Bitcoin (BTC) Is the Email of Internet Money and Existing Monetary System Disruptor
- Andreas Antonopoulos, a widely-followed Bitcoin (BTC) Maximalist, has explained how e-mail may be similar in some ways to cryptocurrency.
- Antonopoulos has argued that Bitcoin could disrupt the existing monetary system in a manner which would be somewhat similar to how electronic mail disrupted the traditional postal system.
Bitcoin Is More Than Just Money
Andreas Antonopoulos, the author of The Internet of Money, is one of the most prolific Bitcoin Maximalists of this age. The technologist is well known for his eloquent interviews that leave many mind blown. In one of his discourses about Bitcoin, he says:
“This is the Internet of money; it's not just money for the Internet. […] The Bitcoin currency is just the first application – it's like email on the Internet – it's good enough to change the world and have everyone adopt the Internet…”
Such a sentiment at a time when Bitcoin is regarded as the store of value, and Ethereum as the dApp king can be polarizing. Isn’t blockchain the future? Most crypto users would have a much easier time with it if he said that crypto is the Internet of money, and blockchain was indeed the new Internet.
Antonopoulos, nonetheless, is a well versed with the subject and speaking plainly. The distributed systems expert has a Data Communications as well as a Computer Science degree from UCL. He has also widely consulted as a CSO, CIO, and CTO in a multitude of companies. Additionally, he does not shy away from the complexities of Bitcoin.
The Internet Scaled, So Will Bitcoin
The book The Internet of Money has the British investor’s transposed talks about Bitcoin. He talks about controversies surrounding the blockchain invention such as its scalability problem. The technologist draws parallels between Bitcoin's history and that of the Internet. He reminds his audience that back in 1998, the Internet was a basic slow messaging network. It relied on the dial up infrastructure which massively slowed it down. Data processes would take hours, and very soon, experts started to predict the death of it. There were predictions that the Internet would not scale. It however did, and the infrastructure improved, enhancing connections.
Nevertheless, when email became common, the scaling issue returned as attachments enlarged in size. The web began receiving images, videos, and hypertext documents, and everything slowed down. Antonopoulos goes on to say:
“Scaling is a moving target. Scale defines the edge of today's capabilities. As it moves forward, capability increases. The reason for this is simple: it's because scale is not a goal to achieve; it is a definition of what you can do with the network today.”
To this end, the Internet's scalability problem, therefore, was solved as demands placed on it arose.
Added Layers on Bitcoin Will Bring About New Innovations
The Bitcoin enthusiast debunks other myths such as Bitcoin's hard to use design. He mentions that the designers will eventually have to come up with a usable Bitcoin UX. He further points out that as Bitcoin's value to humanity manifests itself, more people will teach themselves its language, same as they did to adapt to the Internet. He also addresses Bitcoin's infrastructure inversion, saying that every new technology always has to struggle with outdated infrastructure before replacing it.
They however always impose newer standards. He compares Bitcoin's current infrastructure problems to the automobiles in an age where paved roads were scarce. Cars at the time did not make much sense. The Lighting Network, the most economical but also the most popular and largest smart contract, is built on Bitcoin. It is solving Bitcoin's scalability issue and is set to change the network's uses. Microsoft is also using Bitcoin to develop its massive identity blockchain based project. As an illustration, the millions of online users who use Microsoft's credentials from Azure will get their credentials back through Bitcoin's blockchain.
Most blockchain believers are fascinated by the potential held by seamless yet private access to applications. In similar fashion data integrity reliant on Bitcoin is a use case pursued by the Republic of Georgia's land registry. With many other layers being built around it, the possibilities and use cases of Bitcoin are endless. BTC, as Antonopoulos says, could just be the beginning.