Bitcoin Never Promised You Lightning Fast Speed – Charlie Shrem

As with many of the world’s innovations, there are always people who would have problems with it regarding its general idea and functionality. The world of crypto has had its fair share of unbelief and backlash with a lot of people raising problems with the basic framework and how it runs. For some, it’s the exact fact that the networks are decentralized and uncontrollable by any governments or any of the world’s regulatory bodies.

This exact decentralized nature has been exploited by crooks and cybercriminals as a very effective way to pass dirty funds around without any risk of interference. For some other people, the problem is scalability. The kind of scale cryptocurrency needs to run on to actually be considered a worthy contender, according to them, is probably impossible. Directly tied with scalability is speed and this was recently addressed.

Bitcoin Is Not Here For Fast Transaction Speeds

Popular Bitcoin enthusiast and founder of Bitcoin.org, Charlie Shrem, recently posted a tweet, directed at naysayers who have attacked Bitcoin because of the relatively slow speed with which transactions are settled. According to his tweet, Bitcoin was not created to be the fastest way for fund transfer. The asset is mainly to create a method for these transfers that is fully autonomous and without censorship.

He tweeted:

Transaction speeds” when debating #bitcoin vs other faux-cryptos is a red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

For a long time, advocates have always tried to explain that the asset has other more important functions and advantages than just trying to match up with transaction speeds. Apart from the decentralization and autonomy, Bitcoin has also been regarded as digital gold and is expected to become the globally accepted standard of a trusted store of value, hopefully displacing actual Gold.

Speaking on Bitcoin’s speed, Samson Mow – the Chief Strategy Officer at Blockstream – has expressed a similar opinion that Bitcoin breaking speed marks isn’t a part of the original idea for the asset. According to him:

“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

Counter-Argument

Non-enthusiasts have mentioned quite a few times in the past that if Bitcoin is to actually transform the current global financial clime, it has to compete with many things including its general speed. The argument pretty much insinuates that even if there are other reasons why Bitcoin should be considered as a strong contender, if it won’t compete with a better speed then it just might never be accepted as much.

However, Bitcoin was created to be borderless and solve related solutions and even though it’s not as fast as these people want, it is still considerably faster than many traditional methods including MasterCard.

Many proponents believe that the Lightning Network, when it fully matures, would put problems with speed in the past. This maturity, however, could take quite a while.

The views and opinions expressed in the article BTC Never Promised Lightning Speeds, It’s a Red Herring Argument do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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