Steve Wozniak, Apple co-founder, at Crypto Invest Summit gave his insight about Bitcoin [BTC] and its underlying technology, blockchain technology, and how it could affect our lives in the future,.
Wozniak said that due to the blockchain technology, a lot of people were attracted to Bitcoin. This is because the blockchain is majorly focused on decentralization and immutability.
He then added that the main idea behind blockchain was for it not to be controlled by any central authority. He referred to blockchain as a new technology changing the facade of financing and the views of people.
With widespread acknowledgment and adaptation, blockchain finally drew the attention of governments around the world and is now being acknowledged and regulated. Blockchain, he says, is starting to branch out to various industry sectors and people are starting to develop new applications that are changing the way people think and apply it, from the ground up, which the internet did in the 90s.
Wozniak agreed that decentralized apps are disrupting incumbent leaders and are moving forward in the blockchain space, which is causing a shift in culture. He then compared it to the initial days of the internet when it had no controlling body. So he fears this also could happen with the blockchain.
Luno founder says Ethereum or Bitcoin [BTC] could become the interoperable global currency.
Luno co-founder Marcus Swanepoel spoke about Bitcoin and other cryptocurrencies and how they could be a boost for a new financial order, that will eventually overthrow the current systems. Marcus, in an interview with Express.co.uk, said that: “I believe we happen to be sitting in the middle of one of these changes. I don’t know if it is going to be Bitcoin or Ethereum – or if it is going to happen in a hundred years or one year… But the future of money will involve some kind of global currency that is completely interoperable.”
He also said that he was not against the government or the banking sector, however, the banking system was built during a “non-digital age”. He also said that, cryptocurrencies can become a useful part of individuals “everyday life” where their daily transactions could be made easier. He added that individuals were interested in speculating and investing in Bitcoin [BTC], which has led to its price becoming a major factor for widespread adoption.
Marcus also revealed that his company worked in a “pragmatic” way where they realized the importance of working with financial institutions along with pursuing regulation. He said: “We are one of the more pragmatic players in the industry because of the conservative way in which we built the company… We have been working with regulators since we began the business.”
The post also revealed that Nicky Morgan (a member of United Kingdom Parliament), had warned individuals that cryptocurrencies were operating in the “Wild West” industry and it needed to be regulated immediately.
She also said that the cryptocurrency market was very vulnerable especially to hacks, price volatility and money laundering. This led the Treasury Committee to recommend the introduction of a regulatory framework. Mrs. Morgan stated: “It’s unsustainable for the government and regulators to bumble along issuing feeble warnings to potential investors, yet refrain from acting.”