With “sudden turn of events” being the norm for the cryptospace, new users retain their skepticism for cryptocurrency and its underlying technology. To clear out some of the confusion in the space, Tuur Demeester participated in a podcast and shared his take on the present and the future of cryptocurrency.
Demeester started by addressing Bitcoin’s [BTC] inevitable relevance amongst numerous crashes and scandals that the crypto has endured over the past 10 years. He attributed Bitcoin’s “attractiveness” to the fact that cryptocurrencies, unlike fiat currencies, cannot be debased. Further, he argued that the current financial system forces individuals to trust a third party system with significant cost and risk, while quoting “Money is scarce and if it’s no longer scarce, it’s no longer money.” Additionally, Demeester explained,
“What bitcoin does it convert electricity into financial reliability. All this work that goes into Bitcoin, all this mining, what that is, it’s just building a moat around bitcoin and to make it immutable to have this decentralized consensus.”
When asked about the possibility of manipulation of the code, Demeester stated that it could be easily done. He also criticized Charlie Lee of doing the same in 2011 and creating Litecoin. He said,
“He just took the code base and tweaked little rules to have a coin with 84 million coins supply rather than Bitcoin’s 21 million.”
He hypothesized that millennials will sell their inherited gold for Bitcoins, in order to protect their financial portfolios against systemic risks. He also told viewers that Bitcoin’s primary investors are millennials. As a result,
“In about 10 more years, their collective purchasing power is going to supersede that of Generation X and also the baby boomers. So that’s going to be the largest earning generation.”
In what sounded like investment advice, Demeester pointed out that new users don’t make the initial investment due to the outrageous cost of 1 BTC. He clarified that each Bitcoin can be divided down to 8 decimal places, stating that 0.00000001 BTC was the smallest amount that can be handled in a transaction.
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