Notable Bitcoin entrepreneur and author of the well-known Bitcoin programming book Mastering Bitcoin, Andreas Antonopoulos, was recently interviewed by BeInCrypto, where he mentioned that the whole perception of Bitcoin replacing fiat is false.
From being hailed as a genuinely revolutionary asset class to being referred to as the flight to safety, Bitcoin has won several accolades in its short journey so far. The cryptocurrency is all set to undergo halving this month – a highly anticipated event that is predominantly shaking up the entire cryptocurrency market sentiment.
However, according to the author of Mastering Bitcoin, one of the best sold technical books written on Bitcoin, and a respected serial entrepreneur who has founded three Bitcoin businesses so far, Antonopoulos said that Bitcoin may be shining right now. Still, it is highly unlikely that it would replace national currencies.
Known for his straight from the shoulder interviews and blog posts, Antonopoulos believes that Bitcoin will continue to exist alongside fiat and empower people with an ability to choose the currency they prefer. People are no longer restricted to just fiat currency. Now they have Bitcoin, he said.
As a highly-regarded Bitcoin supporter, Antonopoulos added that Bitcoin ended a monopolist era and an old monetary system, in which people are entirely dependent upon fiat money when it came into existence.
Today, we are privileged to live in a world of choice where we can choose one currency over another, and that’s the power of Bitcoin. It doesn’t necessarily have to overthrow fiat to gain prominence, Mastering Bitcoin author added.
Boost user interface to boost adoption
When questioned about what he thinks is slowing down the pace of the cryptocurrency adoption rate, Antonopoulos feels that it is to do with the user interface, ultimately. Cryptocurrency wallets are the primary interface using which users link with the system.
Thus, wallet providers will need to step up their efforts in boosting user interface and seek ways to harness sustainable development. Once that gets enhanced, new users will find it convenient to warm up to the idea of cryptocurrencies, he said assertively.
No need to worry about Bitcoin network security
Lastly, when asked about a highly-discussed subject involving a large chunk of Bitcoin miners surrendering their operations post-halving, thus damaging Bitcoin network security, Antonopoulos said that even if the world sees a 50 percent decline in mining capacity, we would still boast a hash rate as good as 2018’s.
What we should be focussing on instead, Mastering Bitcoin writer continued, is whether or not the all-time low oil prices will make electricity cheaper for Bitcoin mining. While that could be one possibility, he also estimated that the collapse of oil would eventually call for the much-needed decentralization of the mining space as the primary determinant would be energy use.