Bitcoin, the pioneer cryptocurrency, is still better than altcoins. This is according to bitcoin (BTC) influencer Tone Vays.
Speaking during a recent interview, Vays revealed various factors that put Bitcoin (BTC) above other cryptocurrencies. The popular Bitcoin influencer also talked about other ways in which people can utilize the blockchain technology apart from cryptocurrency as well as possible risks involved.
Why choose Bitcoin over altcoins?
Vays started by explaining why he would choose Bitcoin over other cryptocurrencies. Using Monero (XMR) as an example, the Bitcoin influencer said the value of a virtual currency depends on several other factors than the network effect.
“[Monero] it’s not as distributed amongst the global population is another factor. The third factor is the developers, the developers of Bitcoin are at a different level and they are programming at a different level so that’s another big factor towards Bitcoin and against Monero.”
Addressing the benefits that Bitcoin (BTC) has over altcoins, Vays went on to explain that people must invest in energy cost and hardware. It is not advisable to invest in an unstable cryptocurrency such as Monero (XMR) because it could “disappear over time.” Besides, according Vays, profit generated from mining an inferior cryptocurrency such as Monero cannot last forever. In that regard, Vays believes that Bitcoin is the solution to the “Big problem.”
“Bitcoin isn’t competing with Monero for anything; it’s not competing with Litecoin. Bitcoin is competing with gold; Bitcoin is competing with the US dollar; Bitcoin is competing with the Euro; it’s competing with the SDRs that the IMF [International Monetary Fund] might have as a backup in case the fiat currencies, you know the Euro goes down and the US isn’t far behind; the global plan would be to move to like a basket of currencies of other countries.”
Alternatively, Vays believes that Bitcoin and Monero are “not on the same playing field” as Monero (XMR) competes against peer cryptocurrencies such as Litecoin, Zcash, and other altcoins.
More on blockchain
Regarding alternative applications of the blockchain technology, Vays touched on how blockchain could support other causes when connected to a physical asset. He explained that while it could be easy to transfer or lose asset ownership in this case, it comes with more risks than benefits.
“Anything you put on the blockchain you’re at risk of losing completely now when it’s only Bitcoin and when it’s just money you have to be careful but you can always let somebody else like a Bitcoin bank be the owner of that but they can be hacked as well.”