Ripple CTO discusses whether Bitcoin can be copied: Technical verification and the essence of value

Source: CryptoNewsNet Original Title: Ripple CTO Weighs In on Bitcoin: Can It Be Replicated? Original Link: Ripple CTO David Schwartz recently shared his views on Bitcoin in a market discussion.

When the founder of a leading exchange debated Bitcoin with critic Peter Schiff at Blockchain Week in Dubai, the crypto community responded widely. The highlight of the debate came when the founder produced a gold bar and asked Schiff to verify its authenticity. Schiff replied, “I don’t know,” explaining he couldn’t verify it without additional tools.

The London Bullion Market Association confirmed that fire assay is the only method to 100% verify gold.

The founder then pointed out that Bitcoin transactions can be instantly verified on the blockchain, while gold still struggles with basic identity verification.

During the discussion, a user asked: How long would it take to replicate Bitcoin? “To create an identical one. What’s the cost?” the user asked.

Schwartz replied: “How can it be both new and identical? How would the existence of a Bitcoin copy affect Bitcoin?”

1 BTC = 1 BTC

The slogan “1 BTC = 1 BTC” is widely used in the crypto market.

“1 BTC = 1 BTC” corrects the misconception that when Bitcoin’s price drops, it loses value. However, such price drops are only relevant in relation to fiat currencies. In reality, one Bitcoin is still equal to one Bitcoin.

This refutes speculation about Bitcoin copies, as there are only 21 million Bitcoins that can ever be mined. Bitcoin’s fixed supply means there will only ever be 21 million coins in circulation. As of press time, Bitcoin’s total supply is 19,957,806 BTC, with 1,042,194 coins left to be mined from the fixed supply of 21 million.