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Bitcoin [BTC] is at a stage “equivalent of 1992 for the internet”, says founder of Xapo

Ajay Narayan

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Bitcoin [BTC] is at a stage "equivalent of 1992 for the internet", says founder of Xapo
Source: Unsplash

Wences Casares, the founder of Xapo, a Hong Kong-based company that provides Bitcoin wallet services combined with a cold storage vault and a Bitcoin-based debit card, recently stated that Bitcoin [BTC] was an intellectual experiment. Furthermore, it could take years for it to prove its success, “if it does at all”, according to him.

Casares stated that there were chances that Bitcoin might work whereas, there were chances of it not working as well. In an interview with Bloomberg, Casares said:

“We are in the equivalent of 1992 for the internet.”

The Argentine, entrepreneur who is also known as “Patient Zero” for his role in encouraging Silicon Valley’s interest in the cryptocurrency space, stated that the probability of success of Bitcoin was still greater than failure.

Casares went on to say that he would consider Bitcoin a successful cryptocurrency only if it suited a global standard of value and settlement. According to him, cryptocurrencies were unlikely to replace national currencies, but it could represent a new form of universal standard of value.

“Just like we have a non-political standard of weight… We need a nonpolitical standard of value.”

Additionally, Casares has invested the past several years of his life in convincing the Silicon Valley tycoons that Bitcoin was the global currency of the future. This made it important for these tycoons to invest in such cryptocurrencies and he further took the responsibility of safeguarding it.



Xapo reportedly has underground vaults across five continents which includes a decommissioned Swiss military bunker. He had used the bunker to accommodate approximately $10 billion worth of Bitcoin earlier this year. This is roughly equivalent to 7% of the global supply.

Some of the corporations that support Xapo include co-founder of LinkedIn, Reid Hoffman and former Wall Street trader Mike Novogratz who is an ex-hedge fund manager and a prominent figure in the cryptocurrency space.





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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Bitcoin

Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra

Biraajmaan Tamuly

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Bitcoin will be vulnerable to Quantum Computing without preparation, indicates Blockstream Researcher
Source: Pixabay

Security is an important aspect of every crypto-asset and Bitcoin [BTC] is often dragged into debates on whether the blockchain is protected from hacks or vulnerable to certain technological developments.

In a recent episode of whatbitcoindid, Andrew Poelstra, the Lead Researcher at Blockstream, was asked about whether Quantum Computing was a genuine threat to the existence of some Bitcoin on the current blockchain.

Poelstra indicated that the threat was evident, but it was still a long way off from being practical in the current technological field. He mentioned that he expected quantum computing to come into play against the security of Bitcoin in “maybe less than 15 years” and said that he would be really surprised if “it was less than 25 years”.

Poelstra said that it was necessary to take actions in the current scenario for post-quantum systems because he believed that without any preparation for the impending technological aspect, it did not matter how the future rested. Without preparation, the community was going to be blindsided, he said.

He stated,



“It’s important now that we started working on standardization and exploring ideas and exploring what Bitcoin is going to look like in a post quantum world but in the current scenarios there were no candidates for post quantum schemes that would be reasonable to deploy them in a Bitcoin.”

The introduction of quantum computing in the cryptocurrency scenario was a topic which was widely debated among other personalities in the community as well. Mati Greenspan, a prominent eToro Analyst, had started earlier this year that the threat only existed to Bitcoin if quantum computing was available to only one person.

If people or users collectively upgraded to quantum computers, then the Bitcoin miners would upgrade among themselves to protect it from an alleged 99% attack, which is possible with a quantum computer.





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