Crypto News: The Venezuela Savior, The Internet Money, But Also The Internet Gold?

Written by Hobo Joe   Crypto is a savior for the people living in Venezuela seeking financial protection from the rapid inflation of their government-controlled currency. The government has prevented the local people from using or storing their value in USD and other financial means of stabilizing their personal assets... against the declining currency of the region. As Dash and Bitcoin Cash work to cultivate adoption the people of Venezuela are rushing to the international appeal and security of cryptocurrencies. Cryptocurrencies are means of relief to these people that are otherwise powerlessly at the mercy of local government whim. Bitcoin Cash, or as I prefer, BCash, is acquiring massive adoption internationally. However, according to the Satis Group’s recent assessment only two coins will move forward: BCore (BTC) and Monero. The idea is that investors will likely seek the security of digital Gold in the form of BTC and privacy-protected offshore assets in the form of Monero. But, does this make any sense? I have been reflecting on the use of BCore as gold. Can it really act as internet gold in the long-term? How is it more “goldish” than BCash? Bitcoin Cash is faster, having recently proven its ability to be used for many fast and cheap transactions through its recent stress test. It can certainly serve as a form of “cash”, having effectively proven its cashiness. On the other hand, BCore is slow with spikes of very expensive transaction fees, which is not that big of a problem if it will be the internet gold rather than the internet cash. At least, I have no problem with a $10 transaction fee when I’m buying a house or going out to get my lambo after a sweet moooooooon! For this reason, I have felt that BCash and BCore make up two separate and valuable roles, one as cash and the other as gold. However, is BCore really poised to be a digital gold, and if so, why? Ultimately, what causes all cryptocurrencies to depart from the norm of all other financial forms of value is that cryptocurrency is technology. Now, as awesome as technology is, it becomes obsolete. One might argue that Bitcoin has made gold obsolete, but even if this is so, it sure took a very long time for gold to be dethroned, and really we can say it was the US that started that dethroning process to begin with anyway. When I look at blockchain technologies I wonder if Bitcoin has not become archaic. Is Bitcoin truly superior technologically or is it just grandfathered in? BCash seems to have the speed and the utility down, and there are solid arguments out there stating that it has not lost any of its security or decentralization. If this is true, what advantage does BCore have, or what makes it more gold-like than BCash or any other cryptocurrency? Although Craig Wright is a rather disliked fellow, I’m not hearing many excellent arguments refuting his points. Also, why wouldn’t we go with Bitcoin Private for a “gold standard” and benefit from privacy on top of the usual benefits of the blockchain technology? After all, I don’t want people being able to know how much wealth I have or don’t have, that’s personal. Currently, BCore (BTC) has practically half of the wealth of the cryptocurrency space, which is a compelling reason to buy in and hodl like a bull. Yet I wonder if that is proof that it will succeed when there are more potent technologies that actually do more than just transfer coins from one wallet to another, such as VeChain, Steem, Cardano and other blockchains with applied science attached. Additionally, the monetary volume moving around in the crypto market fluctuates at a few hundred billions dollars, which is scraps compared to the 4 trillion dollar investment estimated to potentially enter soon, which could rapidly transform the landscape and enthrone a new coin king, whatever that may be. What do you think, will BTC remain king of the coins as new money flows in or will modifications to the blockchain concept lead to more feature-rich blockchains taking a large slice out of the pie? Now on to Monero… Why do people want Monero? Sure, lots of folks think its the place for criminal deals and stuff, and while it might have some truth to it, we should never forget that offshore corporations and Swiss banking are big for a reason not connected to drug dealers and black market organ harvesting. People want their financial position in the world to not be subject to government whim or national performance. National currencies don’t just inflate or dip, entire nations transform into entirely different nations and borders. Economies come and go, and this is why people like to hedge against this risk by investing outside of their own region in addition to their regional investments, which helps stabilize the overall international economy and create greater ties and relationships globally. Plus, what 50 year old millionaire wants his cheating 25 year old wife get half his stuff that he earned before she was born? Some guys figure you shouldn’t lawyer up, you should crypto out! And that’s where a privacy coin comes in… I love the concept of Monero, with CryptoNight being the most fair mining algorithm of the choices among blockchains. But there are solid points being made that Monero is no longer private. The reason for this is in the ring signature, forking has led to people being able to detect identities. Currently, Bitcoin Private might be the best method for securing privacy of your cryptocurrency wealth that would attract the same people drawn to offshore banking for privacy and financial security. 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