Cryptocurrencies copying Bitcoin don’t really make the cut, experts say
Cointelegraph’s Joseph Hall interviewed Bitcoin (BTC) advocates Pierre and Morgen Rochard, the hosts of the Bitcoin for Advisors podcast, at the Surfin’ Bitcoin 2022 event held in France. The group talked about how France can attract more miners, where Bitcoin fits in terms of financial planning and the difference between Bitcoin and other cryptocurrencies.
According to Pierre, who also works at the mining firm Riot Blockchain, there are two ways for France to attract large-scale Bitcoin miners. The first is to provide assurances in terms of policies on Bitcoin mining. The second is to provide a power grid that is favorable for miners. He explained:
“We’re seeing Japan is now opening up or changing policies on nuclear power, and I think that France should reinvest in its nuclear power, and really they should be able to attract Bitcoin miners more easily.”
The group also talked about the topic of financial planning. Morgen, who is also a certified financial planner, discussed where Bitcoin fits in financial planning. She shared that in many cases, financial planning conversations revolve around inflation and understanding money. She stated:
“Most of my profession is about saying, hey, that cash you’ve got there, stop holding all that cash. We need to move it immediately into an investment because it’s, as Saylor called it, it’s a melting ice cube.”
Morgen also said that some clients are quick to understand Bitcoin and are willing to put a portion of their portfolio into it. “The financial planning situation really overall kind of helps people to think about it,” she added.
Related: Bitcoin advocate floats BTC as a solution to US student loan problems
When asked about other cryptocurrencies, the couple put on their Bitcoin maximalist hats and described why BTC is different from other coins like Dogecoin (DOGE) and Ether (ETH). Morgen said:
“There’s something like Dogecoin, […] but it’s basically a copy of Bitcoin. But it’s still fiat, right? Because they’re constantly inflating it. And the same thing with Ethereum. They claim that there’d be a cap, but there’s really no cap because they don’t even know how much they have in supply.”
Pierre also chimed in, explaining that the Bitcoin protocol is designed to minimize uncertainty. The mining executive highlighted that any change in Bitcoin’s parameters would affect this configuration. “Bitcoin is the best engineered digital monetary network, and everything else is worse,” he said.