02/11/2022
We had a splendid ask me anything (AMA) on the 29th of October 2022. If you missed our AMA, here are a few insights we shared:
1. Bitcoin was created as a response to the 2008 financial crisis and is a good store of value over a period of time.
2. Bitcoin is likely going to have a positive uptrend in the coming months given the current macro-economic environment.
3. Bitcoin rose by approximately 690,651% between November 2012 and October 2022.
4. Ethereum was created in 2015 as a global virtual computer aiming to provide a system that gives users more control over their data, and it also allows for applications to be built and run on the blockchain.
5. Use cases of blockchain technology include but are not limited to decentralized finance, payments, data sharing, tokenized assets, non-fungible tokens (in real estate like Propy, entertainment industry, escrow systems, secure claims in insurance).
6. Ethereum transitioned from Proof of Work (PoW) to Proof of Stake (PoS) to make the blockchain less energy intensive and scalable.
7. Unlike with banks, transactions are peer to peer meaning that it’s faster to send money using Bitcoin over banks.
8. Data store on a blockchain is encrypted which gives it a level of privacy and security compared to data stored in the traditional cloud systems.
9. Enterprise blockchains are going to do to companies what email did to the postal industry.
This is just a tip of the iceberg on what we shared. Follow us for more insights and updates around cryptocurrency investment.
