Do you believe that take over the world?
Do you believe that Bitcoin will drive most of the world's commerce?
Silicon Valley legendary venture capitalist Tim Draper certainly thinks so and talks about it in the latest interview in Forbes Magazine.
I certainly agree with Draper, why anyone would want to go back to fiat when crypto is distributed, secure and global, while fiat is subject to the whims of political forces.
https://www.forbes.com/sites/nathanvardi/2018/02/07/silicon-valley-legend-tim-draper-bitcoin-and-crypto-will-take-over-the-world/
In my opinion Bitcoin technology has completely redefined the concept of money in its nine years of existence.
It is designed so that only the person who knows private key controls the bitcoin associated with a given public (key) address.
Unlike a ton of gold or suitcases filled with cash, a Bitcoin user can store indefinite amounts on a given address. A trillion dollars, for example, stored on a single address costs just as much to store as $1 in bitcoin.
You can send pretty much any amount to someone else on the other side of the globe in minutes, just like an email. This is something that was never done before so seamlessly and without a middleman.
Also people who travel abroad know perfectly well that no more than $10,000 USD can be brought along. A penny more, and you must explain where that money is coming from and what it is being used for to the border patrol.
Also Bitcoin introduced something that has never existed before: the concept of digital scarcity. For example, while most US dollars today come in digital form, more is always created – something that has ballooned the US national debt to over $20 trillion.
Hard capped at 21 million, there are no central planners or decision-makers that can change this number because that would mean convincing millions of users to go along.
Bitcoin is not a static technology. In fact, the innovation in Bitcoin has been staggering. Numerous proposals to optimize and improve it are already in the pipeline, including plans to make transactions instant, cheaper, more private, and more decentralized.
Do you believe that Bitcoin will drive most of the world's commerce?
Silicon Valley legendary venture capitalist Tim Draper certainly thinks so and talks about it in the latest interview in Forbes Magazine.
I certainly agree with Draper, why anyone would want to go back to fiat when crypto is distributed, secure and global, while fiat is subject to the whims of political forces.
https://www.forbes.com/sites/nathanvardi/2018/02/07/silicon-valley-legend-tim-draper-bitcoin-and-crypto-will-take-over-the-world/
In my opinion Bitcoin technology has completely redefined the concept of money in its nine years of existence.
It is designed so that only the person who knows private key controls the bitcoin associated with a given public (key) address.
Unlike a ton of gold or suitcases filled with cash, a Bitcoin user can store indefinite amounts on a given address. A trillion dollars, for example, stored on a single address costs just as much to store as $1 in bitcoin.
You can send pretty much any amount to someone else on the other side of the globe in minutes, just like an email. This is something that was never done before so seamlessly and without a middleman.
Also people who travel abroad know perfectly well that no more than $10,000 USD can be brought along. A penny more, and you must explain where that money is coming from and what it is being used for to the border patrol.
Also Bitcoin introduced something that has never existed before: the concept of digital scarcity. For example, while most US dollars today come in digital form, more is always created – something that has ballooned the US national debt to over $20 trillion.
Hard capped at 21 million, there are no central planners or decision-makers that can change this number because that would mean convincing millions of users to go along.
Bitcoin is not a static technology. In fact, the innovation in Bitcoin has been staggering. Numerous proposals to optimize and improve it are already in the pipeline, including plans to make transactions instant, cheaper, more private, and more decentralized.
As of now, we have 26 cryptocurrencies that reached the billion market cap, including the bitcoin. All of them has the potential to grow more than what bitcoin did, eventhough they are not in billion market cap. It always depends on how they change in the given period of time. If people find it so useful and they thought that they can invest through it and they can gain profit, then they will go to it, make it popular and then it depends if it will grow.
