Noting how altcoin promoters often call Bitcoin slow and old, Forbes recently reported on the interview of Blockstream mathematician Andrew Poelstra by Monero Talk’s Douglas Tuman.
The interview focused on Bitcoin’s perception as a slow coin which does not have smart contracts or cheap transactions.
Poelstra stated how BTC users view its technology compared to how many altcoin communities do.
Bitcoin Community Wants Soundness and Stability
Often called the “digital gold” Bitcoin depends on soundness and stability, “at the expense of privacy often,” noted Poelstra.
He added that Bitcoin developers are focused on these goals and they try to preserve these values in the system, with respect to whatever assumptions are necessary to verify its soundness.
In becoming the definitive digital gold, Bitcoin will have to become a global and apolitical store of value as well as a medium of exchange, as noted Xapo CEO Wences Casares.
When Tuman talked about the anarchist roots of the Bitcoin project, Poelstra said that Bitcoin does not destroy the system and is quite risk averse.
“The view amongst most bitcoin people I know is not that they don’t care about privacy or fungibility — they care very very much — but they view bitcoin right now as something in its infancy that’s very much like a cool technology experiment. But it’s one that cannot fail, or it’s one that we better not cause to fail. And that takes precedence over everything else.”
He said that it would be catastrophic if Bitcoin fell flat after 10 years of existence.
Maintaining Decentralization in Bitcoin
Poelstra also noted that there is a desire in the community to reduce costs and boost participation in the network to maintain a useful amount of decentralization.
He said that the community cares a lot about bandwidth and disk space minimization and CPU resource usage.
He said that the community is more inclined towards this than smaller crypto projects which are ready to make tradeoffs in favor of fungibility and privacy features.
According to him, the concerns of scalability are more relevant in Bitcoin because it has more users than any other coin.
However, Bitcoin needs to be patient with research as it would be difficult to revert any changes made to BTC.