Today was an especially hot day in Budapest, but that didn’t hold us back from attending a startup-meetup organized by Design Terminal. To name one of the participants, we had a chat with people from HUBHUB, who operate startup HUB’s in the V4 countries. Since this event wasn’t dedicated to blockchain, we spent majority of our time there doing what most blockchain enthusiasts do when introduced to a new audience – talking about cryptocurrencies and the technology underlying them. introducing people to Blockchain and the beauty of Blockchain always reminds me of how grand our mission is, how important it is what we’re working towards. It feels wonderful to see people’s faces as they slowly grasp the idea behind it all; blockchains promise to free us as individuals, to offer a censorship resistant network capable of transmitting value freely around the Globe.

We covered these 4 properties of cryptocurrencies when talking to the guys today:

  1. Irreversibility: Once the network confirms the transaction, there is no way to reverse it. Without the presence of a trusted third party (or any for that matter), there’s no one to get our money back in case of a typo in the recipient address, or if someone scams us. Financial freedom comes with financial responsibility, because no police or financial authority has power over Bitcoin.
  2. Pseudonymity: Neither the wallet addresses, nor the transactions are tied to individuals, so finding out the identity of the person behind a wallet can be quite challenging if the owner of the wallet wants to remain anonymous.
  3. Fast & Global: Near instant transaction time means no matter where we are in the World, the data that contains the instructions given to the network to transfer the ownership of a certain amount of Bitcoins to you will spread in a few minutes, irrefutably locking in the newly established balance.
  4. Freedom of participation: Anyone can use the Bitcoin network. When we say anyone, we mean just that. There is no authority that could stop you from participating. No need to register, as soon as you download this piece of software, you can freely transact with anyone on the network.

To you, our readers, this all probably seems obvious, but just think back to when you were new to the space. As always, we really enjoyed sharing knowledge, spreading the word about Satoshis legacy and the immense amount of POW that accumulated on the premise of a decentralized network to transfer value. The present state of cryptocurrencies is the proof of all the work we’ve done so far as a community, and it truly feels great to be part of it.

We’ve stated this many times before, and to our regular readers it’s hopefully evident by now, that we’re aiming to solve one of the “big” issues with crypto – spendability. We are grateful to all of you guys supporting us, and to show our respect and appreciation we’ll continue to improve and tailor our services to your needs!

Inlock Team