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Bitcoin is Expensive and Slow PayPal, Roger Ver Says
Crypto entrepreneur and investor Roger Ver, who had been known as one of the first Bitcoin promoters, now promotes Bitcoin Cash, the most popular fork of number one blockchain. So he never misses an opportunity to blow his former camp to smithereens.
Expensive and Risky
Yesterday Mr. Ver tried to sum up his criticism in a few paragraphs. High costs and low speed of Bitcoin transactions are the most irritating Bitcoin features for him.
Imagine promoting Bitcoin today:
On Chain:
1. High fees
2. Devs want higher fees
3. Slow
4. Unreliable
5. Reversible
Layer 2:
1. Requires expensive full node
2. Initial setup takes all day
3. Practically requires a CS degree
4. Risk loss of funds.
Custodial:
1. Same as PayPal— Roger Ver (@rogerkver) January 3, 2020Bitcoin (BTC) 'Santa Rally' Might Be Dangerous, XRP Critical But Stable, Dogecoin (DOGE) Volume Hints at Bearish DropThere's Silver Lining for XRP Bulls Following 6% PlungeBitcoin Price Might Hit $1 Million Next Year If This Happens, According to Bitwise ExecShiba Inu (SHIB) on Verge of Death Cross: Possible Scenarios
Moreover, he called Bitcoin transactions 'unreliable' and 'reversible'. According to him, Bitcoin is subject to severe centralization and therefore is controlled by greedy developers.
Alex DovbnyaLayer Two? That's Not An Option!
'Bitcoin Jesus' also bashed the advocates of Bitcoin-based layer-two solutions. It looks like he hints on Lightning Network, popular side-chain protocol utilized to unload Bitcoin's main blockchain by processing some data off-chain.
Mr. Ver called this solution expensive, sophisticated and risky. For him, existing of L2 solutions for Bitcoin can be operated only by the holders of degrees in computer science.
Finally, he called 'risky, expensive and slow' network 'same as PayPal, one more time highlighting its centralized and whale-dominated nature.
Do you agree with Bitcoin's criticism by Roger Ver? Tell us in the comments.
Arman Shirinyan
Alex Dovbnya
Dan Burgin