Andreas Antonopoulos believes that cryptocurrencies give us a choice, but do not replace fiat currencies.
He believes that mining can become more decentralized thanks to cheaper electricity..
He also recommends not buying bitcoins, but earning them..
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The BeInCrypto editorial staff managed to interview Andreas Antonopoulos, who began the development of the crypto space back in 2012. During this time, he became a world famous bitcoin enthusiast. Antonopoulos is also the author of the book “Mastering Bitcoin: Programming the Blockchain” published in 2016.
During the conversation, we discussed the current state of the cryptoindustry and many other issues..
Bitcoin is unlikely to replace national currencies
Many crypto enthusiasts believe that one day Bitcoin will be able to squeeze and replace the traditional currencies of various countries. However, Antonopoulos considers this to be a misconception. He believes that cryptocurrencies only give people a choice..
“With the advent of bitcoin on January 3, 2009, the era of the monopoly currency system, which by default doomed you to a certain currency, was the only currency that you could use. We now live in a world of choice. “.
Antonopoulos stressed that currencies have now become similar to the world wide web: you can always choose exactly what suits you perfectly.
He noted that the industry is still in its early stages of maturation. In his opinion, one of the key obstacles at this stage is interfaces, which still take a lot of time for ordinary users to master. So, crypto wallets should be considered primarily as an external interface – what every user first encounters..
It is these factors that inhibit the massive adoption of cryptocurrencies. However, Antonopoulos is sure that in the coming years these problems will surely be solved in the context of increasing competition between digital and fiat currencies..
50% of miners can go offline without harming the bitcoin network
Recently, the crypto market has repeatedly voiced concerns about the potential surrender of miners due to halving in the bitcoin network. Indeed, mining of coins will become less profitable, and this may lead to the exit from the game of some miners. As a result, this will affect the efficiency and security of the entire MTC network..
However, Antonopoulos disagrees with these predictions:
“Even if the mining capacity is reduced by 50% tomorrow morning, we will just return to the hash rates we saw in 2018.”.
He believes that these levels are able to ensure the normal performance and security of the Bitcoin network. Thus, even if half of all miners refuse to mine new coins, this will not lead to a collapse of Bitcoin..
At the same time, Antonopoulos is more interested in another aspect: the influence on mining of such a factor as the dynamics of oil prices. He believes that the collapse of oil to record lows will lead to a decrease in electricity tariffs. Accordingly, mining bitcoins will also become cheaper..
He adds that the development of mining technology has slowed down a lot. One mining farm can work effectively for two, three or even four years. In this regard, Antonopoulos says that the determining factor in the mining segment is now the use of energy – and it is just getting cheaper. Thus, the collapse in oil prices could lead to the decentralization of mining, he said..
COVID-19 Becomes Cover for Unprecedented Injection of Liquidity
During the interview, we also touched on monetary policy issues, as well as the response of national governments to the coronavirus pandemic. Commenting on the current situation, Antonopoulos did not choose restrained expressions:
“In essence, we are now witnessing a process of plundering the middle class and the poor in favor of the wealthiest multinational corporations. It’s disgusting. I adhere to the position: no financial aid, no rescue operations “.
He is confident that shareholders should lose their investments, since they were aware of the risks associated with such an investment. Instead, they receive aid from the state..
When asked what he would do if he was at the head of the monetary authority, Antonopoulos jokingly replied: “I would resign.”.
In general, he stressed that it is in historical moments such as these that the question of alternatives to monopoly fiat currencies is especially acute. However, our entire financial system is still completely tied to the US dollar, so cryptocurrencies are still outcasts..
“Don’t buy bitcoin – earn it”
Antonopoulos uttered a very provocative phrase during the conversation:
“Don’t buy bitcoins. Earn them better. Convert your labor, your services, your products into something that you can exchange for bitcoins or other cryptocurrencies – instead of your national currencies “.
This advice makes sense. Earning cryptocurrency, you get involved in an alternative financial system on a completely different level and become a more active participant in it. In addition, it is precisely this kind of involvement that the crypto space needs to fully mature. A developed domestic economy will allow the cryptocurrency ecosystem to compete more effectively with the fiat monopoly.
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