Andreas Antonopoulos Compares The Disruptive Characteristics Of Bitcoin To E-mail
Andreas Antonopoulos who is known for his podcast sessions has come yet again with another thought-provoking delivery on how the society will experience a much-needed restructuring by means of crypto-adoption.
He intimated that in the future, the trend will tilt towards decentralization. By reason of this, the tracking and transfer of digital assets will be made very possible, and not only that, properties and personal belongings will be easy to change ownership without the delays and complications experienced today.
Like Email, Like Bitcoin
Antonopoulos used e-mail as a description to highlight the disruptive capabilities of Bitcoin. He stated that:
“(Just like email technology), you will see many other applications emerge from the other properties of the decentralized trust mechanism system.”
Speaking in favour of blockchain, Antonopoulos advised users not to get carried away with its wonderful features to the point of overlooking its permanent nature prior to deployment.
Notwithstanding, blockchain has a lot of benefits as it is not easy to corrupt, co-opt and censors because of its strict adherence to its designed model, he stated. In addition, smart contracts is a very useful tool in the business world. With it, traditional business models can finally get rid of the shackles of central databases during the process of making business decisions.
Antonopoulos Insists That Cryptocurrency Is Not A Haven For Criminals
No matter the misgivings of people towards cryptocurrency, no one can dispute the fact that it has come to stay. Not only that, it holds a lot of promise for its users. Yet, with all its potential, the crypto-ecosystem would need nothing short of 10 years to measure up to the old system that has been operational for the past century, though at a cheaper cost, says Antonopoulos.
Bringing to remembrance the early days of e-commerce and online payment, Antonopoulos pointed out that the public did not immediately embrace the innovations but rather approached them with caution.
Therefore, it is not a surprise when such treatment is given to cryptocurrency and it is “just a matter of time” before it is accepted as well, he stated.
He also expressed sadness at his inability to keep up with the speed of innovation within the crypto space due to time constraints. In response to the allegation of crypto being an instrument for scams and frauds, Antonopoulos had this to say:
“We’re seeing the actual application of these technologies in experimental settings that involve real world and effect real actors with real money at stake. We now have 10 to $12 billion experiments running with Bitcoin for seven years. This showcases an amazing view into a completely unfettered free market with all of the participants having a say.”