Bitcoin vs Banking [infographic]
Cryptocon is a cryptocurrency summit and barcamp being held in Sydney and Singapore this July. The event will play host to entrepreneurs, investors, enthusiasts and thought leaders in the digital currency space. The emphasis will be on regional leaders of this emerging technology.
As an introduction to the event, and to promote awareness, Cryptocon recently asked some of its speakers a single pointed and direct question: “What is the number one problem that I hope Bitcoin will solve by the end of 2015?”
The answers are as revealing as any presentation or speech. See how some of the Cryptocon speakers answered:
Roger Ver – Blockchain, ‘Bitcoin Jesus’:
“By the end of 2015 I hope that Bitcoin will enable people to be able to transact with other individuals across the planet, without requiring permission from a bank or government.”
Antony Lewis – Business Development Manager at itBit:
“I’m going to assume ‘Bitcoin’ can also mean ‘the Bitcoin community’ and say that the number one problem I hope the Bitcoin community will solve by the end of 2015 is the education of the public and policy makers about the power that decentralised currencies can bring to enrich humanity, by decreasing transaction costs and enabling more people to participate in global finance.”
Jon Matonis – Executive Director at the Bitcoin Foundation:
“The number one problem that I hope Bitcoin will solve by the end of 2015 is the ability to provide a realistic and viable alternative to central bank issued currencies.”
Tomas Forgac – Founder at Coin-Of-Sale:
“It is not certain whether the complete monetary meltdown will be accomplished by 2015, but there is little doubt in my mind, that by then, we will be in the middle of the largest economic crisis in the history of the world and there is no doubt governments and central banks will repeat the same failed recipes that would have got them there in the first place.
Bitcoin should provide savers and businesses with a convenient, reliable and stable exit strategy from what will continue to be relentless effort by governments and central banks to prop up economies they failed, bail out toxic banks they continued to support when they were already too big to save, beat each other in debasing their currencies in order to satisfy the export lobby and most importantly printing their way out of the debt they bloated. And, protection against currency wars and expected inflationary response to the upcoming financial and economic crisis.”
Matthew Cridland – Tax Partner at DLA Piper Australia:
“…the Australian tax and GST treatment of Bitcoin mining and Bitcoin transactions that occur within Australia. The Australian Taxation Office has indicated that it will release public guidance on its views on these issues around 30 June 2014.”
Anson Zeall – Founder of Coinpip:
“…the basic banking facilities that aren’t available to the majority of emerging and frontier market consumers and merchants today.”
Chris Guzowski – Founder at Australian Bitcoin ATMs:
“The number one problem that I hope Bitcoin will solve by the end of 2015 is the delay and cost of personal international fund transfers.”
James Snodgrass – Principal at Forsyth Real Estate, Sydney:
“The number one problem I hope that Bitcoin will resolve by the end of 2015 is the cost and processing time of transacting through the major banks. Hopefully banks and other institutions will decrease their fees associated with the transfer of funds and will make the processing time more efficient and effective.”
James Cox – Co-Founder at Ripple Singapore:
“…the concentration of mining power. I think many of us have been stunned at the exponential rise in difficulty. I wrote a book largely about the power of the exponential function and still seemed to underestimate it. Whilst it helps secure the network, the resulting concentration of mining power concerns me on a philosophical and economic level.”
Simon Dixon – CEO & Founder at BankToTheFuture:
The number one problem that I hope Bitcoin will solve by the end of 2015 is making it so that people don’t care how it works, because it is so easy to use.
Jonathan Levin – Co-founder at Coinometrics:
The one problem that I hope Bitcoin will solve by the end of 2015 is creating a transparent and efficient fee system. Currently in Bitcoin, very small fees are paid on transactions to limit the amount of network traffic. Over the coming year, the price charged for a Bitcoin transaction will hopefully reflect the cost borne to the network for processing a transaction. If this happens Bitcoin, will be a truly decentralised marketplace for the transfer of value with participants through behaving in their own self-interest achieve something great. This would be revolutionary.
Andras Kristof – Founder at Tembusu:
The number one problem that I hope Bitcoin will solve by the end of 2015 is the financial integration of the unbanked millions of southeast asia, south america and africa.
Jason Williams – Founder at BitPOS:
“In my role as a bitcoin payment gateway provider, one of the things we keep butting up against, day in and day out, is the perception that bitcoin is used mostly to buy drugs. In an abstract sense, I really hope that bitcoin will solve this repetitional problem.
I’m working on this problem in my startup BitPOS, and in capacity as the president of the Bitcoin Association of Australia. I’m finding there are more people of varied backgrounds getting involved in the regional meet ups in Australia and it is through these grass roots movements that we’ll find perceptions changing.
While we as a global community have embraced bitcoin, we need to do more. We need to reach out to the decision makers and influencers of the world, and we need to let them know crypto currencies are here to stay. We need to let them know they’re legal and legitimate ways to transfer value between each other.”
Tristan Winters – Business Development at iceCUBED.
“In one word; war. I hope Bitcoin will end war by 2015.
The state can only finance endless war through inflation or taxation. That’s it. There is an upper limit on the amount they can tax. Inflation has no such restrictions.If we all use non-government money then the state is out of options and hard out of luck.
In the words of John Lennon, ‘War is over…if you want it.’ Choose Bitcoin. End war.”
(Note: the author has some involvement with the Bitcoin Association of Australia which is a sponsor at the CryptoCon event).
The post The #1 Problem Bitcoin Will Solve by 2015 appeared first on Bitcoin Magazine.
