Miami

Miami BTC Conference: Bitcoin to be World Reserve Currency?

Amid optimism, and with Bitcoin Classic  increasingly gaining supporters of the majority miners, developers, and businesses, The North American Bitcoin Conference kicked off on January 21, in Miami, Florida. The event served as a stage for the people and technologies that are transforming the world of payments. At the heart of it, Bitcoin and its blockchain technology are spearheading this far-reaching revolution.

Also read: Bitcoin Classic Gains Support for Bringing Democracy to Development

Big Names in Miami

In effect, the brightest minds in the Bitcoin and FinTech industry flew from all over the world to meet, discuss and share their knowledge and experiences, as well as to display their new technologies. Names attracting lots of attraction include Bobby Lee, CEO and co-founder of BTCC; Patrick Byrne, CEO at Overstock and T0.com; and Diego Gutierrez Saldivar, Co-Founder at Rootstock.

On the first day of the conference, speakers focused on the virtues of the blockchain technology. Of course, the Bitcoin debate over the block size was leitmotif throughout the event.

Bitcoin Poised to Be the World Reserve Currency

Bobby Lee
Bobby Lee

The highlight of the conference was the revelation that Bitcoin is poised to be the reserve currency for fiat currencies, as thoroughly explained by Bobby Lee, CEO of BTCC, the first Bitcoin exchange in China. As background information, Lee explained that money and currency are not the same. And, he reminded the audience that Bitcoin is the first successful digital currency ever; circulation is limited to 21 million, and, it is not centralized by anyone or anything. He also pointed out that Bitcoin is pseudo- anonymous, like cash.

Lee described why Bitcoin has all the perfect features of money. He drew attention to the fact that only gold and Bitcoin have these characteristics. And because of that, “Bitcoin can serve as reserve for digital currencies globally.” Lee added:

“Bitcoin’s blockchain can be the global anchor (proof-of-work chain) for all nationally created digital currencies.”

Lee also stirred the audience with excitement when he mentioned that the government of China has just announced its intention to explore and create a digital currency for China. Next, Lee posed the questions “Will it be the new digital Reserve Currency? Or, “will it need a Digital Reserve Currency like Bitcoin to back it?”

Wayne Vaugh, CEO of Tierion, kicked off the conference by discussing technology to record data in the blockchain. Tierion facilitates the creation of apps capable of recording any data or business process in the blockchain. Of interest is the blockchain receipt that Tierion generates for each record. Thus, the Tierion apps can provide irrefutable proof that data was recorded in the Bitcoin blockchain. Next, Peter Gorsira, CTO of Lawnmower, described new ways to speculate in the market.

Joe Ventura, the founder of Alphapoint, gave a presentation about various anticipated uses of the blockchain technology, including cross-border B2B payments, integrated clearing and settlement, private shares issuances management, bespoke products, financial structured instruments (CDO/CLO/ABS). Ventura also touched upon the various blockchain designs, such as public, private, and hybrid for solving different problems.

Bitcoin is the First Killer App

Will O'Brien
Will O’Brien

Attendees heard from Will O’Brien, Strategic Adviser at Blockchain Capital, that Bitcoin is the “first killer blockchain app,” affirming that the potential for blockchain apps is limitless. O’Brien predicted, “The Blockchain is the future of custody and exchange for all assets, physical and digital, as well as work and trust systems, such as the Internet of Things and the demand economy.” He also expects that “Financial incumbents and governments will fuel the next stage of blockchain app development.”

Sean Walsh, Founder, Redwood City Ventures, indicated that of the six characteristics of money, in terms of ‘moneyness,’ compared to other moneys, Bitcoin scores 22 out of 24 points. These characteristics are scarcity, durability, divisibility, recognizability, fungibility, and transportability. However, Walsh suggested that Bitcoin needs to implement a concerted growth strategy, stressing the importance of implementing a user acquisition campaign.

Bruce Fenton, Executive Director Bitcoin Foundation, realizing that the attendees’ preoccupation regarding the block size contentious debate changed the topic of his scheduled presentation. He was supposed to give a presentation on “The Intersection Continues: 8 Things Bitcoin Will Teach Wall Street & the World.” Instead, Fenton talked about his support for the proposed Classic Bitcoin block size increase to 2MB, with the proviso that this increase is not the end solution.

The first day of the conference ended with a general feeling of optimism as the Bitcoin price showed signs of stabilizing about $400 USD, and the debate of over the block size subsided with the Bitcoin Classic proposal being widely accepted. Stay tuned, in its next issues, Bitcoin.com News will continue reporting on the other interesting speakers and their impressive presentations.

What do you think about Bitcoin being the world reserve currency? Let us know in the comments below!