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BitMEX CEO talks about millennials and future of Bitcoin, BitMEX

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BitMEX's CEO talks about millennials and the future of Bitcoin and BitMEX
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BitMEX is one among the largest cryptocurrency exchanges which provide perpetual contracts for Bitcoin and offer leverage trading of Bitcoin contracts up to 100x. Arthur Hayes, the CEO of BitMEX, spoke on the Venture Coinist podcast and discussed his vision for BitMEX and how he saw the Bitcoin ecosystem evolve.

Arthur Hayes addressed the ads that they put out on the tenth anniversary of Bitcoin and the BitMEX Research department. He said that the bedrock of BitMEX and other cryptocurrency platforms rested on a well-functioning Bitcoin ecosystem. He added that since they did not have any banks or other financial institutions which needed to provide permissions, they relied on Bitcoin. He further added that it underpins their business.

Hayes elucidated,

“We are dependent on Bitcoin to allow us to be financial creative in the products that we bring to the market, so it behooves us to be supportive of the ecosystem, whether its educating people through research platform that has nothing to do with products that we offer and more to do with Bitcoin blockchain and other technological things that are happening in the ecosystem.”

Speaking about his vision for BitMEX, Hayes explained that millennials were comfortable with the digital form of money and that the demand for analog money would eventually fall. Hayes also added that the “baby-booming generation” in the 70s and 80s were coming into “asset-earning ages”.



Addressing Bitcoin and the current generation, Hayes said that “they were baby-booming generation” and that millennials and the Gen-Z would be the generation that would ride the shift from analog money to digital money. He continued that this was the reason why stocks and bonds were traded from 9-to-5 for five days and cryptos were being traded 24×7.

Moreover, Hayes said that the next generation, millennials or Gen-Z would be comfortable with digital assets in the near future and that Bitcoin would gain more traction in the next 10-20 years.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin [BTC]: Andreas Antonopoulos breaks down life cycle of a transaction on the BTC blockchain

Akash Anand

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Bitcoin [BTC]: Andreas Antonopoulos breaks down the life cycle of a transaction on the BTC blockchain
Source: Pixabay

Bitcoin [BTC] and its intricacies have been a concept that many users in the cryptoverse have been trying to understand since its inception. In his latest video, Andreas Antonopoulos, a major Bitcoin bull and the author of Mastering Bitcoin, elucidated on the life cycle of a wallet transaction from start to finish.

Antonopoulos stated that from the point someone sends a transaction from a wallet to its confirmation on the Bitcoin blockchain, the wallet constructs a transaction by accumulating the BTC in the user’s wallet and assigning the addresses. The user’s wallet then transmits the transaction’s information to one of the many nodes it is connected to, from where it can be sent to ‘1, 2 or even 8 other nodes’. He added:

“The transaction is then transmitted to other nodes, which can be mining nodes, e-commerce payment gateways, and many such options. Each of those nodes will receive the transaction from your node and each of those, in turn, will validate every single transaction. When the nodes receive the transactions, they don’t’ know whether it was created by you or was forwarded and hence each of these transactions need to be validated individually.”

Antonopoulos went on to state that if all the nodes are validated, ie. if the payment details are correct and if it is confirmed that no double spend has occurred on the blockchain, then eventually through the process of ‘flood propagation’, the transaction information will be sent to every other node, out of which some may be mining nodes. In his words:



“Once the transaction reaches the mining pool, it maintains a pool of unconfirmed transactions, like a bucket where all this unconfirmed data is stored. This is the pool known as the mempool. Also, know that there isn’t THE mempool rather there is ‘A’ mempool. Information in separate mempools can be in a 99 percent overlap but there will never be a case where it will completely similar.”

According to the author, the mempool also serves the purpose of providing transaction for a miner to add a new block after which ‘the race is on’ for the next block. Miners usually have to construct a block and then solve the Proof of Work on it to eventually make it a confirmed block. Antonopoulos claimed that once the block is made, the information will be sent to the mining equipment to solve the PoW on that particular block and probably after a “billion hashes” the miners will find the block. The Bitcoin bull elucidated on the information transfer back by saying:

“Once the PoW is solved, the mining node will propagate the node back the same way as it received. The nodes validate the block on the way back and once all the nodes confirm its validity, then the user’s wallet will know that there is a confirmation on the transaction. That is the entire life cycle of a transaction.”





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