Bitcoin “As Good as Useless” Says Bitcoin.com Co-Founder
While plenty of attention is being paid to the thousands of new users buying Bitcoin, it’s often forgotten that every time someone buys Bitcoin someone else decided to sell it. One of those sellers is Emil Oldenburg, the co-founder and CTO of bitcoin.com, one of the world’s most popular cryptocurrency sites.
In an interview with Swedish tech site Breakit Oldenburg reveals his opinion that “an investment in bitcoin is right now the riskiest investment you can make” and that he has sold all of his bitcoin.
All bitcoin.com employees have been paid in Bitcoin for the last three years, during which time the value of Bitcoin has increased enormously. Unfortunately, as its popularity has increased, so have transaction times and costs. It is these liquidity issues which have so frustrated Oldenburg. For him this vaunted cryptocurrency just does not work as currency.
“When I sold my BTC I had to pay 50 dollars and wait 12 hours for the transaction to go through. It’s completely unreasonable.”
Oldenburg believes these issues are insufficiently well-known as most new entrants have bought and held; they have no experience of selling. “As soon as people realize that this is how it works, they will start to sell,” he said.
Though there is potential for these problems to be ironed-out Oldenburg doesn’t believe that the “fanatical Bitcoin talibans” will let the necessary changes happen. In his view the most powerful people in Bitcoin are ideologically motivated rather than consumer-focused. There is too little consideration on how to win over people who are not ideologically predisposed to the currency.
However, he does see hope in bitcoin offshoot, Bitcoin Cash, and he has transferred his Bitcoin holdings there. Block sizes are bigger and transaction fees are much lower. “That’s where I see a future” he said.