“This internet money system which involves neither banks nor government will do to finance what email did to the postal service and what the internet did to publishing. It will disrupt aging monopolies and open up new opportunities.”
Frisby thinks that Satoshi Nakamoto is the most disruptive entrepreneur of his generation. In the book, he speculates about the real life identity of Satoshi and comes to the conclusion that one of the usual suspects is the most likely candidate.
A Huge Breakthrough with Huge Implications for Privacy and Efficiency
Regardless of the real life identity of Satoshi Nakamoto, Frisby considers Bitcoin and its blockchain technology as a huge breakthrough:
“The breakthrough of Bitcoin is that, suddenly, you can send something digital to somebody else, just as I can hand you a DVD or ten dollar bill if you are standing next me, without the need for any kind of middleman. It sounds simple enough, but it is a huge breakthrough – and it has huge implications for privacy and for efficiency. Behind it all is something Satoshi dubbed the blockchain. The disruptive implications of an entirely new money system that achieves widespread adoption are, of course, enormous. But the tech goes beyond money.”
In a previous guest post on Virgin Entrepreneur, Frisby argues that Bitcoin will do to banking what the cell phone did to telecom. Cell phones dramatically lowered the barriers to entry for telecom services. Suddenly, the unbanked of the world were able to buy a cell phone and a prepaid card for a reasonable payment in cash, no questions asked. Similarly, Bitcoin can do the same for banking and financial services. Suddenly, the unbanked of the world are able to send and receive electronic cash online, no questions asked.
Frisby’s book, highly recommended, is an excellent overview of the history, present, and future potential of the cryptocurrency.
What do you think of the disruptive potential of Bitcoin? Comment below!
Images from Unbound and Shutterstock.