How long until mainstream adoption? Previous revolutions in money. In the mid 90s, you still couldn’t pay with a credit card in many places. I predict it will take 15-20 years for mainstream adoption of Bitcoin. We are in a race because governments around the world are trying to ban cash and force us to adopt a different sort of digital currency with complete surveillance, where they can flip and switch and you will no longer exist as a person if you doing anything they consider radical. Adoption patterns and the Gini coefficient. The ownership of Bitcoin is not as diverse as it should be, primarily because of the way it grew. But people who got in early and took the risk have been enormously rewarded; no one’s coming to bail out Bitcoin.
This talk took place on December 6th, 2016, at the Bitcoin Cologne meetup in Köln, Germany: https://www.meetup.com/Bitcoin-Cologne/events/232687726/
Watch the full talk here: https://youtu.be/Rrj8sjHJthU
RELATED:
Measuring Success: Price or Principle – https://youtu.be/mPMsbgWl9p4
Crossing the chasm of theoretical vs. real need – https://youtu.be/yIR0OBEAaUE
Why mainstream adoption will be neither gradual nor radical – https://youtu.be/4COw6K-qrK8
How will Bitcoin be adopted by developing markets? – https://youtu.be/zC_k1XQhBMg
What are the challenges to Bitcoin achieving mass-adoption? – https://youtu.be/f0wAh6_HEbo
When will Bitcoin see mass-adoption? – Internet Diversification – https://youtu.be/L0AcZUc1O-I
Remittances and smuggling in Venezuela – https://youtu.be/RRXecXfWARw
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.
Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
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MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9
Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/
THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs
THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ
Translations of THE INTERNET OF MONEY:
Spanish, ‘Internet del Dinero’ (v1) – https://amzn.to/2yoaTTq
French, ‘L’internet de l’argent’ (v1) – https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390
Russian, ‘Интернет денег’ (v1) – https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg
Vietnamese, ‘Internet Của Tiền Tệ’ (v1) – https://alphabooks.vn/khi-tien-len-mang
MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK
Music: “Unbounded” by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
source
Metcalfe's law = N squared.
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Xrp
It's crazy, and I'm not super religious, but the bible talks about a one-world currency, where if you don't bear the mark you can't trade. That's where the governments want to take us- RFID implants that track us and record our every location and expenditure of starve and die. It's scary to imagine, but it's not so far-fetched.
… or even rectangular devices with google tracking for our traveling "convenience", where we also happen to do our online banking and text our most private communications with friends and family
I know this is for illustrative purposes, but original bank notes weren't "given" to people instead of gold as a system. People were storing their gold in the smith's safe and got receipts for those, like when one leaves dirty clothes in a laundry.
Non surprisingly, people found it was easier to interchange this receipts with other people instead of getting their gold, paying and then putting it back in the safe every time.
On the long term the gold smiths became the banks and started ripping everyone of by selling them "fake" good receipts.
Crypto's will reign supreme…..eventually, but it won't be Bitcoin or another independent Crypto, it will be controlled by the Big Banks and it won't be speculative in nature like Bitcoin, it will just be another Fiat currency.
Andreas has very good understanding of currency history and bitcoin
Every time I listen to Mr. Antonopoulos speak about Bitcoin I get super inspired about the future of distributed ledger technology. I believe there is no better time to start learning and digging deeper for yourselves than now.
15 – 20 years from now? Or since the btc started?
Here it seems like he didn't shift to his "Bitcoin no Blockchain vision" yet. I wonder what got him there, is it financial interest? An agenda focussed on mainstream adoption with BTC being the frontman? True fundamental analysis, like only one POW ledger? I'm curious because Andreas used to be 'more neutral' in terms of technology vs ideology. This question doesn't mean that I don't have respect for the man, we need more people like him. Please run for president!
people investing in BitcoinCash today are those who are taking the most risk for the future of bitcoin.
15-20 years from it's origin in 2009 or from now :-0
Cool man so only 5 more years :-D! @1:32 he says how long adoption will take, and its already been about 10 years or so since BTC was created.
Thank you so much Andreas for continuing to educate on these topics.
We need to get over this whole "wealth inequality problem" as a society at least in terms of relative wealth. It is a divisive distraction.
Keep teaching, we will keep learning and sharing and growing this space!
Fuck! China is doing the thing that he said around 2:00…
Bitcoin is like mlm. Some of the coins have expired domains ,Fake info. Ect.. but let hype it up so we can make money? That's how it sounds.
1) mainstream can come faster: 5-10 year
2) Bitcoin rises in value because it's adopted AND it's adopted because it rises in value
With its exponential growth we could see it in 18 months to 2 years.
is btc slowly becoming gold?
Some issues here:
1. "the price rises because of adoption and not the other way around"
I'd say the price rises primarily because of speculation about future adoption, and the rising price does actually help promote it and thus helps with adoption; it goes both ways at least.
2. "inequalities are justified (paraphrasing here) because early adopters took huge risks"
Huge risks seems like a huge overstatement. You need to have money in the first place to invest, and less, the earlier you invested, so the actual risk involved varies.
As a general overview of the topic at hand tho, this was an excellent answer. 🙂
This is interesting. One of the many conspiracy videos I watched years ago was about Aaron Russo who became friends with one the of Rockerfellers, David I believe. At one point. Russo asked Rockefeller what their (their meaning the old money essentially running the world) ultimate goal was. He responded that they wanted to chip everybody so they could ultimately switch off the chip if the person got out of line. Hard to say if all that actually happened, but it sure does seem plausible.
Is there Any word about fedcoin ?
1:57 He says banks want to replace paper currency with a digital currency. In Europe, especially Germany, virtually everything for the past 20 years has been paid online, including your salary and rent and debit cards are used for in-store purchases. So in effect, this IS digital currency.
Andreas the don!!
I love the generation that says you should buy physica assets….like saying you need to buy CD's, because if the internet goes down you cannot listen to spotify
maybe nobody in this thread will be alive by the time it becomes mainstream 100 years from now
Every clapping has grandfathers who killed people…. lol…
Credit cards were a way to spend
money, not a currency. Although, they did create more currency in a sense. But still, completely different than a new currency such as bitcoin. But yes, in the end, it will likely happen.
I have heard the claim from many fringe kook economists that the state wants to take away your cash so they can create a surveillance state and then eliminate their enemies. I have heard this again and again. Flip a bit and you dont exist anymore because you attended a rally. I call bullshit. This is baseless libertarian paranoia used to scare people in the room.
We need more infrastructure. We need bitcoin ATMs to dispense fiat.
Blockchain is not going away, we’re not going to move backwards in technology.
I say in the next 5 years. Based on the rapid acceleration of technology.
Are you counting from when bitcoin was invented or from this year?
I predict Bitcoin won't be truly "mainstream" until about 2025, so 16 years after creation.
Damm this guy makes sense
DOGE COIN will set the world free!
I feel once it hits 10k it's all on. it becomes exponential. Jamie demon with his bullshit is just buying time. they know their fucked.
The evolution of Bitcoin doesn't have to be Ledger based, it will be distributed on-chain with scalability and efficiency. Most importantly decentralized, permissionless, boarderless and likely cryptographic without a separate class of miners.
I want to see him talk about how people can steal your Bitcoin from you
cryptocurrency will not make any revolution, or change.
gold was never a money, there was no revolution in the way you have said, sorry.