A Quote by Timothy C. Draper
The bitcoin world is this new ecosystem where it doesn't cost that much to start a new bitcoin company, it doesn't cost much to start owning bitcoin either, and it is a much more efficient way of moving money around the world.
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To be a more efficient, faster, and cheaper way to send money around the world, you have to be able to get in and out of Bitcoin. You need to have a liquid exchange on either end of the corridor.
Isn't the purpose of bitcoin mining simply to get rich - or not, as the case may be? Well, at 21, we are less concerned with bitcoin as a financial instrument and more interested in bitcoin as a protocol - and particularly in the industrial uses of bitcoin enabled by embedded mining.
The scripting language in Bitcoin is important because it is what makes Bitcoin 'programmable money'. Within each Bitcoin transaction is the ability to write a little program.
Well, bitcoin is a currency. Bitcoin has no underlying rate of return. You know, bonds have an interest coupon. Stocks have earnings and dividends. Gold has nothing, and bitcoin has nothing. There is nothing to support the bitcoin except the hope that you will sell it to somebody for more than you paid for it.
Because the supply of Bitcoin is limited, the price of Bitcoin is going to have to increase and increase very substantially over time. My advice is that if you're interested in Bitcoin and excited by Bitcoin, then buy some Bitcoin and hold onto them, and you're likely to do very well over time.
Bitcoin as a globally distributed public ledger - that's the thing I'm most excited about going forward. Thinking about how to use Bitcoin in new and innovative ways. In the meantime, we have the boring uses of Bitcoin that are in the process of going mainstream.
Bitcoin was created with security in mind. The Blockchain is Bitcoin's public ledger that records every transaction in the Bitcoin economy.
Bitcoin is valuable as a currency because of the economic efficiencies the bitcoin network is already creating as transactions flow over it. As with the Internet, more applications will flourish which will make the bitcoin network, and thus bitcoin as a currency, valuable.
The bitcoin protocol is about mining bitcoin, not pricing bitcoin. There is nothing in the protocol about establishing a market price for bitcoin; you need a market for that, but what if all the exchange markets are shut down?
In the future, I expect to see bitcoin mining in places where electricity is free or cheap. You could put solar array in the Arizona desert attached to bitcoin miners, and instead of trying to ship that electricity all over world, you could ship Bitcoin all over the world.
It's completely reasonable, even if some Bitcoin currency purists wouldn't like it, to have credit and debit card payments denominated in Bitcoin rather than dollars, and net settled on Bitcoin instead of on Fedwire.
We are very excited about the use of blockchain, whether it's Bitcoin or not, but we are as enthusiastic as ever about Bitcoin as a global currency and, really more importantly, Bitcoin as a global financial rail.
If there is one positive takeaway from the collapse of Mt.Gox, it is the willingness of a new generation of Bitcoin companies to work together to ensure the future of Bitcoin and the security of customer funds.
BitPay is the leading payment processor for bitcoin. The company specialize in setting up merchant accounts to accept bitcoin payments.
Bitcoin woke us all up to a new way to pay, and culturally, I think a much larger percentage of us have become accustomed to the idea that money no longer comes with the friction it once had.
I think the technology will get bigger and the price of Bitcoin will go up, so I'm speculating to increase my purchasing power. But I don't intend to sell the Bitcoin. I intend to hold it until there's a day where I can just use Bitcoin completely.
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