Episode 6. Clip four of four.
Jörg von Minckwitz, CEO of Bitwala, explores the future of cryptocurrency a little longer term, and discusses the adoption of electricity, of the Internet, of Napster and other technologies with Rick Falkvinge.
What will our grandchildren think of bitcoin that we don't see today, the way we don't think in electricity in terms of how it replaces steam power?
Jörg observes that innovation is exponential, ideas move faster and faster. The Internet was adopted in a fraction of the time it took electricity, and newer technologies go even faster. Future technologies will be built on blockchain technology in the same way, and we'll see it for what it has enabled.
Ideas move much quicker, but do people change their habits faster just because ideas spread faster? Jörg observes that this is not a problem for large-scale change, as two-thirds of the world's population do not have access to money as we know it, access to financial services:
"Bitcoin changes this completely, there's no credit score checks or whatever, because it's not based on debt anymore - but as soon as everything is prepaid, when you can't go into debt, you don't need the credit scoring anymore."
The other big thing that's about to change, says Jörg, is identity. He has had people give his address as "I'm living in this street, right hand side, blue house" as their actual address. Without the requirement for a credit score, the need for this address and similar data also disappears.
The third thing is raw efficiency. As an example, Jörg mentions that the stock exchanges of Germany and Switzerland are still operating on paper documents, where somebody literally crosses out a previous owner on a document and writes in a new owner, to store the document in the basement.
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Bitwala is an award-winning financial startup in Berlin, which provides international money transfers using cryptocurrency at rates and speeds impossible using legacy banking, as well as everyday bitcoin-denominated money services.
Jörg’s role as CEO of Bitwala is to envision the new possibilities that Blockchain technology offers, and to utilize it by developing new services for the financial sector. Jörg brings more than 6 year of experience in Blockchain and Cryptocurrency sectors. Prior to Bitwala, he co-founded Transisor Coworking, Europe’s first Bitcoin coworking space; Bitcoin's Berlin, a Crypto Incubator; and All4BTC - Europe's first crypto e-commerce shop.
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