Bitcoin Will See Global Need After Future Applications Emerge, Says Andreas Antonopoulos

Published at: April 4, 2019

South Koreans will need Bitcoin (BTC) once its as-yet-unknown applications have been developed, Andreas Antonopoulos told the ongoing Deconomy conference in Seoul on April 4.

Speaking at the event attended by a Cointelegraph correspondent, the celebrated Bitcoin educator and entrepreneur forecast a fundamental shift in Bitcoin’s presence on the world stage.

The largest cryptocurrency will usurp the current fiat-based banking system, Antonopoulos said, but only after developing the next generation of use cases will the true global need for Bitcoin become obvious for the average consumer.

“What we’re doing today is trying to simulate the existing system with fewer intermediaries and centralization, so that we can rapidly exceed and start doing applications that are absolutely impossible with the current centralized financial system,” he summarized. Antonopoulos added:

“And then — and only then — Koreans will need cryptocurrency.”

Antonopoulos highlighted the fact that, in contrast to the utopian visions of the future, current cryptocurrency usage remains either a niche hobby or a product of desperation with the banks.

At present, only a tiny fraction of consumers use Bitcoin: this is logical, he says, given the overall difficulty of crypto and the technical knowledge required to store and transact with it successfully.

Cryptocurrencies and open blockchains “are only being adopted in the places where the pain of the current financial system is so extreme that people are forced to use something that is difficult to understand, difficult to secure, with very poorly designed applications and with very difficult wording,” he said.

Nonetheless, with advances ongoing, Bitcoin is at least set to overtake extant payment systems such as Visa and MasterCard, in his opinion.

“We are poised to achieve ten thousand times their capacity,” Antonopoulos added, echoing findings from a report into Bitcoin as the future of payments released earlier this week.

As Cointelegraph reported, scaling solutions for Bitcoin should help take it to the status of preeminent world payment system in as little as ten years, research from software company DataLight forecast.

Tags
Related Posts
Bank account flows for South Korean crypto exchanges surge 40% since 2020
As cryptocurrency markets grew in the first quarter of 2021, South Korean banks saw record volumes of deposits and withdrawals to local crypto exchanges. South Korean commercial banks processed 64.2 trillion won ($57.9 billion) of transactions on real-name bank accounts linked to crypto exchanges in Q1 2021, according to data from Financial Supervisory Service acquired by Democratic Party member Kim Byung-wook. The Q1 results comprise data from lenders like Shinhan Bank, online bank K Bank and Korean NH NongHyup Bank, as well as four major local crypto exchanges including Upbit, Bithumb, Coinone and Korbit, local business publication The Maeil Business …
Bitcoin / June 1, 2021
Korea’s Shinhan Bank makes strategic investment in crypto custody consortium
Shinhan Bank, the oldest banking institution in South Korea, continues its efforts to introduce digital-asset custody services with a new investment. According to a Thursday report by news agency Yonhap, Shinhan Bank has invested in Korea Digital Asset Trust, or KDAC, an industry consortium of businesses that provide digital-asset custody. The initiative was launched by Korbit in collaboration with blockchain startup Blocko and digital-asset research company Fair Square Lab. With the new investment, Shinhan Bank moves closer to offering its own cryptocurrency custody business. In August 2020, Shinhan Bank announced its plans to introduce crypto custody alongside another major South …
Bitcoin / Jan. 11, 2021
Why Banks Keep Blocking Cryptocurrency-Related Transactions
The COVID-19 crisis has brought many new users to the world of cryptocurrencies. One of the main concerns for users, however, is whether their bank cards may be blocked due to the purchase of a cryptocurrency, or when withdrawing funds from a crypto account. Can this risk be prevented? Since the COVID-19 outbreak and people’s subsequent desire to protect their savings, interest in cryptocurrency has continued to grow. A June 2020 survey conducted by The Tokenist found that 45% of respondents from 17 countries now prefer to invest in Bitcoin (BTC) rather than stocks, real estate or gold. For comparison’s …
Bitcoin / July 12, 2020
Conglomerates’ Deep Pockets Continue Blockchain Growth in South Korea Despite Crypto Ban
Unlike in other countries, where startups are at the heart of blockchain development, the South Korean blockchain landscape has “chaebols,” large, family-owned business conglomerates in Korea, at its heart. Just about every month, reports and announcements of large South Korean companies — including Samsung, Naver and NHN, just to name a few — entering into the blockchain space emerge. Still, South Korea is one of the most advanced markets in the blockchain and cryptocurrency industry. The first indication comes from how dominant Korean exchanges were during the crypto bull run of 2017, with crypto prices almost always trading at a …
Blockchain / June 13, 2019
State-Issued Digital Currencies Can Squeeze Banks, Says South Korea Central Bank
South Korea’s central bank issued a warning over central bank digital currencies (CBDCs) a week after saying it would not introduce one itself. The development was reported in local news outlet Yonhap News Agency, Feb. 7. CBDCs, which are also known variously as state-backed or government-backed digital currencies, involve a blockchain-based version of a country’s fiat currency either replacing or circulating in tandem with paper notes and coins. A number of governments are currently examining the feasibility of using a CBDC, while South Korea formally decided against the measure in late January. The decision came as a result of a …
Bitcoin / Feb. 7, 2019