As the world closely keeps up with ongoing developments in crypto, thought leaders in the space are doing their best to promote it and its underlying technology.
Recently, Justin Sun made headlines after managing to bag a $4.57 million charitable lunch with Warren Buffet, hoping to change his opinion about the crypto-wave. On the other side of the ecosystem, Bitcoin advocates such as Andreas Antonopoulos are consistently trying to make the common man more aware of the basics of crypto and its latest developments.
In a new podcast, Antonopoulos discussed how cryptocurrencies, including Bitcoin, can help every individual earn financial independence from existing institutions. While explaining the underlying technology, he clarified the common misconception associated with proof-of-work and energy wastage. He defended the Nakamoto Consensus algorithm saying,
“There’s enormous energy being consumed by data centers doing fraud protection, the same function that the Bitcoin proof of work algorithm does. There’s also additional costs of moving money around then trucks with armed guards and the buildings.”
He also pointed out that the technology can allow people to use their personal devices such as mobiles and laptops as banks. While the first world strives to develop new applications to mark its relevance in the market, cryptocurrency can cost-effectively serve billions of unbanked people across the globe, with the full power of a financial institution.
Despite Bitcoin’s lack of mainstream acceptance in some parts of the world, countries such as Mexico and India have witnessed growing inflows and outflows of cross-border transactions. Another reason attributed to Bitcoin’s popular use, he added, was the low transaction fees associated with it, when compared to settlement service providers like Western Union. Speaking highly of crypto, he said,
“I now charge a 20% premium if you tried to pay me with a wire transfer because I have to call my bank five times to find out where it is and why it’s delayed.”
According to the prominent proponent, crypto will not only impact core financial services, banking, and payments but will also change investment and crowdfunding strategies for startups as the crypto-enabled financial world will not discriminate between users based on any means whatsoever.