Opinions

Bitcoin Still a Success Despite Not Being Used for Payment Purposes, Jeff Garzik Believes

Jeff Garzik, one of the major personalities behind bitcoin’s development believes that despite bitcoin’s inability to be used for payment purposes in the world of exchange, the cryptocurrency is still a massive success keeping in mind the cryptocurrency’s store of value.

Few years ago, Jeff Garzik predicted that the development of bitcoin will surely revolutionize the world of exchange and it still has, to some extent, but despite the cryptocurrency’s success it is not used for payment purposes as of yet. However, the value of the cryptocurrency has gone up ever since it was introduced and it is considered to be one of the most valuable assets in terms of store of value.

In the interview after bitcoin’s 10th Anniversary, Jeff Garzik discussed bitcoin’s progress since its invention:

As a father I enjoy watching my kids grow up, even as they make mistakes or grow in ways that I wouldn’t expect.

Being one of the key contributors in the development of the cryptocurrency since 2008, he gave his views on bitcoin’s development in the recent years and explains how the journey of bitcoin has still been a valuable memory for him too despite not reaching the level of expectations, he added:

It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success.

Mr. Garzik describes how being unable to be used for trading purposes still cannot be recorded as a failure for the cryptocurrency as bitcoin’s value in the market justifies its success. According to a study, it can be seen that bitcoin’s worth as a mean of payment is currently declining despite the consideration of bitcoin as a digital gold in the industry. Nonetheless, bitcoin has still successfully caught the eye of many investors due to its popularity.

Without being too concerned about the ups and downs bitcoin has seen in the crypto world and the challenges it has faced in the process of evolving as a revolutionizing asset for investors, Jeff Garzik still believes that the digital currency has still a lot to offer, briefly calling bitcoin an organism that keeps on evolving.

Jeff Garzik himself started coding for bitcoin in 2010 when he contacted the founder of the first ever cryptocurrency, Satoshi Nakamoto, via email and the digital currency’s private forum, Bitcoin talk forum.

Mr. Garzik expressed his sentiments towards Satoshi Nakamoto’s technical skills:

My personal theory is that it’s [Satoshi Nakamoto] Floridian Dave Kleiman. It matches his coding style, this gentleman was self taught. And the Bitcoin coder was someone who was very, very smart, but not a classically trained software engineer.

Jeff Garzik is said to have given away bitcoins of worth $100 million at the current market price and has refused to announce his current assets. Until 2016, Mr. Garzik continued on working for bitcoin as a coder and went on to sit on the boards of Bitpay, Bitfury and the Linux Foundation and also co-founded the Bloq Inc. His contributions in the crypto industry reflect towards his knowledge on the developments in the industry, being an integral part of it himself.

He also showed relief that he has no regrets in giving away his assets seven years ago as it helped him continue developing bitcoin and what’s important is the fact that the digital currency is still alive and highly valued in the world. On the question whether bitcoin would be able to survive in today’s market, Mr. Garzik confidently said that:

It was a question whether this thing would survive at all and there’s no question of that today.

Bitcoin may not have achieved its desired goal yet but is undoubtedly no where behind, keeping in mind its current value in the world of crypto. Jeff Garzik himself has a lot of faith in the survival and progress of the digital currency in today’s market and is confident that it will reach its expectations sooner than later. And as they say, better late than never, right?

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Jaudat Sulehri

A management student, sports enthusiast and a writer. Jaudat gives his insights on the cryptocurrency in the world of trade and blockchain technology in particular. He also holds investments in XRP and BCH. Email: jaudat@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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