“Bitcoin is the best money ever,” it’s as monumental as the printing press, said Amaury Sechet at The Future of Bitcoin conference in Arnhem, Netherlands.
Bitcoin: Back to Basics
As enthusiasts, we can often get caught up in the complexities of the technology and forget the central tenet of its purpose: reinventing money. In his presentation, Sechet went back to the basics, explaining what the digital coin has done for money and how it has revolutionized a millennia-old technology.
Sechet presented the three basic principles of what makes money work:
- its effectiveness as a medium of exchange
- its use as a unit of account
- its ability to store value over time
If an object possesses these three qualities, it is a very strong candidate for becoming the money used by a society.
After explaining these basic principles, Sechet went over the two major types of money used throughout history: gold and fiat.
These two kinds of money worked pretty well, but they didn’t perfectly possess the three qualities of good money — they were susceptible to manipulation by political authority, which ultimately caused economic instability throughout history.
Then, in 2008, we got Bitcoin, and it changed the entire game.
Sechet spent the rest of his presentation talking about the digital currency and how it works, as well as the challenges it faces. Sechet spent a large portion of his time talking about scalability, going over the different solutions and how they have changed over time. Additionally, Sechet talked some about a project he has been working on. He concluded his presentation with a Q&A session, answering questions from the audience in Arnhem.
Watch Sechet’s presentation in its entirety down below:
About The Future of Bitcoin 2017
The Future of Bitcoin conference took place in June-July 2017 in Arnhem, Netherlands. Presenting at the event were several high profile individuals who will be making key decisions about what Bitcoin is, and how it works, in the years to come.
This is a comprehensive video series featuring all the speakers and panels from the 2017. event. Watch them for a direct insight into the minds engaged in research and development to keep Bitcoin disruptive, decentralized, global and permissionless.
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Image via The Future of Bitcoin