Editorial 5 July 2018Erik Gibbs
Nobel laureate Paul Krugman unwittingly acknowledges Bitcoin Cash power
Nobel laureate and notable economist Paul Krugman has repeatedly spoken out against cryptocurrency. As far back as 2013, he called Bitcoin “evil” and has held that opinion even through today, calling it “a bubble wrapped in techno-mysticism inside a cocoon of libertarian ideology.” In a recent Twitter post, however, he actually (and probably unknowingly) made a statement precisely proving the value of Bitcoin Cash (BCH) in today’s new currency evolution.
BCH was created with an idea in mind—it should be spent. It doesn’t serve anyone to call any offering a “currency” if it isn’t used as such. The BCH community has used this mantra to help propel the world’s fourth largest cryptocurrency by market capitalization forward as a viable alternative to fiat, and every day more consumers and retailers are joining in the action. BCH offers the lowest transaction fees of any cryptocurrency and one of the most robust networks found today, giving it greater flexibility to handle more transactions at one time than any other cryptocurrency blockchain can handle.
— Paul Krugman (@paulkrugman) July 3, 2018
On Tuesday, Krugman took to Twitter during a debate over cryptocurrencies and, specifically, Ripple to further his anti-crypto agenda. With one little statement, he completely—and unwittingly—acknowledged the strength and virtue of the BCH system. He said, “If a digital currency isn’t actually used for any transactions, is it, you know, actually a currency?” There you go—a world renowned economist recognizing the purpose of digital currency and, ultimately, that of BCH.
Many cryptocurrencies could soon be deemed as nothing more than securities to be traded on the stock exchange. This would ultimately prove them to be insufficient as a viable alternative to fiat. However, the U.S. Securities and Exchange Commission (SEC) has already determined that cryptocurrencies that act like a replacement for sovereign currencies are not going to be classified the same.
This is where BCH has the upper hand, because it is the only cryptocurrency that is working to become a true digital currency, used for what Satoshi had in mind when Bitcoin was first born—a currency that could be used, could be spent, could be exchanged for good and services. It’s no surprise that BCH has become so popular in such a short amount of time, and continues to find acceptance across the entire retail space.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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