Cryptocurrency

20/02/19 03:00 UTC-4

Elon Musk: Cryptocurrency is better than a piece of paper!

Elon Musk said that cryptocurrencies are better than piece of paper
Elon Musk said that cryptocurrencies are better than piece of paper

Elon Musk, founder and CEO of Tesla and SpaceX, said that the structure of Bitcoin is "brilliant", and cryptocurrencies will soon force out fiat money.

On February 19, American engineer, entrepreneur, inventor and investor, dollar billionaire Elon Musk, spoke at the podcast of the ARK Invest investment company. During the interview, Musk spoke about his positive attitude towards cryptocurrency and blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology. According to Elon Musk, the structure of Bitcoin is "brilliant".

Interesting in the section: Electrum Wallet: Bitcoin-Wallet description

 

Elon Musk for ARK Invest: crypto must evolve

Musk made public his conviction that cryptocurrencies would be an alternative to fiat money. During a podcast for ARK Invest, Elon Musk talked about the future of his companies, and gave specific answers to questions about digital money.

"This [cryptocurrency] bypasses currency control (...) Paper, fiat money is leaving. And cryptography is a much better way to transfer information, money, than a regular piece of paper, that's for sure!" – Elon Musk.

Interesting in the section: Features of fiat money

Nevertheless, Musk spoke about some aspects of the crypto-sphere that prevent his companies from using cryptocurrencies. Speaking about the shortcomings of Bitcoin, the engineer and entrepreneur stated that "cryptocurrency is still too energy intensive" to participate in the work of Tesla and SpaceX.

"At the moment, the creation of crypto and Bitcoin miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
are very energy-intensive processes."
– Elon Musk.

About the prospects of cryptocurrency assets, Elon Musk argues that Bitcoin and other altcoins have a wonderful future, but for this "technology must go through a long stage of development".

"(...) Now it is inappropriate to use Tesla's power to work with cryptography. We are simply working on acceleration, energy sustainability." – Elon Musk.

Recall that a year ago, Musk had already talked about his attitude to crypto.

"In my opinion, Bitcoin is something. It is likely that Bitcoin is a good thing, but mostly it is used for illegal transactions (...). You need to build a bridge between illegal and legal (...) This is a brilliant technology, but it takes a lot of time (...) And, yes, I don't have a Bitcoin yet!" – Elon Musk (interview for Vanity Fair, 2018).

Editor: Pereyidenko Ihor

See also: "Altcoin rally 2019 – 5 crypto coins that grow"

#cryptocurrency #blockchain #ElonMusk #cryptography #interviewwith #Bitcoin #cryptocurrency

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