{"id":28547,"date":"2014-06-06T22:16:12","date_gmt":"2014-06-06T22:16:12","guid":{"rendered":"http:\/\/ci027cfe65000026c3"},"modified":"2014-06-06T22:16:12","modified_gmt":"2014-06-06T22:16:12","slug":"1-problem-bitcoin-will-solve-2015-1402074972","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/1-problem-bitcoin-will-solve-2015-1402074972","title":{"rendered":"The #1 Problem Bitcoin Will Solve by 2015"},"content":{"rendered":"
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Cryptocon<\/a> is a cryptocurrency summit and barcamp being held in Sydney and Singapore this July. The event will play host to entrepreneurs, investors, enthusiasts and thought leaders in the digital currency space. The emphasis will be on regional leaders of this emerging technology.<\/p>\n

As an introduction to the event, and to promote awareness, Cryptocon recently asked some of its speakers a single pointed and direct question: \u201cWhat is the number one problem that I hope Bitcoin will solve by the end of 2015?\u201d<\/p>\n

The answers are as revealing as any presentation or speech. See how some of the Cryptocon speakers answered:<\/p>\n

Roger Ver \u2013 Blockchain<\/a>, \u2018Bitcoin Jesus\u2019:<\/strong><\/p>\n

\u201cBy the end of 2015 I hope that Bitcoin will enable people to be able to transact with other individuals across the planet, without requiring permission from a bank or government.\u201d<\/p>\n

Antony Lewis \u2013 Business Development Manager at itBit<\/a>:<\/strong><\/p>\n

\u201cI\u2019m going to assume \u2018Bitcoin\u2019 can also mean \u2018the Bitcoin community\u2019 and say that the number one problem I hope the Bitcoin community will solve by the end of 2015 is the education of the public and policy makers about the power that decentralised currencies can bring to enrich humanity, by decreasing transaction costs and enabling more people to participate in global finance.\u201d<\/p>\n

Jon Matonis \u2013 Executive Director at the Bitcoin Foundation<\/a>:<\/strong><\/p>\n

\u201cThe number one problem that I hope Bitcoin will solve by the end of 2015 is the ability to provide a realistic and viable alternative to central bank issued currencies.\u201d<\/p>\n

Tomas Forgac \u2013 Founder at Coin-Of-Sale<\/a>:<\/strong><\/p>\n

\u201cIt is not certain whether the complete monetary meltdown will be accomplished by 2015, but there is little doubt in my mind, that by then, we will be in the middle of the largest economic crisis in the history of the world and there is no doubt governments and central banks will repeat the same failed recipes that would have got them there in the first place.<\/p>\n

Bitcoin should provide savers and businesses with a convenient, reliable and stable exit strategy from what will continue to be relentless effort by governments and central banks to prop up economies they failed, bail out toxic banks they continued to support when they were already too big to save, beat each other in debasing their currencies in order to satisfy the export lobby and most importantly printing their way out of the debt they bloated. And, protection against currency wars and expected inflationary response to the upcoming financial and economic crisis.\u201d<\/p>\n

Matthew Cridland \u2013 Tax Partner at DLA Piper Australia<\/a>:<\/strong><\/p>\n

\u201c\u2026the Australian tax and GST treatment of Bitcoin mining<\/a> and Bitcoin transactions that occur within Australia. The Australian Taxation Office has indicated that it will release public guidance on its views on these issues around 30 June 2014.\u201d<\/p>\n

Anson Zeall \u2013 Founder of Coinpip<\/a>:<\/strong><\/p>\n

\u201c\u2026the basic banking facilities that aren\u2019t available to the majority of emerging and frontier market consumers and merchants today.\u201d<\/p>\n

Chris Guzowski \u2013 Founder at Australian Bitcoin ATMs<\/a>:<\/strong><\/p>\n

\u201cThe number one problem that I hope Bitcoin will solve by the end of 2015 is the delay and cost of personal international fund transfers.\u201d<\/p>\n

James Snodgrass \u2013 Principal at Forsyth Real Estate, Sydney<\/a>:<\/strong><\/p>\n

