Bitcoin has always been in the center stage of controversies. Irrespective of those, people are still using cryptocurrencies. Andreas Antonopoulos is an educator, writer, and a bitcoin user. He has written several books regarding crypto space.
In recent times, A Youtube channel named “Singularity Web” interviewed Andreas. The major topics of discussion were about bitcoin and the technology behind the cryptocurrency “blockchain.” The goal was to get clarity over the controversies raised on bitcoins.
Bitcoin Vs. Blockchain controversy
One of the assumptions raised by some of the analysts is that bitcoin or any other cryptocurrencies may die in the future but not blockchain technology. On their point of view, they are right as blockchain is used to create them and so even if currencies fail, the underlying technology will persist.
He said, “Bitcoin vs. Blockchain is exactly the same as Facebook vs. the open internet infrastructure… People say that we are very excited about open-internet and Facebook is the internet, isn’t it? No, it’s not. Facebook is a centralized, control infrastructure… It is a terrible argument for many reasons.”
Andreas views are opposite to this statement. He states that blockchain is essential, but without practical applications like Bitcoin or any other cryptocurrencies, people will not believe and do transactions blindly. So, both are important, and both are not dying whether it is now or in the future. Rates of individual currencies may change due to market, but total fail is merely not possible.
Does Bitcoin lack privacy?
Upon asking about the privacy, Andreas accepted that although bitcoin is outstanding in many aspects, one issue yet to be resolved is privacy. All bitcoin-related transactions are public and stored in the Bitcoin network. As they are open, the transactions are traceable.
But he continued to state that, updated features like Lighting Network [LN] and Segregated Witness [SEGWIT] are being developed to solve these issues. These are present in and come with a second-generation layer of Bitcoin. He believes that in upcoming years, bitcoin will be developed to an extent where it can be used for secure transactions without facing privacy or any other hacking issues.
“Bitcoin has continued to work like a Heartbeat.. producing a block every 10 minutes for the past 10 years… It provides independence, empowerment, neutrality, borderless operation and open access.” He also added that “the fact that it is still there is the real testament to the robustness of the technology.”
Andreas supports Bitcoin in the long term
He says that, no matter how many coins may come and go, Bitcoin is going to be there in the market for the long run. During the interview, supporting his points, he stated about JP Morgan. JP Morgan is one of the business people who opposed cryptocurrencies. But now he released his own coin after the name JPM coin. People slowly realize the true potential of Bitcoins, and they are the future.
One more advantage of Bitcoins is its accessibility. Many stores are already accepting bitcoins as a mode of payment. Transactions happening between two users of bitcoin are merely impossible to hack.
Andreas Antonopoulos has been in this crypto technology for a long time. He has been currencies developing from Bitcoin to many alt coins till now. He does proper research and writes books about cryptocurrencies and its technology.
This is one of the reasons he was interviewed about Bitcoin and blockchain as he will not give biased answers. In the world where Government is operating the money, Bitcoin revolutionized the payment system across this world. The technology may have flaws, but they are the future.