Monday, December 23, 2013

Bitcoin Accountability

Because of the nature of bitcoin, its inherent protocol and public and open system of account on the blockchain it is poised to replace notary and legal services. As Andreas Antonopoulos so eloquently puts it in his many bitcoin talks:  video.   As BTC adoption grows and infrastructure software and hardware is built new ideas and products will inevitably move our society closer to a modern streamlined technically advanced system. One in which 3rd party costs are saved by sender and receiver because through bitcoins transparent trusted accountability transactions can be legally audited and retained. As Mr. Antonopoulos points out this will lead to some jobs being lost. All I can say to that is humans are adapters. Adapt or fall behind. If I am surfing and I am in a barrel and I see the wave closing out I make minor adjustments in the split of a second and save myself from being crushed by the weight of the wave. I adjust and survive. The ability to accept a better means of transacting our most important business negotiations and use that to your advantage are all that is necessary to benefit from this new form of technology. There is even software like www.wagepoint.com that helps businesses pay and do accounting in BTC or bitpay.com which helps businesses accept BTC and turn it into dollars or keep BTCs instantly. These programs were born this year and have barely seen the light of day let alone a full year of use and are already increasingly popular despite two major "crashes" and some bad press. As BTC becomes more popular, as a fundamental understanding of the underpinnings of its protocol become internalized and people all around the world take advantage of its "simple yet robust"* system I believe we'll find ourselves again on steady grounds for a robust free market without prohibitively expensive overheads and a faith we once had in dollars and gold transitions into the faith of cryptocurrency with bitcoin at the helm. Please read the white papers on the bitcoin protocol for in unbiased explanation of how it works. Www.bitcoin.org/bitcoin.pdf