As the hyper-inflated digital currency bubble pops, many are taking a step back and wondering what it’s really all about. Some are coming to the conclusion that only blockchains with real utility will survive the bear market.
Recently, BSV Blockchain Association Founding President Jimmy Nguyen was on Fox Business to make just such a case for Bitcoin SV. As he told Kennedy, it’s all about “utility, utility, utility!”
'Despite the crash of many #cryptocurrencies, there's still opportunity for long-term value!'
— Bitcoin Association (@BitcoinAssn) January 27, 2022
More details on the Fox Business Jimmy Nguyen interview
Kennedy opened the segment by teasing that many people who thought they were going to be billionaires in November are now homeless. She asked Jimmy if this was the worst news ever for “crypto.”
Jimmy responded in the negative. He told her it’s not the worst news ever but that the key is to find coins and blockchains with real utility that aren’t driven purely by speculation alone. He noted that the reason the current industry is so volatile is that people don’t really use the coins but rather just bet on them.
Giving the elevator pitch for BSV, Jimmy explained how this version of Bitcoin—which is the original—is intended to be used for daily, efficient payments. Indeed, BSV recently saw a record-breaking four million daily transactions, which is more than BTC, Ethereum, XRP, and most other blockchains combined.
The current digital currency industry
Picking up on Jimmy’s central idea that utility is key, Kennedy said she believes that governments will jump on the digital currency bandwagon before long. She pointed out that the money printing extravaganza central banks went on in recent years can do a lot of economic harm and that this was one potential driving force behind government adoption of the technology.
She also pointed out that 40% of people who own digital currencies are non-white and that most people who own them earn less than $60,000 per year. Kennedy mentioned that this is a potential way for these people to gain economically long-term. What she missed is that this mindset of treating digital currencies as investments is one of the biggest problems in the industry, and that many of these same people are going to lose their shirts, but Jimmy didn’t have time to get into this in this short segment.
Should people not be getting paid in Bitcoin?
Pointing out that many athletes such as Russel Okung have opted to take some of their salaries in Bitcoin, Kennedy asked if this was such a good idea given the insane volatility and the recent crash.
“I think that’s a personal choice,” Jimmy responded. However, he quickly got back to his main thesis of value. “The only thing you can bet on is whether you think there’s long-term value,” he said. His overall advice was that if you’re going to accept payment in a digital currency, make sure it’s one that provides real value and utility to the market.
To finish the segment, Jimmy mentioned that he was able to give his nephews some BSV in small amounts this Christmas thanks to the low fees and efficiency of the blockchain.
Utility will win the long game
Overall, Jimmy’s message in this short segment was a simple one: utility will win in the long term. People hoping to speculate on coins should think long and hard about whether the coins they’re buying will bring real value to the markets in the long run. Anything else is just gambling and subjecting oneself to the whims of the market, particularly its whales, who are well-known to manipulate digital currency prices.
Right now, as far as utility and efficiency go, BSV has no competitors. Businesses and enterprises are flocking to the only blockchain that can scale infinitely, which is handling 5 million+ daily transactions without breaking a sweat, and which can process transactions in seconds for fractions of a cent. The original Bitcoin was all we ever needed, and more and more people are beginning to figure it out.
Watch: CoinGeek New York Presentation, The Path to BitCoin Adoption: How to Turn the Entire Web into Bitcoin Apps
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.