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Bitcoin [BTC]: People’s fears about crypto are based on misunderstanding of underlying technology, claims Andreas Antonopoulos

Arijit Sarkar

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Bitcoin [BTC]: Andreas Antonopoulos debunks the "transaction irreversibility" mythq
Credit: Pixabay

Prominent Bitcoin advocates such as Andreas Antonopoulos often conduct online Q&A sessions to debunk some of the misconceptions floating around about the cryptocurrency market. In a recent video on YouTube, Antonopoulos shared his views on the factors affecting crypto-adoption.

While answering one of the questions, Antonopoulos mentioned that the reason why people are scared to invest in cryptocurrency is “based on the misunderstanding of the underlying technology.” He informed the viewer that he is preparing a talk to help such people understand the technology better, and to help them make sound investments. He added,

“We are used to operating a system of soft promises. (This is the reason) A bank can reverse a transaction if you want, or dont want!”

He further explained how Bitcoin does not promise an irreversible transaction, but rather “guarantees that the contract within the transaction will be executed irreversibly.” As a result, he hinted that the contract can be changed to add a refund policy to resolve disputes in the future.

“(This way) you can reintroduce consumer refunds, but the only owner gets to choose who the third-party is. This is not an irreversible payment, but an irreversible guarantee.”

He also clarified that although current engineering limitations are making it hard to implement, it will require just few more rounds of incremental innovation to offer “more robust, predictable guarantees for consumer protection than any existing system of soft promises.”





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XRP

XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind

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XRP TipBot goes online after a tiny downtime
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XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.





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