‘Bitcoin [BTC]’s scaling problems are related to its software, just like Netscape,’ says Abra CEO

Several proponents of the cryptocurrency space have come out in support of digital assets, including Abra CEO Bill Barhydt, who gave his comments on the future of cryptocurrencies as well as its adoption.

Speaking to Fortune, Barhydt stated that 100 percent of all transactions happen on-chain. He also stated that the smart contracts and the trade platforms hedge away the risks in the crypto world. The CEO added that last year, Abra transacted over a billion dollars, while at the same time customers were not affected. This occurred at the same time when the valuation of the cryptocurrency market was falling by 85 percent.

During the discussion, Bill Barhydt touched upon the concept of stablecoins. In his words,

“We are also planning to launch a native Ether wallet to cater to users. Stablecoins are ERC20 tokens and we aim to support them. Some stablecoins can represent off ramps and on ramps, a marker in the field of cryptocurrencies.”

According to Barhydt, interest in cryptocurrencies has spread across India, Indonesia, Argentina, and Venezuela. Barhydt also drew parallels between Netscape’s scaling problems and the scaling problems that Bitcoin currently suffers. He said,

“The challenges for Bitcoin to scale are software problems.”

Barhydt went on to give his opinion on the recently launched JPM Coin, calling it a ‘complete waste of time”. The Abra official said,

“I think the press got coin reference wrong. The JP Morgan Coin is a misnomer and in my opinion it is just a ledger.”

This point was echoed earlier by Brad Garlinghouse, the CEO of Ripple, who stated that the JPM Coin missed the point. Garlinghouse claimed,

“A bank-issued digital asset can only really efficiently settle between the banks who issued it. Then, two scenarios can play out. Scenario one: all banks around the world put aside competitive and geopolitical differences, adopt the same digital asset, agree on its rules, and harmoniously govern its usage. Fat chance. Scenario two (the more likely scenario): banks not in the issuing group issue their own digital assets with their own sets of rules and governance.”

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