Riccardo Spagni: Bitcoin will not be the only cryptocurrency used

Lead Monero developer and co-founder of the Tari project, Ricardo ‘Fluffypony’ Spagna, stated that those who believe that Bitcoin will be the only cryptocurrency that will survive in the long run do not understand that this is contrary to human nature itself.

“The chances that the world will agree to use only Bitcoin are less than zero. I don’t see a future in which Bitcoin will be the only cryptocurrency in use” - Spagni said in a recent video chat, Monero Talk.

At the same time, he agrees with the opinion, which was previously voiced by other representatives of the industry, saying that Bitcoin could become a global reserve currency. Riccardo Spagnie also noted that the first cryptocurrency for the most part has an adequate level of anonymity, and solutions like the Lightning Network will allow it to scale effectively.

Nevertheless, Spagnie is convinced that Monero (XMR) will also continue to exist, and those who need a higher level of financial privacy will prefer XMR when carrying out transactions.

Note that according to the Monero ecosystem report presented in March, XMR has one of the most active developer communities, second only to Bitcoin and Ethereum in this area. At that time, the project consisted of about 550 developers worldwide.

Last month, a planned hardfork took place in the Monero network, aimed primarily at further counteracting miners using ASIC equipment.