A Discussion on Bitcoin’s Potential with Andreas M. Antonopoulos
Andreas M. Antonopoulos is a well-known specialist in information security and a successful entrepreneur in the IT business. He is a teaching fellow at the University of Nicosia’s Masters in Science program for digital currencies, the host of the podcast “Let’s Talk Bitcoin,” and the author of “Mastering Bitcoin.”His history in Greece provided the foundation for various intriguing situations. It significantly impacted everyone when HE demonstrated that a financial catastrophe might wipe away a whole generation’s riches.
— Andreas (@aantonop) November 20, 2020
However, he would respond that his interest in cryptocurrencies was reignited in 2012 when he discovered Bitcoin and began investigating its possibilities in more detail. Specifically, he would claim that he started exploring the possibility of bitcoin at this time. I firmly believe in the Internet’s ability to assist in the reorganization of society around global network-centric institutions rather than hierarchical power structures. According to HIS viewpoint, the Internet’s financial industry is only the newest frontier.
Fundamentally, the blockchain is a distributed database. The “Proof of Work” consensus process is Bitcoin’s secret ingredient. This guarantees that no one entity owns bitcoin and always runs by a predetermined set of rules. This is what allows Bitcoin users to control the decentralized database jointly. Bitcoin can record transactions that show the movement of funds between owners using these properties. This is accomplished without a central authority or point of control. This establishes a safe, accessible, and widespread decentralized money and payment system.
Bitcoin, according to him, is the new organizational reality in the information age. Institutions are the primary means for social organization in industrialized civilizations. The Internet has already provided us with the means to organize based on networks instead of hierarchies and institutions. Bitcoin expands this concept by applying it to monetary transactions, creating a network-centric organization rather than one centered on institutions. Consider it the currency in a post-industrial and post-institutional society.
No third party may censor or otherwise interfere with bitcoin transactions. An unbiased application of rules and a decentralized validation network ensure this equality. Bitcoin lacks a central authority figure or structure that may be bribed or manipulated to favour a particular person or organization. Instead, power is dispersed across the network, making it very difficult to exert influence. Bitcoin removes the need for institutions of monitoring and control to administer power structures.The banking industry has moved beyond the denial phase and into the negotiating phase. They are confronted with very disruptive technology and are unable to reply. Because they cannot purchase, co-opt, de-claw, prosecute, or outlaw this technology, they seek to disentangle bitcoin from its openness, decentralization, borderlessness, and permissionless access qualities.
The banks are concerned with the viability of bitcoin while preserving maximal control.In actuality, the concept behind bitcoins cannot be implemented in the current economic situation (hence the bargaining). Banks’ answer is to concentrate on the distributed database and ignore as much as possible the disruptive properties of bitcoin. The approach of the central banks has been to attempt to eliminate the disruptive aspects of bitcoin by developing a tamer counterpart. This recalls the first business approach to the Internet: constructing content-curated walled gardens (i.e., Compuserve, MSN, intranets, etc.). On the other hand, the elimination of rewards is analogous to the first corporate approach to the Internet, which was to establish walled gardens of selected material.
The Proof-of-Work consensus algorithm gives Bitcoin its free, open, and borderless qualities. Due to the algorithm’s anonymity, it is undesirable to financial institutions.Banks will persist despite the Internet’s impact on many disintermediating enterprises. However, they will experience profound changes that will result in a significant decline in both their power and profitability. This disturbance cannot be stopped under any circumstances.The digital currency known as bitcoin functions as a networked trust platform. On this platform, money is not the only available application.
Innovative developments having a disruptive effect cannot be “controlled.” It will not operate efficiently, nor will it be predictable, nor will it be smooth. Some of the core beliefs and institutions it questions extend back millennia. Nevertheless, once a technology has been developed, it cannot be reverted to its previous state. Those who can adjust to new circumstances and maintain their adaptability in the face of rapid innovation will be in the best position to prosper in this new environment.
Some cultures are more receptive to the concepts of self-determination, freedom of association, and freedom of speech than others. Additionally, these cultures will be more receptive to the idea that people have ultimate authority over their finances. Some societies do not conform.Since the 1970s, money has gradually taken on a more computerized form. This offers the promise of allowing more control and monitoring over the financial activities of the whole world, but, with the advent of bitcoin, this ideal was destroyed since bitcoin provides a method of evading the surveillance and control that modern banking imposes. Thus, Bitcoin serves as a litmus test.
If your government is concerned with people’s ability to manage their money and maintain financial privacy, you should investigate its goals in further depth.