A Completely Cashless Society with Just Cryptocurrency is not OptimalFebruary 13, 2019
The cryptocurrency market is already divided along several lines. There are those Bitcoin “Loyals” who are who are loyal to every kind of Bitcoin fork like Bitcoin Cash [BCH] and the Bitcoin SV [BSV]. Both of these forks attack each other more than their other rivals.
Several proponents support the idea of getting back to the smaller block size from the increased block size of BCH. The co-founder of Cobra has now contended that the top cryptocurrency does not need any “contentious hard fork” in 2019.
In response to a tweet that stated that a reduced block size would give him more confidence particularly in the Lightning Network in full flow, Cobra stated, “I feel more confident to say it now that we have LN making strides. I’ll run the soft fork.” However, there was an agreement between the two states that the block size should be smaller.
Cobra stated that a reduction in the size of the block was a fundamental change to the coin structure, which is nothing but a hard fork. This change he stated would be detrimental for BTC adoption. The year 2019 is considered to be the critical year for mass adoption of BTC due to the increasing institutional interest in the cryptocurrency industry.
Even if it is about only changing the block size, Cobra opines that it will reduce the necessary trust in the coin. This he stated in his own words thus:
“Stop this madness! Last thing Bitcoin needs are yet more contentious forks in this key year for adoption! A soft fork to “reduce the block size” is a hard fork in all but name. This will split off from the established consensus, cause massive drama, and damage trust in Bitcoin.”
However, other users in Twitter opined, “BTC smaller blocks will help Bitcoin.”
With this happening about the blockchain size issue of Bitcoin, it is seen that BTC has lost more than 80% in value over the past 13 months. However, many of them have argued that the underlying value proposition is pretty apparent.
There was a collaborative blog post that stated that “Banks are better than Bitcoin when it comes to money laundering.”
One of the EU agency stated that money does not leave a trial like the Bitcoin and therefore the digital coin is less attractive to money launderers.
Over the years law enforcement agencies have successfully caught Bitcoin criminals. There are yet other analysts who believe that a completely cashless society is not optimal.