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Why I do not support Bitcoin (or any other cryptocurrency)?

publicado por Adriano Balaguer

Cryptocurrencies

Nevertheless, there is no doubt Blockchain is the innovative disruption breaking all the rules and generating wealth now and in the upcoming years.

Obviously, that is only my view in this topic. The opinion from a Business Technology Professional with some experience in Financial Services. I am definitely not a Tech Mogul or a trendsetter. It is still my own shortsighted view and I am open to receive criticisms as well as some support. The idea is to bring up a healthy and educative discussion over the topic

In short and very straightforward: Bitcoin is a bubble and it does not help the poorest and excluded.

Now, stones started to fall down over my head.

Its non-sense “value” is the proof of that. It is solely about monetary speculation. ETFs, exchanges and so on. Moreover, we already have enough speculation in the traditional Financial Market. Only Derivatives Market is estimated to be more than 10 times the size of the total world gross domestic product, or GDP.

It is too technical to be handled by the average citizen. People does not need that. All that cryptography, bitcoin limits and community support.

And for a currency that wants to replace the old, unfashionable and obsolete paper currency, cryptocurrencies are boldly failing, since the only “really” safe mode to avoid robbery is to print out the long strings of characters that represents your coins or your virtual wallets (the public and private keys). Whether to avoid hacking, ransomware attacks or if your hard drive simply is no longer accessible by any reason.

We need to be simple. People only need to be mobile. Just study a bit the successful case of M-Pesa in Kenya.

Poorest just need a good internet connection in their smartphones with one of the several available apps to make money transfer, buy and sell goods or services and at last be part of any economic transaction.

They can use also fintech services to be part of the “banking” world with less fees than traditional banking.

The truth is that there are too much people becoming richer, but whoever is taking part of that, you can be sure they are not the poorest mass.

On the other hand, Blockchain itself represents the future of technology in several aspects and this is what we really need to support and respect.

Bitcoin is not the only application which make use of Blockchain as underlying technology. There are several other ways for taking advantage of Blockchain as general public ledger, that will not only make more sense but also will help more people.

Hereafter are 50 good examples (Source: http://ledracapital.com/blog/2014/3/11/bitcoin-series-24-the-mega-master-blockchain-list) of Blockchain technology “in use” or “to be used” in favor of any human being:

  1. Clearing and Settlement of Private and Public equities or any other securities;
  2. Crowd-funding
  3. Micro-finance
  4. Micro-charity
  5. Land titles
  6. Vehicle registries
  7. Business license
  8. Business incorporation / dissolution records
  9. Business ownership records
  10. Regulatory records
  11. Criminal records
  12. Passports
  13. Birth  and Death certificates
  14. Voter IDs
  15. Voting and Voting records
  16. Health / Safety Inspections
  17. Building permits
  18. Gun permits
  19. Forensic evidence
  20. Court records
  21. Non-profit records
  22. Government / non-profit accounting / transparency
  23. Contracts
  24. Signatures
  25. Wills
  26. Degree
  27. Certifications
  28. Learning Outcomes
  29. Grades
  30. HR records (salary, performance reviews, accomplishment)
  31. Medical records
  32. Accounting records
  33. Business transaction records
  34. Genome data
  35. Home / apartment keys
  36. Hotel room keys
  37. Car keys
  38. Rental car keys
  39. Betting records
  40. Vouchers
  41. Reservations (restaurants, hotels, queues, etc.)
  42. Movie tickets
  43. Patents
  44. Copyrights
  45. Trademarks
  46. Software and Videogame licenses
  47. Music/movie/book licenses (DRM)
  48. Domain names
  49. Online identities
  50. Proof of authorship / Proof of prior art

And you? What is your feeling and concerns? Are you happy? Are you making money with that?

From my side, I keep my stubborn position: Please, STOP Bitcoin! GO Blockchain!

Published first at LinkedIn.

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Autor

Adriano Balaguer atua desde 1991 no Mercado de Serviços Financeiros em grandes instituições como Itaú Latin America, Deutsche Bank, Cielo, Thomson Reuters, B3 (ex-BM&FBovespa), Santander, Bank of Boston e Banco Real. Interesses: Inovação Digital, Internet das Coisas, Inteligência Artificial, Gestão de Projetos, Gestão de Produtos, Metodologias Ágeis (Scrum , Lean, SAFe). Fluente em Português, Inglês e Espanhol. Sempre aprendendo e adquirindo novos conhecimentos, já atuou como Professor Universitário além de ser Blogger e Pai em tempo integral. Site Pessoal: http://www.adrianobalaguer.com

Adriano Balaguer

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