WHAT IS BITCOIN?
[ViDEO] “What Is Bitcoin?” with Andreas Antonopoulos from 2013
Bitcoin Is A Technology First
“What is bitcoin?” This is the video to watch if you want to know what bitcoin is and where it is going. The ease of which bitcoin author and intellect Andreas Antonopoulos explains bitcoin at the Disrupt Conference in Athens in 2013 should be mesmerizing and exciting for anyone inquiring about the most disruptive computer science in decades. “You want disrupt? I got disrupt.
No. I’ve got downright revolution. We’re going to talk about the most exciting, most interesting and probably the most important technological innovation, no invention, in computer science over the last twenty years. Bitcoin,” Mr. Antonopoulos exclaims with confidence.
In this video, which was filmed nearly 2.5 years ago, he talks about how the world was laughing at bitcoin. Banks in 2013 were asking, “What is bitcoin?” Now a quarter of the way through 2016 and we have the banks going deep into the technology behind bitcoin for better or for worse.
Bitcoin is a technology, it is a currency, and it is an international network of payments and exchange that is completely decentralized. It doesn’t rely on banks. It doesn’t rely on governments.”
Antonopoulos goes on to explain that bitcoin is not merely just a currency, but it is a technology. If the currency fails we still have the technology which is irreversible. He goes on, “Cryptographic currencies are going to be a mainstay of our financial future, they are going to be part of the future of this planet because they have been invented and it is as simple as that. You cannot un-invent something. You cannot turn the omelette into eggs.”
A lot of things he claims in this video to be true, as far as what bitcoin can become, are definitely transpiring as well. He claims that bitcoin will be used for currency as the first application process which was obvious then but he goes onto explain how the technology can be used for stock ownership, asset registration, notarization and distributed fair voting. All of these applications have been applied to bitcoin and further more the concept of blockchain and even more accurately what people are calling distributed ledger technology now!
Bitcoin Is International Currency
There are 193 currencies in the world but there’s only ONE international currency”
This above quote is pretty self explanatory and can be viewed either negative or positive at face value, but when put into context it can be seen as leveling the playing field amongst all people. He goes on to say, “6.5 billion people (2 billion of which are already on the internet) don’t have access to banking or credit. Bitcoin changes that.” I was at a Coinfest meetup in Washington, D.C. last week and a third of the presentation was dedicated to a gentleman who presented bitcoin as a solution to costly international remittance issues.
It can cost 5-50% of your funds just to send funds to another country especially in small increments since there is always a minimum purchase amount or fee. Bitcoin abolishes this problem. It costs next to nothing to send pennies worth of bitcoin or millions worth to your aunt in Brazil. The big news a few weeks ago was Donald Trump using his “leverage” against Mexico by claiming he will wipe away remittances to the country if the Mexican government doesn’t fork over $5-8 billionUSD to build “The Wall To Make America Isolated and Great Again.” This is a nonissue to users of bitcoin because in ten minutes or less I can get bitcoin to anyone in Mexico.
Bitcoin Is Innovative
Bitcoin creates this environment that is ripe for innovation”
What is bitcoin? It is innovation. Antonopoulos explains how he was around in 1991 when the internet was just electronic mail and ip addresses. There was no interface for users and some people thought it was just some expensive telephone that you typed on and communicated with your pen pal in Thailand. It took applications and layers upon layers to make the internet more than even cringe-worthy for the average consumer in the 1990s. Back then, the internet was in it’s infancy like bitcoin is in the 2000-teens.
Once bitcoin is easier to use and a company like the early innovators of internet web development like AOL or Netscape takes over in the bitcoin or blockchain realm will we really start to see mass adoption. Andreas goes on to talk about alt coins, or alternative coins to bitcoin, and how the bitcoin code is open source and about 100 other coins had begun to spin off of bitcoin (now the number is in the 1000s.) He explains that alt coins “use same basic technology as a decentralized asset ledger using consensus in the network with Satoshi’s algorythm in order to achieve other forms of currency.
Currencies that are inflationary, deflationary, use negative interest rates, currencies that are charitable and redistribute a portion of the income to charitable organizations.” Now this speech was a couple years ago but all of the type of currencies and applications he mentions (and more) are now available. You can look at Ethereum and see how it has made several advantageous tinkerings with the code to make an actual competitor to bitcoin at the moment.
After watching this video you should have a way better understanding of what the crypto technology can do. I’ll leave you with the quote of what he says about the early adopters of the internet and what they were being called in the unregulated early days of the world wide web:
In 1991, [the internet] was a den of thieves, pornographers, pirates and criminals”
Seems like that quote has been recycled quite a bit in the media and other mainstream outlets that don’t take the time to comprehend and embrace progressive technological advances in humanity and beyond.