Leading Bitcoin Educator Andreas Antonopoulos Calls for Decentralization Over Twitter
Andreas M Antonopoulos is a noted bitcoin and cryptocurrency advocate who has, in the past, started discussions online about both industries and just recently, held some twitter sessions where he discussed cryptocurrency adoption and the evolution of the money at length.
As the sessions began, he tweeted, “ Bitcoin Q&A: The obsoletion of legacy systems”
This then signaled the beginning of some back and forth discussions between Antonopoulos and other Twitter users. The session in question was the Polish Bitcoin Congress in Warsaw and during this session, Antonopoulos expressed a lack of faith in traditional financial institutions adapting to the revolutions being brought forward by the blockchain industry.
With time, he says, the idea of a centralized body holding on to people’s funds and assets will become not only an obscure concept but an elitist one as well, something that only old rich people do.
In recent times, there has been a mixed response from the finance world to the emergence of the blockchain. There are a number of institutions that have started to embrace blockchain in a bid to hold onto their clientele. An example of this would be the National Bank of Kuwait and SWIFT who have partnered with blockchain firms in an effort to keep up with the quick cross-border transaction times that blockchain firms offer clients. In the past, these firms held a monopoly on financial transactions but not anymore.
He has also stated that the employees of the traditional firms will quit once they become aware of the many opportunities that exist in the decentralized world, rather than stay with firms that cannot accommodate innovation.
Keys To The City
One word of advice that Antonopoulos had for users was to hold on to their private keys and avoid keeping money on exchanges.
“Keep your own keys. Take the decentralized system power in your own hands. Hold the keys for all your crypto,” he said.
In light of the recent hacks at several exchanges in the last few months, his advice certainly has merit.
To push adoption, Antonopoulos has said that it is up to the crypto community to use coins to pay for and to accept coins for any goods and service that they have interaction with.
He did note, however, that market forces will be the main determining factor in what kind of applications blockchain will see in the coming years.
In closing, he touched on the fact that crypto wasn’t created to simply replace fiat currency but to foster an environment where many coins can thrive.
“This will be fungible and fluid and easily exchangeable by an algorithm in your wallet that decides how to arbitrage between two opportunities,” he said.