Cryptocurrencies

According to Paolo Ardoino, CEO of Tether, Bitcoin is unique

According to Paolo Ardoino, CEO of Tether, Bitcoin is unique among more than 14,000 different cryptocurrencies because it is the only one that is decentralized.

Bitcoin (BTC) is the only decentralized currency, Arduino said in an interview with Cointelegraph on June 13 at the Bitcoin-only conference, BTC Prague.

“Bitcoin is the only example of a currency governed solely by mathematics and fundamentally immutable,” said Tether CEO. Besides Bitcoin, some cryptocurrencies are a little more centralized and others a little less, Arduino believes.

“For other currencies, you see many developers coming every month. The executive noted that they are releasing a new version of the software, changing monetary, inflationary and deflationary policy, and continuing to change things.

Bitcoin is about certainty

On the other hand, for Bitcoin, there will always be 21 million Bitcoins, and there will be a halving every four years until all 21 million Bitcoins are mined. Arduino said:

“Bitcoin is about certainty. “It’s as if time is ticking and dragging on (…) When it comes to the concept of unstoppable products, or decentralization – because everyone uses the term ‘decentralization’ – there is no than Bitcoin.”

In the interview, Ardoino admitted that his opinion on Bitcoin’s exclusive level of decentralization “could be controversial.” The CEO also mentioned that he explicitly stated that Tether is centralized, unlike Bitcoin.

Source: Attachment

Additionally, Arduino expressed doubts about the record-breaking industry of memcoins, a type of cryptocurrency inspired by memes or internet trends. “I like memes, but not memcoins,” Ardoino said, adding that Bitcoin and memcoins “are on completely opposite ends of the spectrum.”

about: DeFi may struggle to remain decentralized after new EU law

We could actually argue with Arduino about the decentralization of Bitcoin relative to other assets in the cryptocurrency market, as there is an entire cryptocurrency sector dedicated to decentralized finance, or DeFi.

After all, what is decentralization?

In the cryptocurrency industry, decentralization refers to the transfer of control and decision-making from a central entity to a distributed network. While the DeFi industry makes big promises when it comes to financial decentralization, some in the industry like Samson Mo, CEO of JAN3, believe that DeFi cannot compete with Bitcoin.

Arduino’s comments on the decentralized nature of Bitcoin came at the opening of BTC Prague 2024, where he was a speaker alongside key industry figures such as former MicroStrategy CEO Michael Saylor, the co- Blockstream founder Adam Back, Bitcoin author Jimmy Song and others. Unlike many industry events, BTC Prague is exclusively dedicated to Bitcoin.

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