Even though Bitcoin and blockchain are still in their infancy, they have both been the “talk of the town” as experts contemplate the potential ramifications — good and bad — for virtually every industry. As the leading cryptocurrency, Bitcoin is the first exposure many people have to blockchain technology. Many compare the transformative effect of blockchain to the disruption caused by the Internet, search engines and Google that changed the way we work, shop and communicate with one another. Everyone from world leaders to CEOs, and industry experts to investors are being asked their thoughts about Bitcoin and blockchain. Here are just a few of their opinions.
It’s gold for nerds.
Bitcoin will do to banks what email did to the postal industry.
Bitcoin is a technological tour de force.
Every informed person needs to know about Bitcoin because it might be one of the world’s most important developments.
Bitcoin is the most important invention in the history of the world since the Internet.
Bitcoin, and the ideas behind it, will be a disrupter to the traditional notions of currency. In the end, currency will be better for it.
Stay away from it. It’s a mirage, basically. In terms of cryptocurrencies, generally, I can say almost with certainty that they will come to a bad ending.
Still thinking about #Bitcoin. No conclusion — not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold.
[Bitcoin] is a very exciting development, it might lead to a world currency. I think over the next decade it will grow to become one of the most important ways to pay for things and transfer assets.
It’s money 2.0, a huge huge huge deal.
[Virtual currencies] may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.
There are 3 eras of currency: Commodity based, politically based, and now, math based.
I am very intrigued by Bitcoin. It has all the signs. Paradigm shift, hackers love it, yet it’s derided as a toy. Just like microcomputers.
I really like Bitcoin. I own Bitcoins. It’s a store of value, a distributed ledger. It’s also a good investment vehicle if you have an appetite for risk. But it won’t be a currency until volatility slows down.
Bitcoin is a classic network effect, a positive feedback loop. The more people who use Bitcoin, the more valuable Bitcoin is for everyone who uses it, and the higher the incentive for the next user to start using the technology. Bitcoin shares this network effect property with the telephone system, the web, and popular Internet services like eBay and Facebook.
Instant transactions, no waiting for checks to clear, no chargebacks (merchants will like this), no account freezes (look out Paypal), no international wire transfer fee, no fees of any kind, no minimum balance, no maximum balance, worldwide access, always open, no waiting for business hours to make transactions, no waiting for an account to be approved before transacting, open an account in a few seconds, as easy as email, no bank account needed, extremely poor people can use it, extremely wealthy people can use it, no printing press, no hyperinflation, no debt limit votes, no bank bailouts, completely voluntary. This sounds like the best payment system in the world!
Bitcoin is a remarkable cryptographic achievement, and the ability to create something that is not duplicable in the digital world has enormous value.
You can’t stop things like Bitcoin. It will be everywhere, and the world will have to readjust. World governments will have to readjust.
Virgin Galactic is a bold entrepreneurial technology. It’s driving a revolution. And Bitcoin is doing just the same when it comes to inventing a new currency.
Ten percent of my net worth is in this space.
Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.
Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.
Maybe I’m just too old, but I’m going to let this mania go on without me.