There is no doubt that Bitcoin and cryptocurrencies have been a hot topic lately. In November, EADA had the pleasure of hosting a talk by Marc Wolenik, entrepreneur, speaker and author with extensive experience in Distributed Ledger Technologies. The Bitcoin enthusiast gave a presentation on Blockchain, the technology underlying the emergence of cryptocurrencies. Wolenik’s presentation covered Bitcoin and Blockchain, their uses, and how to get started with them.
EADA participants were thrilled to have the opportunity to learn first-hand about the questions and concerns surrounding Blockchain. Although this new technology is still young, it has a lot of potential. Some people are very optimistic about it, and expect cryptocurrencies to replace fiat money eventually. Others don’t trust it, especially given the complexity of the technology, and the fact that it lacks institutional-based trust. But, love it or hate it, Blockchain is here to stay, as proven by the market. Blockchain is trying to substitute institutional-based trust with a process-based one, which is one of the biggest challenges it is facing. Volatility, and the absence of regulations, also pose challenges. Nonetheless, some cryptocurrencies such as Bitcoin and Ethereum are gaining more people’s trust by the day, as they continue to be adopted by more and more companies as a legitimate payment method.
No one really knows how far Blockchain technology will go and where it will take us. Some say that cryptocurrencies merely scratches the surface of the possibilities of this technology.
Written by International Master participants: Aly Genena & Marta Balaguer