An early Bitcoin BTC/USD adopter ‘Mandrik' recalls trading a pan of baklava for 14 BTC to Roger Ver twelve years ago, noting how Bitcoin has significantly transformed their life since then.
Roger Ver’s Reply: Roger Ver, often referred to as ‘Bitcoin Jesus’ for his early and fervent support of the cryptocurrency, responded by reflecting on the use of Bitcoin at the time of the transaction.
“12 years ago I used a peer to peer electronic cash system to buy the baclava from you. What people call Bitcoin today no longer is usable to buy baclava due to the high fees caused by limiting the block size,” Ver stated.
Ver’s stance on the need for Bitcoin to accommodate larger block sizes has been consistent. He argues that increasing the block size limit is crucial for Bitcoin to regain its function as a peer-to-peer electronic cash system.
Why It Matters: Ver’s engagement with Bitcoin began in early 2011, when he recognized the potential of the digital currency and began integrating it into his online business, Memorydealers.com. His early adoption and significant accumulation of Bitcoin, with estimates noting over 400,000 BTC, established him as one of the leading figures in the cryptocurrency community.
Despite being an evangelist in the early days, Ver has since expressed his concern over the developmental direction of Bitcoin. In a 2017 interview with CNBC, he voiced worry about the future viability of Bitcoin as a currency, stating, “the developers have destroyed” its utility for everyday transactions due to the high focus on speculative trading rather than its original intended use.
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On The Flip Side: In contrast to Ver’s views, crypto developer Jameson Lopp provides a different perspective on the present state of Bitcoin.
Lopp took to X (formerly Twitter), saying, “Today you’re able to settle your baklava payment even faster via Lightning Network. What people call Bitcoin today is effectively a cryptographic accumulator for lower value activities on other layers. Because nobody wants to store your stupid baklava payment for all eternity.”
The Lightning Network is an off-chain, second-layer protocol designed to enable faster and cheaper transactions by creating a network of payment channels between users. It enhances Bitcoin’s scalability by reducing the burden on the main blockchain, handling transactions more efficiently without compromising the underlying security.
Price Action: At the time of writing, BTC was trading at $36,674, down 0.59% in the last 24 hours, according to Benzinga Pro.
Image via Shutterstock
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