Outspeak caught up with two cryptocurrency experts, Ethereum co-founder Taylor Gerring and crypto commentator David Seaman, to get their thoughts on the evolution of cryptocurrency, and what comes next.
Bitcoin is known for its aggressive bull trends. There are many risks associated with owning bitcoin such as volatility and keeping your coins secure from hacks. That said, there are also many positive benefits for including bitcoin in your portfolio.
The blockchain technology behind bitcoin isn't just going to change financial industry. It's going to revolutionize everything from contracts to voting through the construction of internet applications. But, what exactly are the components of these of applications?
The notion of national currencies and fiat money is central to modern economies and government financing. I can't see a world in the foreseeable future, where sovereign nation states give up the control over what currency must be used for conducting its business.
The general acceptance of Bitcoin could have profound consequences, leading to a more egalitarian distribution of wealth and a more stable society. But in order for that to happen, there are two important things we must do.
We must not allow this new "Freecoin" to be owned or bought and sold with real money. For the moment that a currency becomes interest-bearing and is subject to transaction and storage charges, it becomes a tradable commodity itself and it loses its equalizing value.
Through recent conversations with various friends and colleagues, it has become apparent that Bitcoin is somewhat of a mystery to the majority of the population. The common query, even among seasoned investors, is inevitably, "What is Bitcoin?"
It's an exciting time for people working on products and services that bring years of research to consumers. I am looking forward to seeing the evolution of digital identity in the near future, and how technologies, such as Bitcoin, will influence its development.
Bitcoin is managed by a peer network; it is a currency not under the control of any government. Some argue this means it will be a low risk global currency, not buffeted by the performance of any national economy.