Bitcoin May Not Be Forever, Says Peter Smith

Can Bitcoin fail? or is it already too big to fail? According to Peter Smith, the CEO of Blockchain, Bitcoin has a chance of failure just like everything else. In one of the videos on the Business Insider, he mentions about how he started with bitcoin which eventually resulted in him starting one of the leading Bitcoin wallet companies.

Peter Smith’s first bitcoin transaction was from Singapore to New York. In the video, he mentions that it is statistically possible for everything to fail and it’s the same with bitcoin. Bitcoin comes as a savior at the time where businesses have grown global. Being a global currency, bitcoin is ideal for conducting transactions across the globe which otherwise becomes a hard task with the existing money transfer channels.

Fiat transactions are cumbersome as it takes a long time for the funds to be transferred across geographical boundaries. What takes bitcoin less than an hour takes almost a week with fiat currency transactions.

The video of Peter Smith on Business Insider can easily double up as a recruitment pitch where he talks about the kind of people his company will hire and the values that matter them the most. If you are a developer and want to be part of Blockchain, then you should be confident, hardworking and detail oriented. You should also have intellectual curiosity.

Peter’s views come at the time when there is a feeling of uncertainty about the future of bitcoin due to the looming block size issue. Recently, the increase in bitcoin transactions had led to serious backlogs delaying transactions. This has resulted in a considerable increase in miner fee charged per transaction. Many wallet services providers have already announced an increase in the default miner fee for all outward transactions.

The key takeaway from this video- Work hard and Bitcoin is not forever!