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"Everyone should buy bitcoins to experience how it works"

on June 18 at 11:45 AM
Carlos Domingo (Barcelona, 1971) explains Everything you wanted to know about bitcoin, cryptocurrency and blockchain and did not dare to ask, the ins and outs of a world unknown until a couple of years ago.

The bitcoin has conquered thousands of investors and awakens in many others the desire for a currency without state dependence. Domingo sees him as a future and a great journey: he sees many parallels with gold, once little exchanged, today an eight trillion dollar market.

After having been responsible for the global R & D of Telefónica and CEO in New Businesses and Innovation of digital Telefónica, Domingo now pilots the venture capital fund SPiCE VC, which invests in cryptocurrencies and tokens; and has founded Securitize, a platform for the issuance and management of cryptocurrencies backed by assets.

The value of bitcoin

The bitcoin every day has a different value ... Is there a fair or rational price?

People put too much focus on the price, and it's not the important thing. Everything will depend on what the bitcoin becomes. To be a currency, certain characteristics must be met to be: to have value storage, to be used as a means of payment and to be a reference measure.

Today it exercises more as a store of value, like digital gold. If you stay in something like this you can become something much bigger. Gold is an eight trillion dollar market, so it has a path to multiply by ten or twenty its value.

And if you can impose as a real currency, the value can be even greater. In favor its scarcity plays or that its quantity can not be manipulated. In fact it has more properties than gold, because it is transportable and traceable.

Should we invest?

Become aware that you can lose it. I do not say it because I do not believe, but because another cryptocurrency other than bitcoin can be imposed. The interesting thing is to get involved because it helps you understand the concept. Everyone should buy bitcoins to experience how it works, how it is bought, how it is transmitted ... From the educational point of view it is good to do it.

A bitcoin token
A bitcoin token (Dado Ruvic / Reuters)
Can you imagine a bitcoin future?

I imagine a future of decentralized cryptocurrencies, whether bitcoin or not. To be used as an alternative to the traditional banking system.

Coexisting or replacing the entities?

I do not think banks will disappear. They will adapt, they will transform. And others will disappear ...

And what cryptocurrency will prevail?

Bitcoin has the strongest position. It is the one with the strongest brand and the strongest blockchain. It has been in use for ten years and the network has never been dropped or hacked. The pull that bitcoin has has no one.

But as a blockchain, to do more things, the most dominant one is Ethereum. It has the most mature ecosystem of tools and developers.

The interesting thing is to change the business model "

The bank rejects cryptocurrencies, but embraces the blockchain. The crypto may disappear and the blockhain remains.

It would be a shame. Banks adopt blockchain because it is much more efficient than the technologies they have now. If so, the only thing we have done is that you can make an international payment in three hours and not in three days, but everything will still have to go through a bank charging me a commission, keeping the same intermediary.

The interesting thing is to change the business model. Transfer instantaneously and at zero cost. There are always going to be people who will try to beat the system, removing the role of control from the intermediary. I find bitcoin to be more interesting than blockchain, the opposite of what everyone says. Blockchain is a database, nothing interesting.

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