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In a recent interview, Tone Vays, a popular Bitcoin [BTC] influencer, opined on the factors that make Bitcoin [BTC] better than altcoins, alternative uses of blockchains other than cryptocurrency and the associated risks.
The discussion began with Tone Vays explaining why he would choose Bitcoin versus altcoin. Taking the example of Monero [XMR], Vays said it goes well beyond the network effect, which determines the value of a cryptocurrency. He has declared:
"[Monero] it is not as distributed among the global population is another factor. The third factor is the developers, Bitcoin developers are at a different level and are programming at a different level, so this is another important factor for Bitcoin and against Monero. "
He went on to say that people need to invest in electricity costs and hardware. People would not want to invest in a lower currency like Monero [XMR] that could "disappear over time", he said. Moreover, in his view, the profit derived from the extraction of a currency like Monero to sell it for a better currency does not last forever. Vays agreed that Bitcoin is the solution to the "big problem" and said:
"Bitcoin is not in competition with Monero for anything, it is not in competition with Litecoin, Bitcoin is in competition with gold, Bitcoin is in competition with the US dollar, Bitcoin is in competition with the Euro; in competition with the SDRs that the IMF [International Monetary Fund] could have as a backup in case the legal currencies, you know that the euro drops and the United States is not far behind the global plan would be like switching to a basket of currencies of other countries "
On the other hand, he says that Bitcoin and Monero "are not on the same playing field" as Monero is competing with Litecoin, Zcash and other altcoins.
He also talked about the case of use of blockchain when it is connected to a physical asset. He said that although it is easy to transfer ownership or lose ownership of an asset in this case, the risks involved outweigh the benefits. According to him, there is no use case other than a currency that would be good for a blockchain. He added:
"Whatever you put on the blockchain, you risk losing it completely now when it's just Bitcoin and when it's just money you have to be careful but you can always allow someone else like a Bitcoin bank to be the owner of this, but they can be hacked too"
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