Tuesday, June 25, 2019

Bitcoin Core Developer Says Most Humans Won’t Use Cryptocurrency in 20 Years

Rhett Creighton, a nuclear engineering postgraduate from MIT while in an interview with Cryptoglobe on March 10, stated that humans won’t use cryptocurrency in 20 years from now. The Bitcoin core developer outlined that this will be the case because machines who do human jobs will drive 90 percent of the economy.

Rhett Creighton is Known for His Work on Altcoin Projects

Based on the details of the interview, Rhett Creighton who is reputably known for his contribution in altcoin projects such as Bitcoin private (BTCP) and Zclassic (ZCL) made comments about the future of cryptocurrency. He also touched aspects like Proof-of-work concept, and how hard and soft forks can influence the crypto market.

Creighton was asked whether hacks on cryptocurrency exchanges, phishing, and the lack of secure or inexpensive custodial services will still be around in the next 10 years. The developer responded that machines would take away the need for human jobs. Thus, if these jobs are done by machines, most humans will not use cryptocurrency or store private keys 20 years from now.

Impact of Cryptocurrency Soft and Hard Forks on the Space

Another question that was posed is whether the soft and hard forks that have occurred in the cryptocurrency space can have a negative impact on the community. Some of these are the case of Bitcoin which was forked to Bitcoin cash (BCH). BCH was later forked to Bitcoin SV and Ethereum to Ethereum classic.

In the case of Ethereum, Creighton noted that it helped to resolve some of the misunderstandings in the community. As such, those who did not agree were able to fork the asset to create another. Therefore, it prevented them from further interfering with the core values of the Ethereum community.

Forking is an Option in an Open Source Software

Creighton also outlined that forking is an option in open source software. The option needs to be there since it gives people the freedom to leave a network if their beliefs go contrary to the core values. “Of course, when a network forks and splits, it can have disastrous effects to the community. Both new fork chains might die, or one of the two might die”, he added.

In the area of proof-of-work (PoW), the developer was quick to note that nothing can be compared to Bitcoin’s proof-of-work (PoW) security. He added that the “worst and least secure PoW networks are the ones with low hashrate and an algorithm that is used on a network with higher hashrate.”

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