I am consistently in awe of this guys eloquence and vision, and by the service he provides to us as perhaps Bitcoins greatest public advocate. Please watch the whole thing if you can, but I just want to quote one, tiny portion: With regard to Bitcoins potential to revolutionize commerce and dramatically expand opportunity to much of the worlds unbanked, Andreas compared Bitcoin to M-Pesa--a feature phone-based money transfer service now representing 40% of Kenyas GDP.... At the moment Bitcoin is not ready to be adopted easily on the most deployed platform in the world, which is a Nokia feature phone--the Nokia 1000--of which there exists billions, and, so it requires a bit more infrastructure than that, ...but, gradually, we see two trends converging: One is that Bitcoin is being applied on simpler and simpler technology (and we already see its use through SMS text messaging). The other one is the collapse in the cost of producing smart phones, with the Android approaching 25 dollars. There are already applications in the Bitcoin space that would allow a single Android phone to support thousands of simple, SMS customers and give them Bitcoin wallets, which would allow, essentially, a young kid in Lagos, Nigeria, to buy an Android smartphone and become a *bank*, serving thousands of customers--simultaneously giving them access to the equivalent of a Western Union terminal, a credit facility for buying loans, as well as a trading facility for all of the worlds markets. ...and this off a simple Android phone and SMS feature phones. M-Pesa shows us that it is possible. Bitcoin now makes that phenomenon global.
Posted on: Sun, 12 Oct 2014 21:23:22 +0000
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