\u201cThe number one problem I hope that Bitcoin will resolve by the end of 2015 is the cost and processing time of transacting through the major banks. Hopefully banks and other institutions will decrease their fees associated with the transfer of funds and will make the processing time more efficient and effective.\u201d<\/p>\n

James Cox \u2013 Co-Founder at Ripple Singapore<\/a>:<\/strong><\/p>\n

\u201c\u2026the concentration of mining power. I think many of us have been stunned at the exponential rise in difficulty. I wrote a book largely about the power of the exponential function and still seemed to underestimate it. Whilst it helps secure the network, the resulting concentration of mining power concerns me on a philosophical and economic level.\u201d<\/p>\n

Simon Dixon \u2013 CEO & Founder at BankToTheFuture<\/a>:<\/strong><\/p>\n

The number one problem that I hope Bitcoin will solve by the end of 2015 is making it so that people don\u2019t care how it works, because it is so easy to use.<\/p>\n

Jonathan Levin \u2013 Co-founder at Coinometrics<\/a>:<\/strong><\/p>\n

The one problem that I hope Bitcoin will solve by the end of 2015 is creating a transparent and efficient fee system. Currently in Bitcoin, very small fees are paid on transactions to limit the amount of network traffic. Over the coming year, the price charged for a Bitcoin transaction will hopefully reflect the cost borne to the network for processing a transaction. If this happens Bitcoin, will be a truly decentralised marketplace for the transfer of value with participants through behaving in their own self-interest achieve something great. This would be revolutionary.<\/p>\n

Andras Kristof \u2013 Founder at Tembusu:<\/strong><\/p>\n

The number one problem that I hope Bitcoin will solve by the end of 2015 is the financial integration of the unbanked millions of southeast asia, south america and africa.<\/p>\n

Jason Williams \u2013 Founder at BitPOS<\/a>:<\/strong><\/p>\n

\u201cIn my role as a bitcoin payment gateway provider, one of the things we keep butting up against, day in and day out, is the perception that bitcoin is used mostly to buy drugs. In an abstract sense, I really hope that bitcoin will solve this repetitional problem.<\/p>\n

I\u2019m working on this problem in my startup BitPOS, and in capacity as the president of the Bitcoin Association of Australia. I\u2019m finding there are more people of varied backgrounds getting involved in the regional meet ups in Australia and it is through these grass roots movements that we\u2019ll find perceptions changing.<\/p>\n

While we as a global community have embraced bitcoin, we need to do more. We need to reach out to the decision makers and influencers of the world, and we need to let them know crypto currencies are here to stay. We need to let them know they\u2019re legal and legitimate ways to transfer value between each other.\u201d<\/p>\n

Tristan Winters \u2013 Business Development at iceCUBED<\/a>.<\/strong><\/p>\n

\u201cIn one word; war. I hope Bitcoin will end war by 2015.
The state can only finance endless war through inflation or taxation. That\u2019s it. There is an upper limit on the amount they can tax. Inflation has no such restrictions.<\/p>\n

If we all use non-government money then the state is out of options and hard out of luck.<\/p>\n

In the words of John Lennon, \u2018War is over\u2026if you want it.\u2019 Choose Bitcoin. End war.\u201d<\/p>\n

(Note: the author has some involvement with the Bitcoin Association of Australia<\/a> which is a sponsor at the CryptoCon event).<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocon is a cryptocurrency summit and barcamp being held in Sydney and Singapore this July. The event will play host to entrepreneurs, investors, enthusiasts and thought leaders in the digital currency space. The emphasis will be on regional leaders of this emerging technology. As an introduction to the event, and to promote awareness, Cryptocon recently […]<\/p>\n","protected":false},"author":3668,"featured_media":28546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[275,587,1868,2362],"class_list":{"0":"post-28547","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-australia","9":"tag-banking","10":"tag-currencies","11":"tag-people"},"author_data":{"id":3668,"name":"Tristan Winters","nicename":"tristan-winters","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/tristan-winters-promo-image-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/the-1-problem-bitcoin-will-solve-by-2015.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/28547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3668"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=28547"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/28547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/28546"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=28547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=28547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=28547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}