Crypto Innovator John McAfee Talks Blockchain and Crypto Transforming Businesses
John McAfee Reveals that “If You Used [Crypto] For What It Was Intended, It Would Enhance All of Our Lives”
In a recent interview with one of Crypto Globe’s and John McAfee, the latter broke down the specs of his Bitfi Wallet, President Donald Trump and how the cryptocurrency world can be evaluated and where it will take us in the future. He openly shared a lot of insight to what he believes are the pros and cons of cryptocurrencies and blockchain technology. Here are the main highlights:
Can Bitfi Wallet Prevent Hacks?
In a number of occasions, McAfee has openly made an offer, which clearly stated that those who are successful in hacking the Bitfi Wallet, will receive $250,000,000. While many hackers have claimed to succeed, McAfee defines “hacking differently”.
In particular, he said, “Everyone knows what hacking means – if somebody hacks your wallet you take your money […] What is the purpose of hacking? You hack something to either modify or change their data, so it becomes unusable.”
To this day, he claims that the wallet has not been hacked and, according to him, it simply will not happen. It seems that he will only praise a hacker for his or her accomplishment, given that the individual was successful in getting hold of one’s money.
As for how the Bitfi Wallet has been secured, McAfee mentioned that users need to assign a pass phrase consisting of 30 characters. By his quotes, “the wallet simply takes that and creates seed keys unique to that phrase, it doesn’t store those seed keys […] it creates the seed keys, accesses the wallet and that’s it.”
When asked what happens if one forgets the pass phrase, he replied that “in that event, their holdings are lost”.
Trump and His Administration’s Role in Crypto-Adoption
McAfee seems to be pleased with President Trump’s nature, praising his sense of control. At a certain point, he shared that “every other president has been controlled by either the Democratic party or Republican party or by major donors […] Trump just is Trump […] His tweeting for example – he doesn’t ask anybody what to tweet – he just tweets.”
This being said, he also said that Trump will one day accept the likes of cryptocurrency, adding that it’s for here to stay. Most importantly, McAfee trusts that Trump would “take it in and do the right thing.”
“Five Years” is All it Takes for “Measuring Things In Non-Fiat”?
When asked how long it would take before everyone starts measuring things in, possibly cryptocurrencies, McAfee responded five years. How and why he chose the specific number was not explained, however, he made the case that “just in the last year – look at the growth of businesses.” Also, he gave the example of a small restaurant in Tennessee that started accepting bitcoin as a mean of payment.
McAfee feels that comparing bitcoin to the dollar is problematic, adding that considering it as a currency on its own can potentially rid the current market of its volatility. The case made goes as follows:
“If the dollar is gone and we stop comparing it to the dollar – and all I accept is bitcoin then what does volatility mean? As things become more and more prevalent, they become less and less volatile.”
He furthered blamed the lack of use of bitcoin to be the key reason for its instability. For the time being, it serves as a significantly small portion of the all the payment types that exist.
Bitcoin Cash Vs Bitcoin
McAfee sees BCH as “simply another currency,” adding that the two do their own things to address transaction time issues and blocksize. He also advised that those who do not like BCH for whatever reason should simply not use it.
Will Decentralized Systems “Take Hold”?
To wrap up the interview, the Crypto Globe representative asked whether the likes of Ethereum and EOS would take hold, to which McAfee quickly replied, “how can they not take hold.” The argument made here revolved around the reliance on the Ethereum blockchain for new crypto projects, namely the ERC20 token.
He added that “there’s room in the world for everything”, and that having several options is the simple reality. He also seems to have his own take on what the cons associated with cryptocurrencies are – the main one being: Not using it for its intended purpose.
Here’s as per his words:
“The blockchain is intended or should be intended, to change our lives, not to make one tiny aspect of our lives bigger – like we’re using cryptocurrencies only as investment. And yet many of these functional coins – if you used it for what it was intended, it would enhance all of our lives – but no, what are people doing? They are just hoarding it […] or abandoning it because it went down [in price].”
Do you share any of the views McAfee holds – whether it implies a political or cryptocurrency standpoint? Comment below!