Veteran Bitcoin developer Peter Todd believes most people don’t actually care about Bitcoin, and he explained why during his Permissionless IV interview.
While Bitcoin has shaped the global financial system and introduced a new standard for digital money, Todd argues that average users aren’t focused on ideology or decentralization. They’re focused on one thing: moving value easily.
In this article, we break down Peter Todd’s view on Bitcoin’s role today, and why stablecoins like USDT have taken center stage in many real-world scenarios.
Bitcoin’s Strength Is Also Its Challenge
According to Todd, Bitcoin’s simplicity is both its power and its drawback. As a core protocol, it works. It’s secure, decentralized, and battle-tested. But that simplicity makes it harder to build flexible, user-facing apps compared to more modern blockchain platforms.
Todd, who’s been involved with Bitcoin since 2011, helped shape projects like Zcash, RGB, and R3. He also created OpenTimestamps, a tool that uses Bitcoin for verifying time-based data — proof that Bitcoin’s utility extends beyond money.
Still, Todd notes that Bitcoin isn’t the platform developers turn to when speed-to-market matters. That’s one reason, in his opinion, why some of today’s most-used blockchain apps have chosen to build elsewhere.
Why Stablecoins Are Winning, According to Todd
Todd shared real-world examples of stablecoin dominance. In places like Skopje and Kiev, he saw first-hand how USDT is being used in currency exchange booths, retail stores, and peer-to-peer payments.
“It’s not that these people dislike Bitcoin,” Todd said. “It’s that they don’t care. What they care about is moving value with minimal friction — and stablecoins are more suited to that right now.”
In his experience, people aren’t comparing Bitcoin to stablecoins on technical merit. Instead, they’re choosing the easiest and most stable tool to handle real-world purchases — and that often means using USDT through platforms like Binance.
Bitcoin Isn’t Out, Lightning Is Just Leading the Way
Todd does see a future for Bitcoin in payments, particularly through the Lightning Network. He pointed out that in places like Costa Rica, businesses are dropping on-chain Bitcoin payments entirely in favor of Lightning.
Lightning offers low-cost, instant payments built on Bitcoin’s foundation. For developers, it opens up new possibilities. For users, it simplifies how they spend Bitcoin.
Still, Todd believes building secure, scalable, decentralized apps on Bitcoin — especially ones that compete with centralized solutions — requires a lot more effort. That effort, he says, is why fewer businesses try to build on Bitcoin today.
Polymarket and the Reality of Building Elsewhere
Todd referenced Polymarket as a successful blockchain application — even though it doesn’t use Bitcoin. He praised its success while acknowledging its centralized components.
“Sure, they didn’t build on Bitcoin,” Todd said. “But they made it work. And that’s what matters in business.”
He sees this as a practical decision. Polymarket chose tools that helped them launch and grow, even if that meant sacrificing some decentralization. According to Todd, this tradeoff is common — especially when real-world utility is the priority.
Conclusion: Todd’s Take Isn’t Anti-Bitcoin — It’s Practical
Peter Todd’s opinion may challenge Bitcoin purists, but it’s rooted in observation and experience. He doesn’t dismiss Bitcoin’s long-term value or dismiss Lightning’s potential. Instead, he highlights that user behavior doesn’t always align with ideology.
For now, stablecoins are winning on convenience, and developers are choosing tools that speed up development. But that doesn’t mean Bitcoin’s role is fading. In fact, Todd’s insights make it clear: Bitcoin still matters, just not always in the way people expect.
As Lightning and Bitcoin infrastructure continue to improve, real-world use may gradually shift back. But developers and businesses will always go where they can solve problems quickly, and that’s the reality Bitcoin must face, not fear.
