Andreas antonopoulos bitcoin isnt currency its the internet of money internet
Instead, they are placed in the context of human history. In order to better understand Bitcoin, for example, you need foundational knowledge of both currency and networks. The people who see it as a hit it and quit it short-term investment are not. One of my friends bought some BTC back in December and texted me all excited about it. But those who have are still extremely bullish. Because every single one of us uses money, right? Six and a half billion people on this planet have andreas antonopoulos bitcoin isnt currency its the internet of money internet connection to the world of money.
They operate in cash-based societies with very little access to international resources. Even in the poorest places on Earth, we often see a little solar panel on a little hut that feeds a Nokia phone, the most produced device in the history of manufacturing, billions of them have shipped. We can turn every one of those into, not a bank account, but a bank. As a US citizen, I can open a brokerage account within minutes. After reading IoM, I realized that this is something that many of us, including myself, take for granted.
The internet does not distinguish between a large organization and a small organization. It does not know the difference between CNN and an Egyptian blogger.
It allows the Egyptian blogger to speak to the world with the same power of voice that CNN has. Bitcoin is neutral to the sender, the recipient, and the value of the transaction.
That means it gives every citizen, every user of bitcoin, the ability to innovate in terms of financial instruments, payment systems, and banking. You can operate on the same level as Citibank. That is truly revolutionary. But with Bitcoin, we are moving towards a world where anyone with a cell phone can create and run andreas antonopoulos bitcoin isnt currency its the internet of money internet own financial institution as easily as starting and writing a blog.
But the truth is that the internet started out as a vehicle for criminals as well. So did automobiles literally. We are ahead of the curve. Bitcoin is growing faster than Twitter did in the first three years.
Bitcoin is growing faster than Facebook grew in the first few years. Facebook went from a handful of users on college campuses to taking over the world andreas antonopoulos bitcoin isnt currency its the internet of money internet, what?
If Bitcoin is andreas antonopoulos bitcoin isnt currency its the internet of money internet of that pace, imagine what kind of impact it will have on the world in just a couple of years. This is why I want to get invested NOW. Here in the US, 60 million people have no bank accounts, yet they cash their paychecks and send them abroad.
Much of that money is sent to five major destinations: Mexico, India, the Philippines, Indonesia, and China. In some of these places, remittances represent up to 40 percent of the local economy. When you design networks, when you architect network systems, one of the most fundamental choices is this: These two quotes illustrate perhaps the most important concept in the book: Dumb networks remove the bottleneck of a central authority to make improvements.
Anyone can participate with very little barrier to entry and make enhancements to the system that immediately benefits the entire network. This is another reason why it is poised to andreas antonopoulos bitcoin isnt currency its the internet of money internet so quickly.
Now, you have people riding Segways, scooters, skateboards, rollerblades, pushing prams and all of the other things that are moving around on our streets. You start with the new technology living on the old infrastructure and then, it flips. You build infrastructure and then the old infrastructure rides on top, on the infrastructure designed for the new technology. First, the banks will resist.
Then, the banks will adopt. The banks will run their systems alongside blockchain and bitcoin systems, and finally they will run all of traditional banking as an application on top of a decentralized trusted ledger. All you have to do is take all of its capabilities and slow them down. Cars failed initially because roads sucked. But people back then blamed the cars, not the roads.
Once roads improved, everyone loved cars. The same thing will happen in the internet of money. Unlike national currencies, which we are forced to use because of where we live, we will eventually be able to decide which currencies to use based on how they best serve our needs.
What happens when you mash the three together? A car that pays for its Toyota lease, its insurance, and its gas, by giving people rides. A car that is not owned by a corporation. A car that is a corporation. A car that is a shareholder and owner of its own corporation.
A car that exists as an autonomous financial entity with no human ownership. This was perhaps the most mind-bending passage in the book for me. But cryptocurrencies make it possible for non-human entities to own stuff and transact with each other and with humans. Kind of like corporations today, but on an IoT scale. You are able now to express a broad range of messages. With Bitcoin, finance is poised for a similar revolution. As it moves forward, capability increases.
This was in reference to the challenges of scale that the internet faced in its early days and continues to face today. No one ever thought it would be possible to transfer pictures and then audio and then video online, but the internet overcame all of these obstacles one by one. Smart people will see opportunities within these challenges and capitalize on them. Massive opportunity on a scale never seen before. First published on Quora. Writer with overviews in health, personal finance, and productivity.
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What are the best books on Bitcoin, Blockchain, Cryptocurrencies, decentralized networks and cryptography? Currency goes back to the beginning of humans, before even writing. Networks come in all different shapes and sizes. Here are some of my favorite quotes from the book followed by my commentary: Want an easy way to set budget goals and track your monthly spending?
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January Andreas antonopoulos bitcoin isnt currency its the internet of money internet Review.