Industry experts explain how bitcoin is driving innovative application development
The role of bitcoin is undergoing a transformative evolution from a mere digital currency to a robust technology platform, akin to a global operating system. This was the focal point of a recent discussion led by Roundtable anchor, Rob Nelson, featuring insights from leading voices in the digital mining and blockchain industries.
Nelson initiated the dialogue by shedding light on the dual nature of bitcoin, emphasizing its established status as a store of value and its emerging potential as a technological tool. "Bitcoin is a store of value, that's a given If you have enough money to store value. Bitcoin's a currency for some people, not everyone, and won't probably be for everyone in my view," Nelson articulated. He elaborated on the innovative strides bitcoin has made, pointing out that its utility extends far beyond its initial perception.
Brittany Kaiser, Chair of the Board at Gryphon Digital Mining, further expanded on bitcoin's capabilities by likening its network to a universal operating system. "I like to compare it to an operating system like iOS or Android in the way that you can build applications that are launched on iOS or Android," Kaiser noted. She highlighted a pivotal shift with the introduction of application deployment on bitcoin, a feature previously dominated by other blockchains like ethereum.
Kaiser detailed how this breakthrough is propelling bitcoin into various sectors, including the creative arts and gaming, where large communities are beginning to leverage its technology for better security and efficiency. This, she explained, is not only increasing transaction volume but also driving up the transaction fees, which spells greater rewards for miners. "It’s now possible to build those applications more securely on top of bitcoin than other technologies in the marketplace," Kaiser added.
Echoing Kaiser’s observations, Nelson drew parallels between bitcoin and fundamental innovations such as iOS, aiming to demystify the technology for the average person. He speculated on bitcoin’s potential to revolutionize numerous fields, from entertainment to real estate, drawing an analogy to the transformative impact of email on communication.
Rob Chang, CEO, President, and Director of Gryphon Digital Mining, chimed in, emphasizing the significance of bitcoin in the financial sector as its most evident application. Chang speculated on the future possibilities of blockchain technology, suggesting that the most effective applications of bitcoin might still be undiscovered. "Just like the internet where we first started off with just basic email and dial-up modems, we did not fully see the utility that it ended up becoming and still continues to evolve into," he explained.
Chang shared his enthusiasm for the ongoing exploration of bitcoin’s capabilities, underscoring Gryphon’s commitment to fostering innovation within the blockchain space. "We pride ourselves on having an open mind and are open-minded to see how we could one capitalize, and two, how do we help push forward the technology to really help the world," he stated.
Watch the full discussion here: https://www.thestreet.com/crypto/technology/industry-experts-explain-how-bitcoin-is-driving-innovative-application-development