Get trading recommendations and read analytics on Hacked.com for only $ 39 a month
Dan Schulman, CEO of PayPal, talks with Bitcoin pioneer Wences Cesares on bitcoin, blockchain and fintech in a Facebook interview. Casares, a serial entrepreneur, has launched startups across South America and the United States, including the Bitcoin Xapo portfolio launch, which he currently directs. Cesares is also a member of the PayPal board of directors. Schulman claims Cesares as one of the world's largest authorities on bitcoin and blockchain.
Bitcoin & Blockchain changes the world
Schulman pointed to the price of bitcoin, which at the time of the interview was trading at $ 14,800, farsightedly predicted that the price could change even if he was speaking. Bitcoin and blockchain have attracted people's attention because they consider this an "interesting experience," Cesares said. "If it works, it could change the world more than the Internet has changed," he added.
Cesares however warned that, given the nature of an experiment, bitcoin and blockchain "could also fail". It gives the bitcoin and blockchain experience 20% chance – at least – of failure. He gave key investment tips, recommending that people do not have more cryptocurrency than they can afford.
But after the warning, Cesares provided a silver lining, saying that there is more than 50% chance that the bitcoin and blockchain experience will succeed. But industry participants must be patient, as it will take five to ten years before success is solidified.
In a successful experiment, he pointed to a different world and "concrete economic consequences," saying "a bitcoin will be worth $ 1 million. So, most countries will want them to have bought it at $ 14,000 or $ 20,000 "despite the risk and putting into perspective the bitcoin price drops today.
Cesares Argentinian has distinct memories of his childhood from his family who lost everything, three times. He calls these memories "emotional" and "social" rather than economic, and indicates that the Argentine government has triggered events that have led to fallout – hyperinflation, for example. He took two steps forward and three steps back for his family as a result of government activities, even going as far as to confiscate bank accounts.
His childhood experience, coupled with an awareness of the world's unbanked citizens without the luxury of the US dollar, seems to have shaped his belief in bitcoin. "It was the first time I saw the technology definitely solve this problem," he said. As a result, he promised the rest of his career and played his reputation there. He hopes the Bitcoin experience will succeed, because if it is, we will have a much better world than we know today, he said.
Call of Ignorance
Although this may be fashionable, for someone to distinguish between bitcoin and the underlying protocol, saying that they have an interest in blockchain but not bitcoin, shows " ignorance of the functioning of the system, "says Cesares. the comparison with the web and the internet. "Blockchain does not exist without bitcoin," he said. It was only in January 2009 that the blockchain came to life because we could trust the integrity of the data without knowing the hardware, software or jurisdiction because it does not matter. With blockchain, there are no counterparts.
"If you had to remove the bitcoin, the miners would disappear, just like the blockchain," said Cesares.
As for the future of altcoins, he reminds Schulman of PayPal that it's an experience, which nobody knows the outcome. Cesares also predicts a unique blockchain for value, with the exception of some use cases that deserve a different blockchain, similar to the way there is only one internet. He predicts that the most likely blockchain will be bitcoin, which has not suffered any hacking, but he admits that his prediction is highly speculative.
Cryptocurrencies & Blockchain
With regard to cases of blockchain use beyond cryptocurrence, Cesares suggests that the sky is the limit, or the creativity of people is the limit in terms of distinct use cases value. He envisions a world in which bitcoin is a norm of global, non-political value and settlement, so that future generations view traditional exchange rates as nostalgic. He sees a world where bitcoin wins, whether Wall Street or Silicon Valley venture capitalists believe it or not.
In terms of the great experience of bitcoin and blockchain, the signs of success would be more what we have seen in the last nine years over the next nine years. "Protocols have their own schedule, a much longer time horizon than companies," said Cesares
Failure, meanwhile, could be the result of various scenarios. "The main way that bitcoin could fail is that if we start to put bitcoin money, we can not afford to lose," he concluded. In other words, do not put your child's funds for education or retirement savings in bitcoin.
The broadcast of Facebook Live was broadcast on January 11th. Schulman also used the live platform to announce that the PayPal community has raised more than $ 1 billion in charitable donations globally.
Featured image from Flickr / TechCrunch.
Follow us on Telegram.