Antonopoulos Sets the Bitcoin Record Straight When Talking About Blockchain Misunderstandings
- Antonopoulos is of the opinion that as more and more people become educated regarding cryptocurrencies, their adoption rate will increase quite rapidly across the globe.
- He also believes that due to the spreading of misinformation in relation to blockchain technology, a lot of casual investors have stayed away from this otherwise burgeoning domain.
Well, known BTC enthusiast and proponent Andreas Antonopoulos recently conducted an online AMA where he sought to eradicate many of the misconceptions surrounding the cryptocurrency market. For starters, when asked why people were scared to put their money into premier alt-assets such as Bitcoin, Ethereum, XRP, he answered by saying that most investors did not understand the concept of ‘blockchain technology’ and thus were afraid to explore this space altogether.
Additionally, he also pointed out that many people still didn't fully get the true utility of crypto assets. To elaborate on the point, he highlighted how BTC can be used to facilitate voluminous tx’s using smart contracts — a groundbreaking feature that traditional banking/lending institutions do not provide their customers with.
On the subject, he was quoted as saying:
“We are used to operating a system of soft promises. (This is the reason) A bank can reverse a transaction if you want, or dont want!” (This way) you can reintroduce consumer refunds, but the only owner gets to choose who the third-party is. This is not an irreversible payment, but an irreversible guarantee.”
Lastly, Antonopoulos made it clear that while the crypto space had its set of limitations, he was quite certain that in the coming few months the global dev community would be able to sort out many of these issues — thereby offering enthusiasts with a more robust ecosystem that can be used to tackle a number of different issues pertaining to domains such as banking, inventory management, supply chain administration, etc.
Andrea Antonopoulos, who is a probably best known for being the host of the Let's Talk Bitcoin podcast, recently conducted an online Q&A where he responded to a number of questions posed to him by his followers.