Bitcoin has always had a monopoly in the cryptocurrency market, states Blockstream’s Samson Mow
Blockstream, a San Francisco-based blockchain development company led by Bitcoin pioneer Adam Back, is known for its track record of developments with respect to Bitcoin and the Lightning Network. The company was in the news recently after it initiated a transaction via Blockstream Satellite.
In spite of Bitcoin being the largest cryptocurrency by market cap, people still hesitate about using BTC for transactions as it takes a long time to process payments. However, Blockstream’s Chief Strategy Officer, Samson Mow, believes that this problem could be solved by using Lightning Network, which initiates faster payments.
In a recent interview, Mow revealed that the Lightning Network shelters Bitcoin worth $840 million in the existing 5000 lightning nodes. He further claimed that the transactions of the Lightning Network are completely private as no details apart from the total amount on the entire network are visible.
Volatility is one of the biggest obstacles to the crypto-verse as it affects the adoption of cryptocurrencies. The Lightning Network acts as a solution to Bitcoin’s transaction speed. However, another major obstacle is the volatility of the price. Mow said,
“The Bitcoin market is still small, so large price volatility is inevitable. It’s only been a decade since the new form of Bitcoin came out. It will stabilize as more people use it and prices rise.”
Additionally, Mow spoke about the potential monopoly of Bitcoin in the cryptoverse. He added that the issue lies in the term itself and speculates that people on the Ethereum side would have come up with it. Bitcoin monopoly rates goes up when people create liquidity and the proportion of Bitcoin is 99%, he added. Mow added that Bitcoin has always had a monopoly.
Mow went on to talk about Ethereum’s intention behind moving from proof-of-work to proof-of-equity, stating that he thinks that proof-of-equity wouldn’t work.
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