Business

Derek Tonin

Tim Draper: Fiat will be laughable in five years

Everything the world thought about cryptocurrencies, and their relationship with illicit activity, is slowly getting turned on its head. In a recent interview with Fox Business, crypto enthusiast Tim Draper explained why cryptocurrency will be the money of upstanding citizenry in the near future.

Draper doesn’t really see much of a future for fiat currencies. He reiterated his belief to reporter Jade Scipioni that fiat money only has a few years to go as the dominant currency. He told her, “In five years, we will try to go in and buy coffee for fiat money, and the barista will laugh at you, because they’ll say, ‘Don’t you have any crypto?’”

Who will use crypto? “The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin,” according to Draper.

This reiterates a lesson that we learned recently with Bitcoin SV (BSV). When criminals use a currency based on blockchain technology, they leave a perfect trail with which to get caught. More importantly, the community won’t stand for it, as BSV has grown up and is passed the Wild West days of the Silk Road.

Noting the security benefits of the blockchain, Draper continues, “I feel that my money in the bank is less secure than my Bitcoin is. My bank is constantly under hack attack. They’re playing whack-a-mole trying to keep the hackers away. No-one, to date, has hacked the Bitcoin blockchain. And so, I believe my Bitcoin is more secure than my dollar is.”

There’s really no turning back from the crypto future. “People say, ‘When are you going to sell your Bitcoin’, and I say, ‘Into what?’”, the crypto enthusiast remarks. “It’s like taking gold and transferring it into shells. Why would I do that, why would I go back in time when I know the future is Bitcoin and other cryptocurrencies?”

The only thing to take issue with Tim Draper on is his favorite choice of cryptocurrency. He’s a noted Bitcoin Core (BTC) supporter, and pushes a future where the Lightning Network somehow improves on the original design of Bitcoin.

What he doesn’t understand is the Satoshi white paper was born mature. Lightning networks and other protocol changes are a bastardization of what Bitcoin was meant to be. Only BSV follows the original Satoshi Vision, and has the prospects of being the world’s digital currency, through massive on chain scaling and stable development.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark 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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