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Bitcoin is Money Without Government

Bitcoin is Money Without Government

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    Login 2014 Vilnius Login 2014 Vilnius Presentation Transcript

    • Jon Matonis Executive Director Bitcoin Foundation
    • Giant Stone Money Of Yap 2
    • Search For Extraterrestrial Intelligence (SETI) 3
    • Bitcoin Network Computational Power 4
    • What Happens When Trust Becomes Decentralized? 5
    • What Is Bitcoin? 6
    • Bitcoin Is Disruption Within Disruption 7  Supreme disruption in payments occurs when a new monetary unit is introduced  Capital “B” Bitcoin is a distributed network without the need for a third party  Small “b” bitcoin is a new monetary unit of account on this network  Bitcoin sparks currency competition with national issuers
    • De-Central Banking Is The Future 8
    • Bitcoin Active Nodes Worldwide 9
    • Bitcoin Benefits For Consumers  Currency of youth (18-27 years old)  Truly global and banks not required  Not centrally controlled by governments  Protection from financial surveillance  Analog equivalent rights (cash-like)  Paper Cash to Digital Cash Anonymous Private Untraceable Personal Irreversible Final 10
    • Bitcoin Benefits For Merchants 11  Extend acceptance to countries not reached by Visa, MasterCard, and PayPal (60+)  Provide payment method for the unbanked  Not subject to payments embargo  No disallowed merchant categories codes (MCCs)  Eliminate chargeback and fraud risk  Processing fees approaching zero  Near immediacy of settlement  Obtain free publicity
    • We Don’t Need Kings To Coin Our Money 12
    • The Post-Legal Tender Era 13  The power of decentralization alters and outlives traditional political institutions  Monetary policy impact  Fiscal policy impact
    • Monetary Policy Impact 14  No Fractional Issuance - fractional reserve banking becomes nearly impossible without the emergence of money substitutes  Healthy Deflation - opportunistic and unrestrained inflation gives way to natural deflation  Reduction in detrimental business cycles - interest rates respond more to the risk of the lending activity rather than central bank open market operations
    • Fiscal Policy Impact 15  De-emphasize Income Tax - governments gradually shift from taxing income to taxing consumption  Check on Spending - government spending becomes constrained by actual revenue raised, which means that unpopular expenditures will be difficult to fund
    • Early Use Cases For Bitcoin  Argentina  Cyprus  Kenya 16
    • The Post-Legal Tender Era 17  Absence of a financial intermediary radically transforms current industries  Retail payments go mobile  Interbank transfers go point-to-point  Asset management becomes personal
    • Bitcoin Mobile Is Here Today 18
    • Bitcoin Is Being Spent More Than Ever 19
    • Bitcoin Advancing On Other Networks 20
    • XBT Is Proposed ISO Currency Code 21
    • Quotes From Establishment 22 “Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.” -Nassim Taleb “I think the fact that within the bitcoin universe an algorithm replaces the functions of [the government]… is actually pretty cool.” -Al Gore “I think [bitcoin] is a technical tour de force.” -Bill Gates
    • Quote From Me “Bitcoin is to legal tender as BitTorrents are to copyrights.” - Jon Matonis 23
    • Thank You Twitter: jonmatonis Email: jon@bitcoinfoundation.org 24