payments through cryptocurrencies.
It is important not to sensationalize such statements as “go to one million USD.” While many believe that various crypto tokens can hold values that high in the distant future, Charles’ primary point of view is that scaling and adoption are crucial to the success of Bitcoin — whatever version. As such, he’s chosen Bitcoin SV as his dog in the race because he believes it is best equipped for scaling.
Only time will tell what scaling strategy works best, but in the Bitcoin world, there are now three competing visions — the off-chain scaling of Bitcoin Core, the medium-careful scaling of Bitcoin ABC, and the aggressive on-chain scaling of Bitcoin SV.
Featured Image from CoinGeek/YouTube
Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.
Article First Published here