Andreas Antonopoulos, the recognized blockchain and Bitcoin (BTC) supporter and author of “Mastering Bitcoin” has talked about the future of the most popular digital asset and about blockchain technology. He gave an interview to Cointelegraph and he discussed many other topics related to the crypto space.
Andreas Antonopoulos Believes in Blockchain
Distributed ledger technology (DLT) continues to expand around the world and it is being embraced by different firms and companies. This is why Andreas Antonopoulos explained that blockchain cannot be un-invented or stopped.
As he said during this interview with Cointelegraph, an increasingly global world needs a neutral and open finance and governance systems. With DLT it is possible to provide both things and challenge nation states and established corporations around the world.
Antonopoulos explained that the current volatility in the market is related to the small size and limited liquidity of the crypto markets. When there is downward volatility, it does not affect in a positive way the crypto market. Nonetheless, when volatility grows, it generates FOMO among the crypto community and investors.
About it, he commented:
“This cyclical boom-bust pattern is part of the behaviour of this technology and has now repeated more than 8 times in the last 10 years. It is dangerous for inexperienced investors, but it also provides the funding needed to develop each stage of infrastructure and technology. Caveat emptor!”
According to the Bitcoin expert, the scaling debate has quieted down since there are different virtual currencies and hard forks that are already giving solutions to this issue. However, there is some confusion regarding the names of the current forks. It seems that every single blockchain is going to be affected by scaling issues sooner or later. And indeed, scaling requires a tradeoff between decentralization and security.
As Antonopoulos explains, although there are several open blockchains that claim that they have solved this dilemma, they are lying or not really knowing the tradeoffs that are necessary to deal with to scale a network. He mentioned that the newest networks will become more mature and will realize that scaling issues are more important than previously thought.
There are many companies and firms that are starting to use blockchain technology to improve their services. For example, JP Morgan is working with its blockchain network Quorum and it has also been working on a digital currency called JPM Coin. Facebook is also working in its digital currency and the so-called “Project Libra.”
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