Welcome to our new series, Why I love Bitcoin, in which members of our team tell a little about Bitcoin and themselves!
Today with Marco Krohn, Co-Founder & CFO.
What were you doing before getting started in Bitcoin?
I was busy believing that our monetary fiat system makes sense… 😉
When did you first hear about Bitcoin and what were your first thoughts when you heard about it?
I heard about it in 2011 by reading a computer magazine. This is the article (in German).
A virtual currency, that was invented by an anonymous guy and where everyone can print his own money? I stopped reading after about half of the article and checked whether I by mistake was reading the April’s edition of heise. My first thought was: “this cannot work”. My second thought was: “in the past everyone I told about Wikipedia also told me Wikipedia cannot work”. So the next couple of days I went down the rabbits hole and kept reading and reading. After one week I was completely convinced that Bitcoin has the potential to become the most important invention right after the internet. I got a small amount of BTC via the faucet (thanks Gavin!) and started to buy some Bitcoin.
What attracted you to Bitcoin? What did you find most exciting?
A) the idea that someone can invent his own money
B) the power of decentralization and its implications
C) the amazing technology behind Bitcoin
What do you think of the current state of Bitcoin?
We have come a long way. When I started almost no one knew about Bitcoin and there was hardly any shop that accepted it. I have seen three Bitcoin “bubbles” by now, so I am not particular concerned about the price. In the long run Bitcoin will triumph. Some trust was lost in the recent discussion about the block size. We need a significant increase over 1 MB, but I am optimistic that there will be consensus in the next few months!
What’s the biggest misconception people have around Bitcoin?
That it is not “real” money. People believe that the EUR or USD is “real” money. When questioning this believe for a few minutes, people get an “aha” effect, as they start to understand that their “real” money is not so real after all.
Where do you see Bitcoin in 3, 5 and 20 years?
In 3 years: on the way to the moon.
In 5 years: on the moon.
In 20 years: beyond.
That’s it for 4th entry. More is already on the way! Thanks for reading & thanks to Marco!