Cryptocurrencies that copy Bitcoin fail, experts say

Cointelegraph’s Joseph Hall interviewed Bitcoin (BTC) advocates Pierre Rochard and Morgen Rochard, the hosts of the Bitcoin for Advisors podcast, at the Surfin’ Bitcoin 2022 event held in France. The group talked about how France can attract more miners, where Bitcoin comes in when it comes to financial planning and the difference between Bitcoin and other cryptos.

According to Pierre Rochard, who also works at mining company Riot Blockchain, there are two ways France can attract large Bitcoin miners. The first is to provide reassurances when it comes to Bitcoin mining guidelines. In addition to this, the country should provide a power grid that is favorable for miners. He explained:

“We see that Japan is now opening up or changing the guidelines for nuclear power, and I think that France should reinvest in its nuclear power and really they should be able to attract Bitcoin miners more easily.”

Apart from mining, the group also spoke on the topic of financial planning. Morgen Rochard, who is also a certified financial planner, discussed where Bitcoin fits into financial planning. She shared that the conversation in financial planning in many cases revolves around inflation and understanding money. She stated:

“Most of my profession is about saying, hey, that money you have there, stop having all that money. We need to move it immediately into an investment because it is, as Saylor called it, it’s a melting ice cube.”

Morgen also said that some clients are quick to understand Bitcoin and are willing to put part of their portfolio into it. “The financial planning situation really helps people think about it,” she added.

Related: Bitcoin advocate floats BTC as solution to US student loan woes

When asked about other cryptocurrencies, the pair put on their Bitcoin maximalist hats and described how BTC is different from other coins such as Dogecoin (DOGE) and Ether (ETH). Morning said:

“It is something like Dogecoin […] but it’s basically a copy of Bitcoin, but it’s still fiat, right? Because they blow it up all the time. And the same with Ethereum. They claim there would be a cap, but there really isn’t a cap because they don’t even know how much they have in supply.”

Pierre also came along and explained how the Bitcoin protocol is designed to minimize uncertainty. The miner highlighted that any change in Bitcoin’s parameters will affect this configuration. “Bitcoin is the best-engineered digital monetary network, and then everything else is worse,” he said.