Don't invest in cryptoassets unless you're prepared to lose all the money you invest. Cryptoassets are high-risk investments, and you are unlikely to be protected if something goes wrong.Take 2 mins to learn more

Thanks to our supporter

brand image
obi-nwosu-e1618557591836.jpg
read

Money talks

Money talks. It is the universal language of business, but when it comes to financial institutions, only a few, all-powerful actors have a voice. And a system that only suits the establishment stifles innovation and prevents the creation of new models and applications that would…

Share

Share to Facebook
Share to Twitter
Share to Linkedin

Money talks. It is the universal language of business, but when it comes to financial institutions, only a few, all-powerful actors have a voice. And a system that only suits the establishment stifles innovation and prevents the creation of new models and applications that would benefit the poorest and most marginalised in society.

 

This isn’t how capitalism was supposed to be. The innovation and risk-taking we see in other areas of the economy are distinctly absent in financial services. Businesses and individuals have to operate within long-fixed models reminiscent of Henry Ford’s dictum: “Customers can have any colour car they want, as long as it’s black.”

 

The language of finance is all too often a brake on innovation. Bitcoin was always going to burst this straitjacket, providing a completely different way to transact and think about value; now we’re seeing a new wave of financial applications which promise to do the same. On Thursday, @jack announced that Square is creating a new business focused on building an open developer platform aimed at making it easy to create “non-custodial, permissionless, and decentralized financial services”.

 

This speaks to what every Bitcoiner understands: that Bitcoin is not just an investment, but also represents a radical new language for business, commerce, and anyone who wishes to transact wealth through time and space. Decentralisation is – excuse the pun – absolutely central to this philosophy. It enables entrepreneurs and visionaries to build new models that will not replace existing financial structures, but improve them by giving people different ways to transact: a new, financial language that returns power to the people.

 

In doing so, they are creating a new system that is far less prone to corruption, cronyism, and capture by a few powerful participants.

 

Jack doesn’t need to do this. He’s already a wealthy man thanks to his serial entrepreneurship. He does it because he believes in Bitcoin and the ideals it embodies. Just as Twitter gave everybody, anywhere a voice, so he wants to do with financial services, opening access to new types of payment rails, rather than see the levers of economic power remain in the hands of a few plutocrats.

 

Who knows how successful this and other experiments will be? Maybe they will be roaring successes, changing the face of finance for a century or more. Or perhaps they’ll fail. The point is not about individual projects, it is about the ability to take the risk in the first place; to build something that’s founded not on an increasingly stagnant financial system but which cleaves to the core principles of Bitcoin: a fixed, unprintable supply; open access to everyone; and protection for all, whether you count your investment in cents or billions of dollars.

 

Fiat money talks, but it’s not interested in dialogue. Bitcoin – and the decentralised philosophy that underpins it – is a different language altogether. It’s based on debate and discussion, where differences are hashed out in the public square, and where change can only come after the community has achieved consensus. “We’re going to do this completely in the open,” Jack pledged in his launch announcement “Open roadmap, open development, and open source.”

 

That’s what we’re building with Bitcoin: a better, fairer and more open financial system; a universal language that forms the foundation for every great endeavour in the years to come.

Obi Nwosu
Obi Nwosu
Obi Nwosu is one of Britain’s longest-standing Bitcoin experts. As CEO and co-founder of Coinfloor.co.uk, the UK's oldest Bitcoin exchange, he has over 20 years’ experience building online marketplaces and bringing virtual currencies to tens of millions of people.

You may also like

Article-Thumbnail-Cesar-Cerrudo.jpg
listen

Cybersecurity in crypto: Attack on DeFi Exchanges

What exactly happened in the biggest hack in DeFi? Can it happen again? As the ecosystem grows, its market has also experienced a huge pump with a current market capitalization of over $121 billion. However, this growth has also shined a light on cybersecurity issues….

Read more
obi-nwosu-e1618557591836.jpg
read

Decentralisation – coming to a screen near you

You should never laugh at people from the past, unless you’re comfortable with future generations mocking you. But it’s still funny to think that in the early days of radio, families used to gather in front of their giant, sideboard-sized sets and stare at them…

Read more
Henry-Burrows-Featured-Image.jpg
read

Crypto-backed property purchases are on the rise among first-time buyers

Traditional businesses are partnering with blockchain intelligence firms to facilitate house purchases for a new generation of young crypto entrepreneurs. In December 2017 two properties were purchased in the UK with Bitcoin.  The purchases sparked excitement that Bitcoin-backed property transactions would become commonplace, reflecting the…

Read more
Onchain-Reaction-Featured-Image.jpg
listen

Onchain Reaction with Tom Salter – Who Has Been Driving Bitcoin’s August Price Rally?

Tom joins to review Bitcoin’s price rally, along with the aftermath of Chinas’s crackdown in July and the explaination behind the market’s current bullish picture.

Read more

Recommended

Subscribe to us

Understanding your dog for dummies cheatsheet

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.