Prominent Bitcoin advocates such as Andreas Antonopoulos often conduct online Q&A sessions to debunk some of the misconceptions floating around about the cryptocurrency market. In a recent video on YouTube, Antonopoulos shared his views on the factors affecting crypto-adoption.
While answering one of the questions, Antonopoulos mentioned that the reason why people are scared to invest in cryptocurrency is “based on the misunderstanding of the underlying technology.” He informed the viewer that he is preparing a talk to help such people understand the technology better, and to help them make sound investments. He added,
“We are used to operating a system of soft promises. (This is the reason) A bank can reverse a transaction if you want, or dont want!”
He further explained how Bitcoin does not promise an irreversible transaction, but rather “guarantees that the contract within the transaction will be executed irreversibly.” As a result, he hinted that the contract can be changed to add a refund policy to resolve disputes in the future.
“(This way) you can reintroduce consumer refunds, but the only owner gets to choose who the third-party is. This is not an irreversible payment, but an irreversible guarantee.”
He also clarified that although current engineering limitations are making it hard to implement, it will require just few more rounds of incremental innovation to offer “more robust, predictable guarantees for consumer protection than any existing system of soft promises.”