In the cryptocurrency world, Bitcoin still has a strong first-mover advantage, and many Bitcoin businesses, while suffering the effects of high fees and slow confirmation times caused by scaling issues, do not see the the use in expanding their repertoire. Purse.io, for example, recently made it very clear that they would not be accepting Dash directly anytime soon:
— Purse (@PurseIO) April 26, 2017
However, some blockchain business owners have seen use in using cheaper and more efficient forms of payment. Dash Force News spoke to Robert Genito, project lead for peer-to-peer cryptocurrency trading platform Wall of Coins, on his journey from using all Bitcoin to all Dash for his personal finance.
Dash Force News: What’s your personal history with Bitcoin? How and why did you start using it in your own life?
Robert Genito: Bitcoin was my introduction to the possibility of using money as a protocol. I got into mining and the OTC community in 2011. On the side, and for fun, I allocated dozens of my used motherboards to virtually host mining with other people’s GPUs. (People would mail their GPUs to me.) Eventually ASICs came around. I obtained some of the first ASIC miners (Avalon), and before long I formed a co-location company for mining equipment exclusively.
Wall of Coins came around as a platform solely focused on solving the problem with cryptocurrency adoption. At first glance to a visitor, WallofCoins.com is a website where they can buy Bitcoin or sell their Bitcoin. All with cash and for cash. However, where the Wall of Coins platform becomes the most useful is for business use cases. This is the primary purpose.
Where did Dash come in for you, personally?
RG: Before the rebrand [from Darkcoin], I held Dash because I believed they truly solved the need for privacy. People want privacy, and there’s nothing wrong with that. However, in late 2016, Dash’s developments were brought to my attention. And when it comes to payments, personally I only use Dash.
Why is that?
RG: It’s all because of InstantSend and PrivateSend. That’s the winning combination.
That was enough to make you stop using Bitcoin for your personal transactions?
RG: The last two payments I accepted in Bitcoin involved well-funded transactions that ended up being kicked from the network. Then I had to chase these people down for a payment, and one individual I still have not been paid for. I understand Bitcoin will someday be better and solve some of these problems, but why insist on Bitcoin when Dash already does what I want, has a consistently more stable value, and gives me confidence that my payment is settled and permanent?
Are you afraid you’re ruining cryptocurrency by detracting from the main attraction, Bitcoin? Doesn’t using a bunch of altcoins make crypto adoption weaker?
RG: Not necessarily. No matter which cryptocurrency you are using, you are also making fiat less relevant.
Besides, a couple of years ago I went to make a BIP. That process was pretty much impossible. Before the proposal would even be considered, I had to talk with Gregory Maxwell at the time. Gregory Maxwell wouldn’t talk with anyone unless they used some obscure messaging software that you had to personally compile on your machine.
Many Bitcoinists are elitists. Other Bitcoin leaders have touched up on this in many ways without name calling. If you want to be an elitist, go back to government fiat money. My point is, how can people possibly “detract” from the main attraction if Bitcoin is not actively inviting the help of others? This is why Bitcoin will not be #1 in the future.
Some businesses still hold to the “Bitcoin is all that really matters” model. What would you say to them as a fellow business owner in the ecosystem?
RG: I wouldn’t say anything to them. The truth is, a “Bitcoin is all that really matters” model is the same as a “US dollar is all that really matters” model, which is the same as a “The queen is all that matters” model that loyalists in New England had in 1770.