HomeNewsTether CEO on Why Bitcoin Stands Alone in Decentralization

Tether CEO on Why Bitcoin Stands Alone in Decentralization

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  • Tether CEO Paolo Ardoino emphasizes Bitcoin’s unique decentralized nature among over 14,000 cryptocurrencies.
  • Bitcoin is unchangeable because it is only subject to mathematical laws.

Among the more than 14,000 cryptocurrencies, Bitcoin (BTC) stands out because of its special decentralized character, claims Paolo Ardoino, CEO of Tether.

The only decentralized money is Bitcoin, Ardoino stressed in an interview with Cointelegraph on June 13 at the BTC Prague conference.

Bitcoin’s Decentralized Nature

Bitcoin is the only example of a currency that is solely subject to mathematical laws and is essentially unchangeable, according to Ardoino. Depending on their development and governance procedures, other cryptocurrencies are either more or less centralized than BTC.

“With other currencies, you see that there is a group of developers that come every month with a new software release. They change the monetary policy, whether inflationary or deflationary, and they keep changing things,” Ardoino noted.

Meanwhile, CoinMarketCap data shows the price of BTC as of the time of writing to be $66,754.33. The 1.31% decline in the previous 24 hours and the 6.24% decline over the previous week both point to a bearish trend.

On the other hand, ETHNews previously reported an analyst’s prediction that BTC would decline to $62,000 before experiencing a significant surge.

Bitcoin, Ardoino stressed, is about assurance. Supply is set at 21 million BTC coins, and until all are mined, it is halved every four years.

“BTC is about assurance. As if a clock never stops. In terms of unstoppable products, or decentralized—since everyone uses the word ‘decentralized’—there is just Bitcoin,” he said.

Controversial Yet Firm Opinion

Ardoino admitted in the interview that his views on the exclusive degree of decentralization of Bitcoin may not be popular. Tether is centralized, he acknowledged, unlike BTC. This difference emphasizes the special position Bitcoin occupies in the cryptocurrency sector.

Ardoino also expressed skepticism regarding memecoins, a type of cryptocurrency that draws inspiration from online memes or trends. As BTC and memecoins are “completely at opposite parts of the spectrum,” he declared, “I like memes, but not memecoins.”

Debate on Decentralization

Although Ardoino is adamant about the special decentralization of Bitcoin, this viewpoint is contested. Decentralized finance (DeFi), an entire industry within the bitcoin market, encourages financial decentralization as well.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: [email protected] Phone: +49 160 92211628