Riccardo Spagni, the lead maintainer of Monero (XMR), a leading privacy-oriented cryptocurrency, has said people who argue that Bitcoin (BTC) is the only cryptoasset that will survive in the long-term fail to realize that this goes against “human nature.”
Spagni, a co-founder of the Tari project, noted that it’s also part of human nature to not “agree on anything” and that he thinks “the chances of the entirety of the world agreeing to use Bitcoin only is like less than zero. I don’t see a future where Bitcoin is the only digital currency that anyone ever uses.”
Bitcoin On Track To Become World’s Reserve Currency
Spagni, whose comments came during a recent airing of “Monero Talk,” revealed he envisions a world where Bitcoin will eventually become a global reserve currency. He added the world’s most dominant cryptocurrency potentially has adequate privacy features, for the most part, and the Lightning Network (LN) protocol would enable Bitcoin to scale effectively.
However, Spagni believes XMR will coexist with the flagship cryptocurrency in the future . He noted those looking for enhanced, or a greater level of financial privacy, would most likely choose XMR for certain transactions.
Privacy-Focused Cryptos Could Protect People
Spagni further mentioned:
Where multinational corporations want to move money around without tipping off their competitors that they’re moving money around you know where people in South American countries that are at risk of being kidnapped and extorted for their money are able to still receive this salary.
Notably, Spagni also believes Bitcoin’s development has evolved to the point that it will be considered a “reserve currency in the future.”
Monero’s SWOT Analysis
Last month, Monero’s developers published a Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis of XMR. According to a Monero community outreach organizer, who had helped compile the document, the XMR has one of the most active developer communities. In fact, the cryptocurrency project’s Github commits revealed that Monero has the “third highest code contributor count.”
At the time, there were at least 547 developers, located throughout the world, that had been working on improving the Monero protocol. Other notable information revealed in the analysis report suggested that Monero’s project contributors had been conducting high quality research. This is being led by the Monero Research Lab which reportedly observes industry best practices. These include “sending new developments through formal third party auditing” prior to adding proposed changes to Monero’s codebase.