Andreas Antonopoulos is an educator and an experienced Bitcoin user; He is recognized as one of the most reliable voices in the Blockchain space. Antonopoulos has written four books in the blockchain space, they are Mastering Bitcoin (2014), Internet of Money Vol 1 (2016) and 2 (2017) and most recently Mastering Ethereum (2018).
In his recent interview on YouTube channel, Singularity Web, he answered some hard-hitting questions that currently surround Bitcoin. First and most important was, “Why Bitcoin?.” Since the banking system itself has evolved over more than 50 years to store and send value.
However, according to Andreas,
“Only 15% of the human population actually has access to banks… Hence, the privildged cannot imagine to need of the system… But its there… Think about South America… People, there are not happy with their economy or Government… Countries with inflation problems”
Hence, from the perception of a developed nation like the US, it is difficult to understand the immediate need for Bitcoin (BTC) in the world.
Blockchains Technology Vs Bitcoin
The second most striking question that the interviewer put was regarding the blockchain technology vs Bitcoin argument. Various industry leader and even banking institutions have emphasized that “Bitcoin will die but blockchain will stay or that Blockchain is the real thing.”
To this, Antonopoulos noted that Blockchains are basically secure databases. However, Blockchain alone does not guarantee immutability and trust. Bitcoin provides immutability and trust on the blockchain by adding proof of work (PoW) consensus mechanism.
The most interesting analogy that Andreas presented to the users was:
“Bitcoin vs Blockchain is exactly the same as Facebook vs the open internet infrastructure.. People say that we are very excited about open-internet and Facebook is the internet, isn’t it? No, its not.” He added, “Facebook is a centralized, control infrastrucure.. It is a terrible argument for many reasons.”
He emphasized on the above ‘argument’ because while Bitcoin is “forging its way to become the world’s most robust, independent digitally secure currency and payment system” it lacks in one aspect and i.e., privacy. However, the second layer of Bitcoin with Segregated Witness (Segwit) and Lightning Network (LN) is working towards addressing those issues as well.
Furthermore, he added that:
“Bitcoin has continued to work like a Heartbeat.. producing a block every 10 minutes for the past 10 years… It provides independence, empowerment, neutrality, borderless operation and open access.” He also added that, “the fact that it is still there is the real testament to the robustness of the technology.”
Hence, midst numerous cryptocurrencies and centralized blockchain projects like the JPM Coin, Ripple, and even forks of Bitcoin like Bitcoin Cash (BCH), Antonopoulos is a staunch believer of the original Bitcoin (BTC). He implores that greed and investment in Blockchain is only the tip of the iceberg, and one must use and experience the technology before giving in to speculation and short-sighted thinking.
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