In this brief overview of the weaknesses, strengths, opportunities, and threats to the industry of cryptocurrency, Andreas Antonopoulos, a cryptocurrency expert, explains why Bitcoin becomes the world’s dominant and relevant force.
Antonopoulos claims that neutrality is Bitcoin’s most essential feature in a world whose financial system is dominated by trusted nation-states and central banks that may dictate monetary supply to their own discretion.
A Neutral Monetary Alternative
A more suitable substitute will be essential in times of economic downturn – one that is decentralized by public domain, design, open source, permissionless, peer to peer, completely transparent, and run by similar fair rules for any computer program that utilizes it.
Andreas points out that Bitcoin’s adoption as the global currency of the world won’t happen firmly, but during the crisis, it can become a better alternative to wobbly fiat currencies that corrupt governments are abusing.
Crypto Coins versus Metal Coins
With cryptocurrencies, magnetic fields or electric charges are used instead of the metal in typical coins, yet both currency coins are fungible, durable, and precious. That is, any amount of coin equals the same as another coin, these coins may withstand the weathering of time and usage, and their supply is limited by mathematics.
With these three properties Antonopoulos points out that crypto coins ultimately parallel the same properties as traditional metal coins, yet deliver much more transparency and accountability.