“The most important social experiment of our time: Bitcoin” – Wences Casares.
The founder and CEO of XAPO held a talk about how Bitcoin could become the most important social experiment of our time. Chanced in Chicago, he said that after 5,000 years from the birth of the old gold standard, this pristine and accessible alternative system will be here for good.
Bitcoin Brief History.
Bitcoin is a worldwide cryptocurrency and digital payment system. The first decentralized digital currency that works without a central source or single administrator.
Invented and released as open-source software in 2009 by an unidentified programmer or programmers, under the name Satoshi Nakamoto.
“When a genius points at the moon, the fool looks at it in the finger.”
Casares compared Bitcoin to that saying elaborating that people’s initial impression for bitcoin would tend to be focusing only on the interesting features of the cryptography of the system – the extracting or the curiosity of Nakamoto’s reason for making the Bitcoin.
But the speaker showed a bigger picture.
He explained that Bitcoin could be the best form of money this civilization could have ever seen. What Bitcoin could do to money is like what the TCP or the IP did to information technology today or how the internet changed the world.
Bitcoin Considered Gold.
The history of gold being the objective ledger from the ancient times was compared to Bitcoin of today as it could be the most innovative objective ledger that could track your debts and who you are owed for.
But unlike gold, with today’s Bitcoin, you can entrust a trade with anyone else in the world even without personally knowing them.
These are the attributes Bitcoin could offer the smart people of today:
- Scarcity. Can keep tracks on debts.
- Durability. The guarantee that is free of decaying.
- Portability. The accessibility of transactions even from the furthest point of the world without the use of any middleman.
- Divisible. Compared to gold, bitcoin is immensely superior for most of its attributes. Every coin consists millions of bits.
- Recognizable. It is a lot easier, simpler and organized.
Bitcoin standard is the most important social experiment that could replace the old gold standard for a continuous use of 20 more years. It could become the international digital currency of the internet and the biggest leap forward in the democratization of money that is worth paying attention with Bitcoin.