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We can code wills, escrows, trusts, notaries, revokable charge backs, proof of contracts, intellectual property enforcement. What Wall Street does can be done in code by Bitcoin.
Just as the Internet brought the cost of disseminating information down by an order of magnitude, bitcoin brings the cost of transferring ownership down by an order of magnitude.
Some of the bitcoin community come from that kind of anarchistic, libertarian view. But, one reason why I think Ripple has been very successful is because we work with the system.
Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.
Bitcoins are not an investment. They are an investment fad that someday could be a real digital currency, but if they continue to behave as they have, they will instead be nothing.
Within my social circle, there is a large group of people who will take bitcoin as legal tender; like, you can go to them and settle debts in Bitcoin, and they will happily take it.
When you take a look at how the IRS treats foreign currency, bitcoin doesn't have the same taxation regime. Foreign currency gains and losses generally are taxed as ordinary income.
We believe the most significant long-term application of bitcoin may be reducing the upfront cost of internet-connected devices to make them more accessible for the developing world.
Once Wall Street starts putting money into Bitcoin - we're talking about hundreds of millions, billions of dollars moving in - it's going to have a pretty dramatic effect on the price.
I believe that Bitcoin is going to change the way that everything works. I want entrepreneurs to tell me how its going to change. Build the equivalent of an Iron Man suit with Bitcoin.
What Bitcoin started is metamorphosing into something bigger: a 'crypto-tech'-driven economy with its own value creation, not unlike the Web's own economy. Welcome to the cryptoconomy.
Energy and bitcoin work really well together because you can pay out in micro-transaction units. As the energy gets used, they pay out, and it's by the kilowatt rather than by the month.
Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.
It's really hard to argue that bitcoin doesn't have many legitimate benefits to companies that are legal businesses when you have Dell and Expedia and all these companies now accepting it.
Think of Bitcoin as a bank account in the cloud, and it's completely decentralized: not the Swiss government, not the American government. It's all the participants in the network enforcing.
Bitcoin and the block chain enables a whole new way to incentivize and transact, so change the world with this new tool. Create and build! Surprise us with an idea we have never seen before.
Bitcoin woke us all up to a new way to pay, and culturally, I think a much larger percentage of us have become accustomed to the idea that money no longer comes with the friction it once had.
Bitcoin is here to stay. There would be a hacker uproar to anyone who attempted to take credit for the patent of cryptocurrency. And I wouldn't want to be on the receiving end of hacker fury.
China may censor YouTube. China may censor Twitter. They won't be able to censor Bitcoin. There's no central authority. There's no one you can go to and say, 'We're going to turn Bitcoin off.'
The rudest possible gift is a gift card. It means you think the person is stupid and has no interests. The only good gift card is Bitcoin. You practically have to be a hacker to know about it.
In the future, when people look back at the early days of Bitcoin, they'll say, 'It was so obvious that the ability to move money anywhere, instantly, at near-zero cost would be a huge success.
It's a bubble. It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven't been able to do it. Maybe somebody else can.
To be a more efficient, faster, and cheaper way to send money around the world, you have to be able to get in and out of Bitcoin. You need to have a liquid exchange on either end of the corridor.
Essentially, if you decide to sell a widget using BitPay, and you sell the widget for $100, in Bitcoin you get $100. And so it doesn't matter what the price does the next minute or the next hour.
The majority of companies using BitPay to accept bitcoin are small businesses that are benefitting from lower transaction fees, faster service, and increased security for fraudulent transactions.
The events over the DAO hack might have spooked some people from ether to Bitcoin, helping with the rise in price, and now that ether is recovering a little, that movement is reversing the action.
As money, Bitcoin achieves two objectives; it's both a unit of transaction as well as being a store of value. The U.S. dollar, for example, is a unit of transaction, but it is not a store of value.
You'll be using digital currency. I think really what will happen is you'll use a combination of bitcoin, ether, your devices, the 'Internet of Things.' We've got billions of devices coming online.
There is a lot of volatility in the digital asset market broadly, and certainly that is true in the bitcoin market. It's been true for XRP, and I think that's because these markets are very nascent.
Bitcoin is a currency, bitcoin is a network, bitcoin is a technology and you can't separate these things. A consensus network that bases its value on the currency does not work without the currency.
Pretty uniformly, people want the benefits of bitcoin and the blockchain - near-instant transfers, globally available on any Internet-connected device, highly secure, and nearly-free value transfers.
Make no mistake - Ethereum would never have existed without Bitcoin as a forerunner. That said, I think Ethereum is ahead of Bitcoin in many ways and represents the bleeding edge of digital currency.
Taxes have been complicated. Every single time I spend a Bitcoin, it's a taxable event. It's like I bought and sold an asset. It counts as an investment, with a short- or long-term capital gain or loss.
Daniel Masters is a master of the commodities markets with over 30 years experience. His bitcoin strategy is based on the parallels he sees from the oil industry in 1999 to the current state of bitcoin.
I had been exposed to bitcoin early. I thought the consumer application of it felt, to me, further away. I thought there would be faster adoption of the blockchain in the enterprise space and with banks.
I believe Bitcoin is a very convenient way to shop and to transfer money to any account around the world. Governments should work around a framework for the currency instead of putting restrictions on it.
I don't think it's any sort of stretch of the imagination to say that, very, very realistically, each single bitcoin, if bitcoin becomes popular, will have to be worth at least tens of thousands of dollars.
If the U.S. government tries to restrict or clamp down, that just means there will be many more bitcoin businesses in Hong Kong and Singapore, and all those Americans will miss out on all the opportunities.
For the first time in 6,000 years of human history, we can have peer-to-peer exchange where trust is not a problem anymore. And it's through the technology that underlies bitcoin. It's called the block chain.
It is possible that Bitcoin will fork at some point. The question is whether or not it'll be a contentious fork. This process is a good thing in the long term, though potentially disruptive in the short term.
If there is one positive takeaway from the collapse of Mt.Gox, it is the willingness of a new generation of Bitcoin companies to work together to ensure the future of Bitcoin and the security of customer funds.
I think it's going to end up a lot like the Internet. Some countries try to regulate the Internet - bitcoin will be very much like that. It will be legal, and there will be some countries with currency control.
Bitcoin solved the double-spend problem. The key problem was payment confirmation without central clearing. Bitcoin's solution was ingenious but wasteful - it's fairly slow, and you can't put other things on it.
My view is that the bitcoin is in its very early days, and it is an artificial currency. But whether it is creating new money, whether it is sustainable, whether it would survive - I have many questions about it.
I'm investing. I'm taking a lot of bitcoin, selling it as the price goes up, and putting it into real estate. Because then if bitcoin goes to zero - which, it's an experiment, it could - I won't be on the street.
What I am objecting to is linking bitcoin and other cryptocurrencies by federal regulations to the real economy, which would happen if we were to clear bitcoin along with other products in the same trading house.
The emergence of open Internet protocols for value exchange, today led by the global adoption of Bitcoin's blockchain, paves the way for value to move as freely as information and data move on the Internet today.
What bitcoin does better than the current financial system is it's a better stored value globally. There are a lot of countries that really don't trust their banks or their currency, and bitcoin is an alternative.
We are very excited about the use of blockchain, whether it's Bitcoin or not, but we are as enthusiastic as ever about Bitcoin as a global currency and, really more importantly, Bitcoin as a global financial rail.
The exciting thing about the current emergence of bitcoin 2.0 applications is that you don't have to know anything about bitcoin or how the blockchain works to get a lot of utility and value out of the technology.