Former Bitcoin evangelist believes BTC will no longer be a revolutionary asset, should the following happen
Former crypto entrepreneur “Bitcoin Jesus” Roger Ver, who is now a prominent supporter of Bitcoin Cash, took to Twitter to suggest a condition in which Bitcoin could lose its original groundbreaking ownership that its mysterious creator, Satoshi Nakamoto, had conferred on him at the very beginning. start.
“Bitcoin will have lost its key revolutionary property”
Ver has tweeted that the key property that made Bitcoin revolutionary in the first place would be lost should all regular users start keeping their BTC in custodial wallets.
Custody wallets violate the privacy principle shared in the Bitcoin whitepaper. The document states that BTC transactions are transparent on the blockchain, but they provide data regarding the amount sent and the wallets involved.
Until wallets are linked to a particular user via verification, which many centralized exchanges and custodial wallets require, the sender and the receiver of BTC remain anonymous.
This was the main breakthrough feature of 2009 that made Bitcoin stand out and stand against banks and other third parties. Every BTC user was supposed to become their own digital bank and store or spend their crypto as they saw fit without having to get permission or provide the documents banks need both today and in the era of creation of bitcoin.
Bitcoin turning into a store of value
The other thing that Ver has stated several times in his tweets and interviews is that Bitcoin has failed to be a means of settlement and has turned into a store of value, while Satoshi designed it to be used for payments. For this reason, Ver began supporting Bitcoin Cash, a BTC fork that was made in August 2017.
Furthermore, he previously pointed out that BTC transaction fees are too high. However, in 2017, the Lightning Network emerged – a layer 2 for Bitcoin that allows off-chain BTC payments to be made faster (with faster verification times) and lower fees.
