Samson Moe, CEO of JAN3, Pixelmatic and development studio Infinite Fleet, said that Bitcoin (BTC) is the only cryptocurrency, and most altcoins are centralized protocols that mimic decentralization.
In his opinion, bitcoin is “a decentralized peer-to-peer network of money, money reimagined, money 2.0” with qualities that other coins lack.
Explaining the concept of cryptocurrency, he noted that people from the industry have largely misinformed the public. In particular, he accused Coinbase CEO Brian Armstrong of making incorrect statements.
Bitcoin is the only cryptocurrency, the rest of the cryptocurrency market is essentially unlicensed securities… so when you compare Bitcoin with other cryptocurrencies, you are unintentionally, or out of malice or incompetence, confusing people. And it hurts them because they don’t understand that bitcoin is not like other digital assets. The safest thing you can do is store your own coins yourself,” Moe said.
As an example of useless altcoins and market participants, he cited the fiasco of Terra LUNA 1.0 and the cryptocurrency lender Celsius, which froze user accounts.
In this regard, Mou emphasized that it is best to store your coins on a hardware wallet, without resorting to the services of unreliable intermediaries.
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