According to Kraken‘s chief Jesse Powell, Bitcoin would become as quick, easy and obvious to use as good old U.S. dollars to answer questions from the very conservative Bloomberg. The result will be made possible thanks to the recent enhancements and changes to the second layer (such as the Lightning Network), which benefit from its original structure. This would make Bitcoin not only a value shop but also a high-performance, self-contained and stateless method of payment, qualities that the Green Ticket of Uncle Sam doesn’t really have.
From Ford to SPACE X
Too slow, allowing no more than a handful of transactions per second, all on a quickly congested blockchain … Bitcoin is often blamed for what is precisely its initial value proposition: an unchangeable system, whose relative rusticity makes it impossible-or infinitely difficult-to attempt to cheat or manipulate the system and its rules.
But those early merits quickly turn into lethal hazards for those who would dream about seeing Bitcoin become a cheap, modern and efficient payment mechanism (which is not necessarily its first feature, the latter rather being pursued as a store of value in its status).
More virulent, Bitcoin’s main opponents and critics also tend to brandish its limitations, all the more flagrant at a time when multiple altcoins offer multiple and quasi-instant transactions among its numerous offspring (Stellar, XRP to name just the most obvious, even Bitcoin Cash ( BCH) or Bitcoin Satoshi Vision (BSV) in terms of the number of transactions accepted in blocks).
In addition to its classic “digital gold” status, however, Bitcoin can be tuned technologically and given the options to improve its performance. The addition of overlayers applied to the original blockchain notably guarantees this performance.
When asked about the potential of Bitcoin in an interview for Bloomberg, Jesse Powell, the boss of the Kraken exchange, says nothing more and also takes the opportunity to remind us that Bitcoin may be at the start of a process of mass adoption.
Powell’s position: Bitcoin will prevail if it becomes invisible
Yet again the Kraken boss remembered the status-obvious to him-of the safe-haven interest represented by Bitcoin. For someone who knows something about the industry, this is not a really original situation. That is a little more original, though, is that Powell assumes that Bitcoin will burst as soon as the crypto queen is invisible in its structure and service to its users.
It’s a fair point: if we’re still in the age of Bitcoin’s development and technical implementation, and a small group of talented yet closely focused coders are excited about the finer details, tomorrow’s users will laugh as much at the specifics of the design of Lightning Network as they do at how the SWIFT system operates today.