Well-known Software Engineer Jameson Lopp believes that cryptocurrencies are placing power back in the hands of people – who have trusted banks and financial institutions to be responsible with their money, investments and transactions for far too long.
One only needs to look at mainstream media headlines as Bitcoin price continues to soar after a month long bull run.
Heads of traditional financial institutions and banks have hit out at Bitcoin and other cryptocurrencies as they fight to keep hold of the status quo. Countries like China have gone as far as banning the use of cryptocurrencies.
But as the current Bitcoin price would suggest, more and more people are putting their faith and money in cryptocurrencies as a superior transactional technology.
Bitcoin turns banking on its head
Speaking to Max Keiser, host of RT’s Keiser Report, Lopp believes that the successful development of Bitcoin has turned conventional thinking about banking and money on its head:
“At least from the monetary standpoint, we said let’s turn this whole thing upside down. Instead of us trusting certain entities, instead we are going to track everything ourselves, validate our rules and not trust anybody.”
“We will create protocols and use the technology developed over the last generation in order to automate our communication and trust with each other.”
Since its inception in 2009, Bitcoin has slowly crept its way into mainstream consciousness and has risen to the fore in the second half of 2017. So much so that institutional investors are lining up to get in on the action, with their entry point the launch of Bitcoin futures on the CBOE and CME.
It wasn’t always that way, as self-proclaimed cypherpunk Lopp reminds us that the development of cryptocurrencies has followed an incredible journey of trial and error over the past 30 years…