Bitcoin works in a decentralized and open manner

Bitcoin works in a decentralized and open manner

Investor Tim Draper is one of the most vocal supporters of cryptocurrencies and blockchain technology. In an interview with the Wall Street Journal, he emphasized that countries adopting these technologies will have major benefits in a rapidly evolving world.

“I think you will see amazing changes over the next five to ten years. Over 20 years I do not think we will recognize this world anymore ”,

Draper said.

Decentralized technologies, such as blockchain, are revolutionizing the way many industries operate. Some governments feel threatened and try to limit their adoption.

However, Draper argues that the world is evolving from tribalism to a global community without borders.
Some governments, such as Estonia, Kazakhstan and Malaysia, understand the opportunities and adopt these new technologies. Others are at risk of being marginalized because they have tried to keep a tight grip on evolution, Draper said, alluding to the United States.

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At some point, many regions will become very attractive because they will provide more efficient services. Those who quickly adopt smart contracts or cryptocurrencies will be able to say:

“Hey, we can provide better, cheaper, faster health insurance than you currently get,”

Draper pointed out.

Bitcoin works by ignoring borders

Speaking about Bitcoin – the first use of the blockchain, Draper said:

“Bitcoin works in a decentralized and open, global and transparent way and without friction … you don’t have to pay between 2.5 and 4% every time you use your credit card. Payments can be made much simpler and faster no matter what part of the world you are in. This tribal world will become global, and borders will mean less and less. ”

Draper has predicted that Bitcoin will create an extraordinary revolution and provide many opportunities for entrepreneurs.

He concluded that governments that are open to blockchain, Bitcoin and AI, as well as virtual governments, will be the big winners of the next 4 decades. On the other hand, countries that focus on too strict regulation will end up with major losses.

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