Andreas Antonopoulos: Financial sector needs next gen of use cases to adopt BTC

05 Apr, 2019 | Updated: 05 Apr, 2019
by Fifi Arisandi
Opinion
Andreas Antonopoulos: Financial sector needs next gen of use cases to adopt BTC

Andreas Antonopoulos thinks that the financial sector will adopt Bitcoin only if next generation of use cases is created. 

Andreas Antonopoulos predicted that Bitcoin’s use in the financial sector will grow significantly only after “the next generation of use cases” is developed.  

Speaking at the Deconomy Conference in Seoul, the Bitcoin advocate talked about the actual use of the largest cryptocurrency in the financial/banking sector.

He believed that Bitcoin will one day take over the current fiat-based banking system. However, in order for that to happen, the “average consumers” need to see its use cases better and clearer, something that can only be achieved if the next generation of use cases is developed.

“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,” said Antonopoulos, as quoted by Cointelegraph.

According to him, the current use of cryptocurrency is only limited to either a hobby or a result of desperation with the existing financial institutions, like the banks.

Added to that is the advanced technology of crypto that requires a certain level of technical skill.

He said that the only exception comes from those living in the places where the financial system is extremely bad or corrupt. Such situation usually forces a massive cryptocurrency adoption, even though the infrastructure (the applications) may not be well-developed yet.

Read more: Venezuelan explains how when banks went down, Bitcoin stayed up"Can Bitcoin Save Venezuelans?" asks NYT opinion piece

Regardless the current situation, Antonopoulos believed that eventually Bitcoin will catch up and become a big competitor to the current payment system, like Visa and Mastercard.

“We are poised to achieve ten thousand times their capacity,” he argued.

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