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The future of money on the Internet
What exactly are Bitcoin, Blockchain and cryptocurrencies? Is it safe to invest in them or are we looking a bubble of enormous proportions? Carlos Domingo, Founder of SpiceVC, a company specialised in Blockchain investments, spoke to us about these issues and the future of money on the Internet at Foro Zagaleta 2018 in Marbella.
Blockchain technology has revolutionised traditional means of payment. In front of an audience where almost half the people admitted having investments in cryptocurrencies, Domingo spoke about how in terms of penetration and maturity, virtual currencies are currently “like the Internet in 1995, when only 1% of the population used it”. Even though according to him, many people are still sceptical, he said that the tremendously complex blockchain algorithm will allow us to “replace banks and completely disintermediate payment systems”, which will force banks to transform the role they play today. Carlos Domingo said this was already predicted by the economics Nobel laureate Milton Friedman back in 1996 when he claimed that the Internet would have a disruptive effect on our understanding of money.