Popular TV host Max Keizer recently highlighted that Bitcoin’s ever-growing hash rate is significantly more important to humanity than its price. He believes that the increasing demand for energy to sustain the grid would ultimately result in the demise of altcoins and fiat currencies. Will Bitcoin destroy all other cryptocurrencies?
Remember that the hash rate or “hash rate” is the unit of measurement of the processing power of the Bitcoin network. The network must do intensive math operations for security reasons. When the network reaches a hash rate of 10 TH / s it means that it can do 10 trillion calculations per second.
The presenter explained that this fully correlates to the hash rate of Bitcoin. The unit of measurement for the processing power of the Bitcoin network. The higher the input from the computer power miners, the higher the hash rate.
Now, despite fears of miners’ capitulation following Bitcoin’s third halving in May, the hash rate has been increasing. And, it recently hit a new all-time high.
BTC exhibits characteristics of an independent body
Keizer added that BTC exhibits characteristics of an independent, life-like body. That it is “chasing a 51% attack on the global energy supply.” This, however, is a positive outcome that humanity must accept as a “fortuitous life-saving break.”
Without it, people would face “a terrible situation of central bank authoritarianism and permanent homelessness for all who are not central bankers.”
According to Keizer, “The increasing demand for energy input only describes Bitcoin’s goal, that the winner takes all, including the Genesis Block, to completely destroy the fiat and altcoin systems, depriving them of energy.”
Keizer claimed, that this makes the rising hash rate significantly more important, than the price of Bitcoin, which “It makes no sense in this context”.
The price could be attributed to numerous factors, but the hash rate “tells you how close we are to fiat money and the destruction of the central bank, and freedom for our species.”
Will Bitcoin Cash and Bitcoin SV be erased?
The first to be “wiped off the map” according to the presenter are proof-of-work altcoins like Bitcoin Cash and Bitcoin SV. Keizer noted that Bitcoin is responsible for about 85% of the POW hash rate dominance in total, and this metric is only increasing. As such, it is only a matter of time before BCH and BSV are “erased.”
Against this background, he predicted such a disastrous fate for the entire altcoin market. Once BTC is done with the alts, the next most vulnerable targets on its way are fiat paper currencies.
«It is already happening in Argentina, Iran, Venezuela and Zimbabwe. Now we will begin to see the yen, the US dollar, the euro, the renminbi and the pound begin to die out. Since the energy necessary to keep them alive is looted unstoppably by the Bitcoin protocol.
The only survivor will be gold, Keizer continued. However, Bitcoin will catch up with the precious metal in market size and then “start to draw energy from gold.”
Ultimately, Keizer concluded that “civilization as we know it is about to change.” But will Bitcoin be able to destroy all other cryptocurrencies?
Bitcoin forever the preferred?
In a recent study, Bitpay exposed that between February and July of this year the monthly average of Bitcoin use has been above 88% at all times. BCH and ETH only cover around 8% of total payments.
In this sense, the cryptocurrency payment processor mainly processes payments with Bitcoin (BTC). Although it allows the use of other currencies, including Bitcoin Cash (BCH). In total, about 90% of payments are with the main market currency, according to data from the service itself.
The same data shows that the processor executes on average more than 101,000 payments with cryptocurrencies monthly so far this year. In fact, coinciding with the pandemic and confinement by coronavirus, the figure has been increasing month by month, since March.
In short, every month there are about 90,000 payments with Bitcoin through this platform, used by companies from various industries to receive cryptocurrencies in exchange for their products or services.
However, there is still a long way to go. And see if Bitcoin will indeed destroy all other cryptocurrencies.