Adam Back: “Bitcoin is Above Others”

Cointelegraph held an exclusive interview with the CEO of Blockstream Adam Back. For the Adam Back, there is nothing above Bitcoin, not stablecoins or any other central bank coins.

The CEO of Blockstream was one of the first people who worked with Bitcoin (BTC). Additionally, he invented the Hashcash proof of work system. Adam Block spoke about the positive uses of blockchain at the G20 meetings in Japan this year.

While talking to Dutch central bank’s president at G20, Adam Back said that blockchain is ready for initiation to an open network. He claims that financial institutions won’t benefit anymore from technology because it would mean international transfers won’t need intermediary banks for the questionable credit.

Japan’s Financial Services Agency described Back as a fabulous cypherpunk who facilitates useful discussions concerning blockchain, cryptography, and the future.

The CEO of Blockstream commented on the private institutions which increasingly use blockchain and China’s possible developments of a CBDC (central bank digital currency). But as Back says, these issues are not nearly as crucial as uncensored money like Bitcoin is.

Bitcoin

The CEO thinks that blockchains are the promise of free-market money because of its uncensorable usage and permissionless. It separates cash from the state. He sees Bitcoin as a gold-like mined digital commodity money. For crypto trading, it is useful to have stable coins. The Bitcoin is most stable among others, claims the CEO of Blockstream Adam Back.

Back also said regarding Facebook’s proposed cryptocurrency Libra that it is just another modern feel banking app and has nothing to do with cryptocurrencies. It’s a competitor to Paypal, QQ Pay, and Venmo and not a decentralized cryptocurrency, claims the Adam Back. The sing up, account freezing, terms of permission, or financial interest creates a modern feel of the banking app for the users.