The co-founder and CEO of BitPay have just featured on Charlie Shrem’s podcasts and given his thoughts on the crypto space ecosystem. Throughout the interview, Stephen Pair claimed that the bitcoin whitepaper was a joint result of all the failed finance projects before it. Examples include projects like DigiCash, Pretty Good Privacy (PGP) and B-money.
Noting the use of the existing technologies and coding language.
“Satoshi wasn’t reinventing the wheel. But he was able to bring all these different technologies together and solve this Byzantine General’s problem with how do you not trust anyone but have this trusted system.”
Clarifying the situation between buying and mining bitcoins, Pair made it clear that mining bitcoin is seen as “a loss making business in the eyes of the IRS,” despite it allowing those who mine the chance to earn bitcoin which can only be taxed if sold.
The entrepreneur went onto say a change in mentality as businesses have started to adopt cryptocurrency as a “good business decision.” He added:
“Companies are using it (Bitcoin because they get real value out of it. And it’s not because they are fans of the technology or they want to make a big marketing headline.”
The CEO went onto say that the past ten years has been flooded with blockchain innovation which would only be pushed into the centralised markets. He added that “any kind of centralized database (such as) Facebook, Twitter, and Github, are eventually going to be replaced by blockchains of some kind.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!