“Bitcoin in many ways is more like digital gold than digital cash,” this is according to Llew Claasen, who gave a talk on the future of Bitcoin and blockchain at Leaderex 2017.
Claasen said the aim is to get Bitcoin to a point where people around the world are using it across borders, with thousands of transactions happening at the same time, minus the currently existing restrictive rules.
One of the ways Bitcoin is currently advancing is through lightning network, which will make it much easier to use.
Claasen took the audience through a simple demo on how Bitcoin works, how it looks and all the operational technicalities that go on behind the scenes.
What are Tokens
He went on to explain to the audience about tokens, what they are and how they’re used in the Bitcoin space.
“The idea of tokens is that you have some unit of transferable value attached to a Bitcoin,” Claasen said.
Claasen talked about the two existing types of tokens; Security and Utility tokens.
Security tokens, he said, can be a share or ownership of government bond which allows you to participate some kind of value governance token.
Utility tokens enable you to create micro-incentives where you can pay people for actions consistent with what you want them to do.
“Tokens are the equivalent of loyalty points that you reward to people from them to use, however they can’t be used as money,” he said.
More than money
Bitcoin is a lot more than form of money, because it will also allow transfer of value between two people, at low cost anywhere in the world.
“I’m super excited about the potential, and the way it can be used in innovative ways to change the way we relate to the economy, products and services,” Claasen said. “You’ll see Bitcoin being adopted in a lot more places.”
“Welcome to future of financial services!” Claasen concluded.