I think long-term, Bitcoin is a currency of the Internet. So, even if humans don't use it, routers will use it. Web browsers will use it. Web servers will use it.
Naval RavikantRead
Cryptocurrency currencies take the concept of money, and they take it native into computers, where everything is settled with computers and doesn't require external institutions or trusted third parties to validate things.
Interpretation
What this quote means
Cryptocurrencies revolutionize traditional finance by enabling digital transactions without intermediaries.
Naval Ravikant's quote emphasizes how cryptocurrencies redefine money by integrating it directly into digital systems. This shift allows for decentralized transactions that eliminate the need for banks or other third-party institutions, promoting direct peer-to-peer interactions and enhancing security and efficiency in financial exchanges.
Themes
CryptocurrencyDecentralizationBlockchainDigital CurrencyPeer-To-PeerFinance
In practice
Example use cases
Discussing the future of finance at a tech conference.
More from Naval Ravikant
All quotes →Having a million-dollar net worth doesn't make you a genius, and having less than a million-dollar net worth doesn't make you a fool.
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Humans don't 'need' math-based cryptocurrencies when dealing with other humans. We walk slowly, talk slowly, and buy big things. Credit cards, cash, wires, checks - the world seems fine.
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Rules that may be easy for Wall Street are a death sentence for startups. They are easy to break accidentally and the penalty for noncompliance is severe.
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If you go to a venture firm, what you're doing is you're buying money from them in exchange for equity. They have a commodity that they're selling and they have to differentiate themselves.
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Any competent programmer has an API to cash, payments, escrow, wills, notaries, lotteries, dividends, micropayments, subscriptions, crowdfunding, and more.
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