Bitcoin spikes to a record high near $6,000
Joining host, Dennis McCuiston, to let him and our audience in on the news:
- Prof. William Greene – Assistant Professor of Political Science, and Assistant Chair of the Political Science Department, at South Texas College,
- Terry Brock CPAE – Blockchain & Cryptocurrencies Speaker and
- Ronald D. Smith – Partner, Norton Rose Fulbright US LLP
Our experts predict the change will be as profound as that which was brought about by the Internet. Understanding the technology will be critical, yet today most of us have little to no idea what Bitcoin, bitcoin (with a small b) Blockchain, Cryptocurrencies means.
This technology solves the problem of double spend. It’s an instantaneous exchange which removes the 3rd party. It allows us to transfer bitcoin currency from one person to another all done in a completely verifiable, transparent way. One can exchange currencies more easily and faster without supervision. Transactions via Blockchain remove the middle man. This will definitely have ramifications on financial services and in fact may pose a threat to regular banks.
The question is what is Bitcoin? The Internet exploded how we use money. We’ve gone from checks, to paying bills online, to buying online, to donating online. We do this with a 3rd party vendor- usually a bank. One can’t send a dollar to someone over the Internet. However, Bitcoin and Blockchain are two potentially life-changing technologies; the most game-changing technology advance since the Internet. It is about digits, faster, easier and cheaper to use than “real” money- yet it is a currency that can be used to purchase just about anything you want.
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2411 – 10.22.17