Well-known entrepreneur Andreas Antonopoulos said that in order to use Bitcoin in the financial sector, it is necessary to develop scenarios for its practical application.
Antonopoulos believes that one day the time will come when the first cryptocurrency will take the place of the current banking system based on fiat payments. However, for this, average consumers must understand the advantages of Bitcoin and thoroughly explore the options for using it.
"What we're doing today is trying to simulate the existing system with fewer intermediaries and centralization, so that we can rapidly exceed and start doing applications that are absolutely impossible with the current centralized financial system. And then — and only then — Koreans will need cryptocurrency,"said Antonopoulos.
He also added that now the use of cryptocurrencies is more like a kind of hobby, because people are frustrated with existing financial institutions, such as banks. In addition, the problem is present in advanced encryption technologies that require a certain level of technical skills that most people do not possess.
The exceptions are residents of those countries where the financial system is too weak and extremely corrupt. As a rule, in such conditions, cryptocurrencies indeed widely accepted, despite the lack of proper development of application infrastructure.
However, Antonopoulos nevertheless noted that in the end Bitcoin would receive the necessary support and development, due to which it will become a powerful competitor to current payment systems such as Visa and MasterCard. "We are ready to increase its capabilities by a factor of ten thousand," he concluded.