According to Tether CEO Paolo Ardoino (the Head of USDT), Bitcoin (BTC) is the only truly decentralized cryptocurrency. Find out the truth about decentralization here.
At BTC Prague, Tether CEO Paolo Ardoino declared Bitcoin the lone decentralized king among 14,000 cryptocurrencies.
Ardoino outlined what sets Bitcoin apart in the crowded digital currency market in an interview with CoinTelegraph.
“Bitcoin is the only example of a currency that is only ruled by math that basically cannot be changed,” he stated.
Tether CEO: The Certainty of Bitcoin is Unmatched
According to the Tether CEO, Bitcoin’s unwavering certainty and predictability set it apart. Unlike other cryptos that see constant updates and policy shifts, Bitcoin, outside of Stacks, Ordinals, and Runes, mainly sticks to its original protocol.
“With the other currencies, you see that there is a group of developers that come every month. They are coming out with a new software release, they change the monetary policy, inflationary, deflationary, and they keep changing things,” Ardoino noted.
He also pointed out Bitcoin’s supply is capped at 21 million coins, with built-in deflationary halvings every four years until mining completes.
Unpacking Controversial Views and Honesty About Tether
Courting controversy, Ardoino bluntly admitted that Tether is centralized, unlike Bitcoin
“I openly say that Tether is centralized, unlike Bitcoin,” he remarked.
Ardoino also didn’t hold back his views on meme coins, the current crypto sensation of tokens riding on internet trends.
“I like memes, but not meme coins,” he said, emphasizing that Bitcoin and meme coins are at “completely opposite parts of the spectrum.”
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Is Bitcoin Really That Decentralized?
Despite DeFi’s claims of decentralization, JAN3 CEO Samson Mow agreed with Arduino that it couldn’t match Bitcoin’s decentralization.
Yet, Bitcoin itself isn’t immune to centralization; for instance, Bitcoin Core’s site lists only 14 developers, with most work done by a handful.
Also, it should be noted that Bitcoin is mostly traded on centralized exchanges, which are vulnerable to crashes like FTX or Celsius.
That’s why 99Bitcoin recommends using a mix of Dex and Cex platforms, activating 2FA, and looking into hard wallets to keep control of your assets.
While Bitcoin itself is decentralized, the larger crypto world isn’t immune to centralization issues. Look for more updates from BTC Prague and our coverage at Bitcoin Nashville 2024!
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
