There is so much disinformation about Bitcoin, the blockchain and cryptocurrency in general. There is hype from the media and FUD(Fear, Uncertainty, Doubt) from mainstream finance. The diehards claim that it is going to change and disrupt the finance industry. The detractors, mostly from the finance and banking industry, call it illegal and counter to the principles of the monetary system. Who is correct?
Perhaps the people to better explain about Bitcoin and the blockchain are those who have been involved in this industry for many years. From concepts to actual implementation, those in the mainstream finance world always claim that “cryptocurrency doesn’t work”. However, if it didn’t work then how come Bitcoin has been around since 2009 already? That is because IT IS WORKING, though not at the scale many would like. For example people are using it to transfer value across borders without friction from middlemen who take a cut out of transactions. Cryptocurrency provides a digital electronic monetary system that instantly settles transactions on a blockchain for immutability and transparency, something that is lacking in most of today’s payment systems.
So why is it not yet mainstream? Other than lacking adoption, it is a threat to the existing way of doing business. However, institutions are realizing the benefits of the underlying technology behind Bitcoin, which is the blockchain. Now you have more interest, and this is once again generating hype, but this time in a good way.
We share with you this video to help explain Bitcoin and the blockchain further, and who better to explain than Charles Hoskinson. He was one of the pioneer founders of Ethereum, the founder of Cardano and research scientist and blockchain developer. What people lack today are the fundamental understanding of what cryptocurrency is for. Many just speculate and think it is a quick and easy way to make money. It goes beyond that, because there is more to understand.