BTC is Still in Demand Even as Altcoins Flourish
As ten years is almost past since BTC’s first public debut, in which Satoshi Nakamoto, released the initial BTC whitepaper, a group of experts gathered to discuss cryptos.
BitPay's CEO, Stephen Pair, explained his views on how BTC has evolved into a digital currency. Pair noted how his firm had a lot of power in the initial world of cryptos because its one of the earliest blockchain-based companies to ever be established.
Pair, who was an engineer at tech giant IBM, also stated that when the blockchain-powered processor first saw the light of day, it was good to even produce five to ten Txs per day. Today, on the other hand, Pair shared that BitPay can process over $1 billion per year in crypto payments, which are linked to C2B transactions. He emphasized the importance of such an increase by referring that it has happened over a significantly short time.
When faced with comments about how BTC is not being widely used as much as per the initial whitepaper, which serves a cash P2P system, Pair noted that this is not correct because a wide range of users still uses BTC as well as altcoins as P2P systems, despite price fluctuations and a slow retail interest.
Going forward, BitPay will be focusing on shifting from C2B into B2B. The startup, which is based in Atlanta, has plans to start cross-border as well as high-value supply chain- and settlement Txs. BTC and also many other top cryptos can be a valid option for payment.
Capacity of Blockchain for International Use
Furthermore, Pair was asked about how the blockchain technology should be implemented internationally, in a way that eliminates current centralized systems such as Mastercard or Visa. He said there is a huge capacity for global-scale implementations in everyday Txs. So, even though the BTC network may have issues of scaling and Tx capacity, there are also other blockchains with implementation possibilities for use globally.
He explained how the main thing that is in shortage is an infrastructure to support cryptocurrencies since there is a lack of payment processing options for consumer, merchant, or organizational advocates.
BTC Remains at the Top
Even though it has been claimed BTC’s Tx throughput hasn’t been the best, Pair expressed how Tx fees can be insignificant at just 10 to 30 cents, making BTC viable still in use cases related to payment.
He emphasized how BTC is still the company’s number 1 blockchain because it is more stable than many alternatives and the one people understand and trust the most.