‘The Bitcoin Blockchain Does Not Need to Be a Visa-Like Network’ – Tuur Demeester

Posted by Jean-Pierre Buntinx on

Everyone who is part of the Bitcoin community is an important cog in the machine. Some people have a more prominent “allure” than others, but that doesn’t mean they are not as approachable as the rest of us. Tuur Demeester, Nejc Kodrič and Aaron Voisine recently partook in the biggest Bitcoin AMA in history, and here is what they shared with rest of the community.

Also read: The Impact of Instant SEPA Transfers on European Bitcoin Exchanges

Nejc Kodrič – Bitstamp CEO & Co-founder
Bitcoin.com_Nejc Kodrič

Bitstamp is one of the leading Bitcoin exchanges in the world, and the company has made a name for itself since its launch in August of 2011. Back then, the Bitcoin industry was different, the community was much smaller, and digital currency flew below the radar of banks and policymakers. Over the course of recent years, things have drastically changed, even for Bitstamp.

When asked about what Nejc Kodrič expects to happen in the Bitcoin industry over the next few months and years, he stated the following:

“I do not speculate on the price so I can only share my view on the industry. Industry will consolidate. I think there has been a lot of hype around bitcoin & blockchain for the past year or two so a lot of companies got VC funding which enabled them to grow. Many of them do not have good monetizing strategy. As costs of running the business increase and as companies are reaching the end of their runway I think we will see lots of mergers and acquisitions. Some will also be forced to shut down, unfortunately. In short: Mergers and acquisitions.”

This answer seems to correlate with what other industry experts feel, as many entrepreneurs venture into the world of Bitcoin without a proper business plan. This is why business accelerators and guidance by VC’s is so important. There are plenty of talented people in the Bitcoin world, but everyone needs a bit of guidance every now and then.

On the topic of what Bitstamp users can expect from the company in the near future, Nejc hinted at expansion in terms of deposit and withdrawal methods. Canadian customers are already able to deposit US Dollars, and there are plans in motion to enable American ACH deposits and withdrawals soon.  Multiple currency support – including trading in EUR – is coming as well, although not too many details have been released so far.

Make sure to browse through Nejc Kodrič’s AMA thread here.

Aaron Voisine – Founder of BreadwalletBitcoin.com_Aaron Voisine

When it comes to using mobile Bitcoin wallets, there are very few options available to iOS users right now. Breadwallet has become quite a popular Bitcoin wallet among iOS users all over the world. According to Breadwallet founder Aaron Voisine, part of that success can be attributed to how the wallet is malware hardened and hardware-encrypted.

Roger Ver was quite interested in finding out how he came up with the name Breadwallet, and Voisine explained it by saying:

“I wanted something short and clean sounding, one syllable, like some of the other next-gen, user experience focused fintech companies. I wanted something that started with ‘b’ to work bitcoin into the logo, and ‘bread’ is a slang term for money, as in ‘bread winner.’ I quite like the imagery around the concept of bread winning as a symbol for money. People work hard for their money, and real wealth can only come from people’s hard work and effort to produce the things we all value. Bitcoin is a form of money that truly respects the hard work of those who earn it, since its value can’t be inflated away, and I wanted a name that reflected those values. Also the domain name was available, which is always a plus.”

Future additions and features are coming to Breadwallet users in the future, such as adding support for multiple “accounts” within the application. Additionally, the team is working on creating a single fee schedule to complement the widest variety of use-cases. On top of that, Breadwallet developers are working on a “merge avoidance” engine to ensure top of the line financial privacy.

One Bitcoin community member enquired about the possibility of adding notes to transactions when using Breadwallet, and apparently, that functionality will be coming soon. Voisine stated:

“We will be adding transaction metadata for memos, digitally signed payment requests and receipts, and other non-blockchain data. We haven’t done so yet because it wouldn’t get restored when recovering from your recovery phrase.”

The rest of Aaron Voisine’s Bitcoin AMA thread can be found on the Bitcoin.com forum.

Tuur Demeester – Bitcoin Investor & Economist ExtraordinaireBitcoin.com_Tuur Demeester

Judging by his personal introduction on the Bitcoin.com AMA thread, Tuur Demeester has been quite the busy bee throughout his life in the Bitcoin ecosystem. Having the insights of an economist at the disposal of the Bitcoin community can raise some interesting points of view, especially regarding the future Bitcoin price. When asked about the Bitcoin price in 2016, Tuur Demeester answered:

“There is one thing that I’m keeping in mind for myself, and that is that every phase in Bitcoin is different from the ones before. This year will not be the same as any of the previous years in Bitcoin. If anything, I’m preparing myself to be surprised. In other words, I give it a 40% chance that Bitcoin in 2016 will stay below $900, and see a 20% probability that the $1,000 level will be reached and that bitcoin then declines again from there.”

A recent tweet by Demeester regarding Blockstream’s Liquid sidechain has been causing a fair bit of confusion among Bitcoin enthusiasts. During the Bitcoin AMA session, Demeester had a chance to elaborate on this matter, as he strongly feels the Bitcoin blockchain offers very limited functionality in terms of privacy protection.

Last but not least, there is the ongoing Bitcoin block size debate, which will hopefully be decided during the upcoming Scaling Bitcoin conference. Demeester admitted he had no technical opinion on the matter, although he feels a smaller block size is preferable compared to larger blocks.

“The Bitcoin blockchain will never be and does not need to be a Visa-like network. I see the purpose of the main chain as a value anchor rather than a payment network. I see it as evolving towards a network of big gold vaults rather than a ledger everyone uses for paying a beer and tipping. The latter type transactions will happen on sidechains or via off-chain transactions (exchanges & online wallets), possibly facilitated by lightning network technology. “

The rest of Tuur Demeester’s Bitcoin AMA thread can be found here.

What are your thoughts on these three AMA sessions? Leave your comments down below!

Source: Bitcoin.com AMA Forum

Images courtesy of Tuur Demeester, Nejc Kodrič, Aaron Voisine, networkworld.com

The post ‘The Bitcoin Blockchain Does Not Need to Be a Visa-Like Network’ – Tuur Demeester appeared first on Bitcoin News.


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