The debate about Bitcoin's usage has raged on for years as many consider it to be a store of value while others think it is a currency.
Anton Bukov, the co-founder of the 1inch Network, has commented on Bitcoin's ideal use during an interview with Cointelegraph's Magazine yesterday. During the interview, he stated that he doesn't believe in Bitcoin as a means of payment anymore.
He made this comment after he was quizzed about the idea of Bitcoin as a means of payment, as a store of value or as both. Bukov replied;
"I respect Bitcoin — I mean, the engineers behind it — for being the first blockchain, but from my viewpoint, blockchains with smart contracts make much more sense at this point. Bitcoin can still work as a store of value but as a means of payment — sorry, I don't believe in it anymore. The Lightning Network and IOU tech cannot work for a small subset of the population, as they require a quite deep and consistent immersion of the community. Most people prefer to use less volatile currencies for payments, such as stablecoins."
The 1inch Network co-founder also talked about other areas of interest, including decentralised finance (DeFi), decentralised applications (dApps) and nonfungible tokens (NFTs). Bukov said he noticed some projects are already taking off.
The growth of these projects is exponential but remains limited by blockchain capacity at the moment. As a result, everyone is expecting a layer-two solution that would scale DeFi to massive usage, leading to explosive growth.
Bukov was talking about the limits that programmable blockchains such as Ethereum, Solana, Cardano, Binance Smart Chain and the others place on the projects listed on their networks. Scalability remains a major problem to some of these blockchains, limiting the growth potential for most of the DeFi and dApp projects on those networks.
According to Bukov, automated market makers (AMMs) and money markets (aka lending protocols) are the most exciting applications on the blockchain at the moment. 1inch Network is a decentralised exchange (DEX) aggregator solution designed to search deals across a wide range of liquidity sources. Hence, offering users better rates than the individual crypto exchanges.