At the Bitcoin meet-up last Tuesday special guest Andreas Antonopoulos shared his insight on Bitcoin and how crypto-currency is disrupting one of the most important industries: finance.
Andreas is a serial entrepreneur who has started several Bitcoin startups and is a permanent fixture on Lets Talk Bitcoin. During his talk at Plug and Play he delved into the core ideology and value behind digital currency, as well as the power it has to change the way value is circulated.
“Bitcoin is a digital currency that operates like digital cash. But it’s a lot more than that. It’s the first transnational, global, digital currency. It is money for the Internet,” Andreas said.
He explained that the core issue of our current financial system is that it cannot operate without trust, and that’s a quality that is inherently impossible in a system subject to human error and corruption.
Per Andreas: “Every single trust-based system we have is a system that requires you to trust an individual or an institution. In order to make sure that we can trust the individual or the institution we’ve built these elaborate structures of credit reporting and fraud checks and identity verification. The banks and the credit card companies spend billions of dollars each year trying to maintain the trust of a central party. Bitcoin introduced a concept of consensus through proof of work that does not require trust in any individual institution.”
The system that Bitcoin offers appeals to libertarians and entrepreneurs alike, as it creates a truly level playing field with out any government involvement. It also espouses a philosophy that would make Fox Mulder proud.
In Andreas’ words, “As a system, Bitcoin embodies the principal of trust no one.”
Beyond providing a solution to the problem of trust in finance, Bitcoin has begun a process of completely disrupting that same industry. Andreas believes that in ten years crypto-currency will be a part of the way everyone exchanges value.
“As of 2008, when this invention was created by Satoshi Nakamoto, the banking system as we know it changed–they just don’t know it yet. Credit cards died, they just don’t know it yet. The wire transfer networks died, they just don’t know it yet,” Andreas said.
Andreas Antonopoulos will be one of the many fantastic mentors for Plug and Play’s Bitcoin Accelerator launching February 24th. Some of the other mentors include Roger Ver, Bill Tai, David Chen, Wences Casares, Patrick Murck, Adrian Fenty, Jacob Farber, David Johnston, and Michael Terpin.
If you’re working within digital currency, or one of its verticals, be sure to apply to the Bitcoin Accelerator!
If you’d like to learn more about Bitcoin and live in the San Francisco Bay Area, join us Tuesday, 2/4, for the next Silicon Valley Bitcoin Meetup.
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