This post brought to you by Deep Capture Blog. All opinions are 100% mine.
Bitcoin as a form of digital currency is becoming popular nowadays. This modern-day payment system uses an alternative digital currency to effect peer-to-peer payment using an open source software.
During a Bitcoin conference in Amsterdam (Bitcoin 204: Building the Digital Economy), Dr. Patrick Byrne, the chairman and CEO of Overstock.com, was invited to give the keynote speech. Overstock is one of companies that accept Bitcoin as a form of payment. According to Dr. Bryne, they received tremendous support from the Bitcoin community after they officially implemented this payment system on their website.
This is a lengthy video, about 1 hour and 16 minutes, but it is informative. Dr. Bryne discussed the historical context of Bitcoin revolution. His speech was divided into three main topics: liberalism (consent of the governed), authoritarianism (submission) and the two centralized institutions that are undermined by crypto: central banking and central counterparty clearing. The idea behind his speech was:
Q:If crypto is the answer, what’s the question?
A: What system respects the consent of its participants while undermining the centralized institutions we have come to distrust?
Although his speech was full of information on different philosophies, I was more interested in the question and answer portion after the speech. I felt like the speech was not really focused on Bitcoin and its contribution to the digital economy. I’ve seen one of Dr. Bryne’s speech before and this one is similar to his previous speech in the sense that it voices out his complaints against Wallstreet. Thanks to the questions from Jon Matonis (Bitcoin Foundation’s Executive Director) and the rest of the audience, I was a bit enlightened on Bitcoin.
My thoughts: Bitcoin, basically is just a mode of payment. Because its value fluctuates, it cannot be compared to money. It is more similar to a stock, albeit more liquid, that still needs a buyer and a seller before one can realize and cash out on its value.
Are you a supporter of Cryptocurrencies like Bitcoin? What do you think are the advantages of crypto? How about disadvantages?