Balaji S. Srinivasan, one of the top bitcoin and blockchain influencers worldwide, is the CEO of Earn.com and a Board Partner at Andreessen Horowitz. Prior to taking the CEO role at Earn.com, Dr. Srinivasan was a General Partner at Andreessen Horowitz.
Srinivasan posts breaking news related to cryptocurrencies. Apart from being partner at Andreesen Horowitz, Srinivasan has vast knowledge of cryptocurrency that can be quite valuable to the average investor.
Speaking at Yahoo Finance’s All Market Summit Crypto, Srinivasan highlighted the top real world applications of using cryptocurrencies.
Srinivasan tells that Bitcoin is 10x cheaper than gold. When Germany repatriated its gold, tons of millions of Germany that were pulled back to Germany could have just easily transacted using bitcoin which is instant.
The transaction and transfer mechanism is so fast and instant when it comes to cryptocurrencies, specially Ethereum, which takes about 17 seconds in comparison to swift which can take multiple days. Therefore cryptocurrency are 10x faster in speed than the fiat money transfers.
In 2015, the crowd funding for cryptocurrencies used to be $10-15 Million dollars which were record setting, now the online crowd funding fro cryptocurrencies is as large as $100 million.
As a human being, to set up a bank account at a corporation bank can take up to some few days. However to dial up a new bitcoin wallet or ethereum address, send or receive money, it takes just a fraction of seconds.
To move a large quantity of money from one account to another in a traditional bank set up can a lot of time, as a lot of paper work has to be filed and approved. However, in the case of cryptocurrencies, the smart contracts make this possible, taking only about a few minutes.
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