The Chinese Bitcoin community is one of the major stakeholders in the digital currency ecosystem. Thanks to their active participation in mining and trading related activities. One of the leading Chinese Bitcoin community, 8BTC.com had a chance to interact with Andreas Antonopoulos in an ‘Ask Me Anything (AMA)’ program.
Andreas Antonopoulos is a renowned advocate and consultant of the cryptocurrency. In the AMA, he interacted with the Chinese digital currency community and answered questions regarding the future of Bitcoin and various other aspects of cryptocurrency industry. Most of the questions during the AMA were related to the block size debate, Bitcoin scalability, and smart contracts.
The excerpts of the AMA session including all the questions and Andreas’ response to those questions was shared by 8BTC on various social media channels.
During the session, Andreas expressed his support to the Bitcoin Core development community and their current roadmap for scaling the Bitcoin network. He believes that the approach to increasing the block size from 1 MB to 2 MB in a methodical fashion is a sound decision. The current plan involves the implementation of Segwit, followed by a relay network upgrade, implementation of compact blocks and other changes before executing a hard fork over another year and a half.
However, he also makes it clear that the community will accept Bitcoin Core only as long as they continue to support the protocol and solve issues associated with it.
About Bitcoin Hard Fork
Andreas believes that the Bitcoin community can learn from the recent Ethereum hard fork and anticipate similar challenges while implementing the Bitcoin hard fork. Also, he expects stiff resistance from the community while forking the Bitcoin blockchain. However, he believes that the hard fork will not have a significant effect on bitcoin price.
Bitcoin Blockchain and Smart Contracts
According to Andreas Antonopoulos, the Bitcoin blockchain is capable of handling a variety of smart contract applications. Almost 75 percent of the current smart contract applications can be executed easily using Bitcoin blockchain.
Blockchain Technology and IoT
According to Andreas, there is no need for blockchain technology in Internet of Things. Blockchain technology may end up causing more issues than solving them.
“It seems to me that IoT is a security nightmare, especially if the “things” are controlled by corporations and governments (and hackers who break them). That is a good way to have surveillance installed in your home and car that someone else controls. A blockchain is a good way to have PUBLIC ledgers. I do not see how that helps. Perhaps in 10-20 years we may see useful applications of blockchain in IoT”
Which Is the Best Blockchain?
Different applications may find different blockchain to be ideal, based on its requirements. There is no single superior blockchain. When it comes to Ethereum and Bitcoin, both have different applications and they are bound to succeed in their respective spheres.
Thoughts about /r/Bitcoin
“I do not agree with the moderation policies of /r/bitcoin, I do not support censorship”
Andreas Antonopoulos On Ethereum
“I am very interested in Ethereum. It may have a very broad range of applications and many useful applications… It cannot do the same thing as bitcoin and bitcoin cannot do the same thing as Ethereum. For one to “overtake” the other they would have to be in a race for the same applications and I do not think they are… What makes each powerful in their own domain makes them weak in the other domain…”
Private Blockchain & Banking
“They will provide some great benefits for banking, saving them billions of dollars a year in settlement and processing costs. But they will not be as secure as bitcoin or other open blockchain and they cannot serve the global community that bitcoin serves. In the long run, banking will lose much more value to bitcoin that it will gain by implementing private blockchains. Banking will change forever and will not be the same as it is today.”
Fiat Currency and Digital Currencies
When asked about the advantages of creating digital versions of existing fiat currencies, Andreas had this to say-
“All fiat currencies are digital. The vast majority (92%) of money does not exist in paper or coin, it only exists as digital money. I do not know if there is any reason or useful application for a nation-state money to be on a blockchain. If a nation wanted to keep control, they would make it a private/closed blockchain. Then it would be better as a set of connected databases than a blockchain. If a nation wanted to lose control, they could just use bitcoin.”
His insights into the current situation in the cryptocurrency industry may be helpful in preparing the Bitcoin community for the future developments in Bitcoin ecosystem.
Ref: Excerpt from 8BTC AMA | Image: Twitter (@CNLedger)