A Quote by Adam Draper
I describe Bitcoin as 'the Skype of money.'
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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.
The amount of education, in the most basic sense of the word, I receive on a daily basis through Skype amazes me. The technology is one of the reasons I wanted to join Skype and am eager to get Skype into every classroom around the globe.
Skype has a great engineering team, which I like to describe as 'all of Estonia.'
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.
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.
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.
Bitcoin was created with security in mind. The Blockchain is Bitcoin's public ledger that records every transaction in the Bitcoin economy.
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.
There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer, and we always look at babies with hope.
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?
Skype is a wonderful thing. The irony is that you never Skype when you're in the same country as someone.
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.
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.
I don't usually Skype. I've used it once, but my boyfriend had to leave instructions: 'This is how you Skype me.' We do it for the business, of course - we have the site and trade online - but, personally, I'm not passionate about it.
The fact that Skype was founded in Estonia, the fact that Skype had a successful exit, which meant that Estonia benefited in a major way, meant that entrepreneurship became legitimate. There were more than a thousand people who either worked or had worked at Skype who had seen what it takes to build a global business.
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.
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