Beginner’s Guide #16: The Future of Bitcoin with Jeremy Welch

WBD201 - Jeremy Welch - Large Banner.png

Where to find the show

Download Episode MP3 File
The file will open in a new window. Click down arrow to download the file.

“The thing that I can definitely predict; in 25 years Bitcoin will be around.”
— Jeremy Welch

SHOW DESCRIPTION

Location: Skype
Date: Friday, 6th March

Welcome to the Beginner's Guide to Bitcoin.

Bitcoin can be intimidating for beginners. The protocol is complicated, the community can be aggressive and unforgiving, silly mistakes can lose you money, and it is easy to succumb to altcoin marketing. 

Bitcoin does though, offer you the opportunity to hold a new type of monetary asset, one which can't be seized by the government and is censorship resistance and It has the potential to change the way the world. 

The goal of What Bitcoin Did has always been about making things simple; there are no stupid questions, and the show is here to help beginners navigate this new world. To kick off 2020, we are launching a special series to help beginners understand Bitcoin. We will be looking at the basics from breaking down the protocol to explaining the economics and discussing the potential societal shift. 

Beginner’s Guide Part 16 - The Future of Bitcoin with Jeremy Welch

In just 11 years, Bitcoin has already achieved so much:

  • The price has grown from $1 equal to 1,309.03 BTC in 2009 to $7,950 per Bitcoin (at time of writing), having peaked at $20k in 2017.

  • Market capitalisation is nearly $150 billion, and Bitcoin is now on the radar of investors globally.

  • A phenomenal ~ 110Exahash secures the network.

  • Transactions are regularly well over 300k per day.

Bitcoin is the most decentralised and censorship-resistant currency in the world.

A lot has happened in a short space of time, but what will the future hold for Bitcoin? There are still many challenges for Bitcoin, whether that is scaling, enhancing privacy or UX and ease of use. At the moment, Bitcoin is still for the relatively tech-savvy.

While Bitcoin has been met with either scepticism or fear by governments, in general, there has been little action taken to disincentive people from owning using it. If adoption continues to grow, will the world powers enforce stricter regulations?

In Part 16 of the Beginner’s Guide to Bitcoin I talk to Jeremy Welch to discuss the future of Bitcoin. We get into how governments and central banks will react as Bitcoin poses more of a threat, and if we will see hyperbitcoinisation.

TIMESTAMPS

00:04:27: Introductions
00:05:06: Bitcoin in the future
00:07:33: A-ha moments with Bitcoin
00:10:47: Bitcoin awareness
00:12:45: Resilience of Bitcoin
00:14:12: Bitcoin’s purpose
00:17:04: Libra
00:19:25: Failing central banks
00:22:11: Nations moving from dollars to Bitcoin
00:27:40: Bitcoin’s uncorruptability and open source
00:34:21: Global inequality
00:38:26: The internet increasing inequality
00:41:46: Bitcoin as the best form of money
00:44:19: Open and closed political systems
00:48:32: Is Bitcoin a tool for protestors to support?
00:51:57: Coronavirus disruption on the global economy
00:57:14: Important things in Bitcoin’s future
00:59:21: Future predictions
01:03:53: Final comments

 

SUPPORT THE SHOW

If you enjoy The What Bitcoin Did Podcast you can help support the show my doing the following:

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

SPONSORS

 
 
 

SHOW NOTES

PodcastPeter McCormack