According to Peter McCormack, Bitcoin is the MOST IMPORTANT technology

Few individuals have had a greater impact on the public Bitcoin sector than Peter McCormack, a veteran of the crypto markets and host of the popular 'What Bitcoin Did' podcast. As is the case with the majority of early cryptocurrency users, the allure of Bitcoin began when McCormack learned the commodity could be used to swap goods and services on the dark web, and there has been no going back since.

However, McCormack, who worked in fields such as advertising and sports marketing before to falling down the Bitcoin rabbit hole, did not have it all laid out for him.

McCormack reminisced in a podcast today with Alex Fazel of crypto edutainment channel Cryptonites about the numerous moments in his life that shaped him into the person he is today—such as going from near-bankrupt to meeting the President of Bitcoin-friendly El Salvador while wearing a Metallica T-shirt.

Additionally, there are equal amounts of humour and technical discussion on Bitcoin, as well as predictions about where McCormack sees the broader ecosystem heading in the coming years.

This is an episode you do not want to miss, but in the meanwhile, here are some memorable quotes from the two-part show!

On what makes Bitcoin so stunning

“It's very easy; it's essentially a ledger that keeps track of who owns what; it's essentially order. That is the beauty of it; just like everything else, it has a plethora of rules governing who can perform the banking. You may use it only once. A single day. Alternatively, if you send a payment, you will get it at this time.”

“It's as if there are a million different regulations. No, you cannot do this; we live in a society where the government constantly creates new f*****g laws; they get bigger and bigger, and there are more rules. And then there's this thing that they're powerless to do anything about; for example, if I want to send you some Bitcoin, you get it.”

“And if I want to send it to someone in Iran, I can do it as well. And if I want to give something to someone, if someone in Iran or in us wants to send something to North Korea, nobody can stop them.

“And that is, it is lovely because it offers up a world of possibilities.”

On the asset's brevity

“One of Bitcoin's greatest virtues is its simplicity. Everything else is also extremely complicated, almost as complicated as a theorem is to me. Bitcoin is deceptively simple; it is merely a ledger. And it must excel at a few tasks. One is that it must be as decentralised as possible, which he accomplishes admirably. And it must do so in order to preserve resistance to censorship. And secondly, it must enforce the strict cap of 21 million, or else everything else is nonsense.”

“It's simply exquisitely simple. However, what do you gain as a result of this? You enable people to send money to those in need, you enable a country to defend itself against the US dollar like El Salvador, you enable businesses and individuals to protect themselves against currency debasement, and you enable people to save. Additionally, Bitcoin does alter your mindset.”

Thus, those who listen to you are also watching your broadcast. They might not be Bitcoin enthusiasts. However, I can assure you that everyone I know has entered it. They've altered their lives, their attitudes on family, eating, exercise, and consumption. And it's quite lovely. And it is nothing more than a ledger. It's astounding. And it's a ledger that has the potential to actually change the world again; I realise it sounds bombastic, but it is.”

Regarding Bitcoin detractors such as Peter Schiff

All of these f**kers are constantly mocking Bitcoin on Twitter. I believe you can critique the volatility, and I am aware that we have an explanation for everything. However, while we can pardon volatility, we must acknowledge that it makes cryptocurrency a problematic savings technology or means of trade for certain people. I acknowledge your right to critique that.”

“However, when you assert that Bitcoin has failed or that it has no application, you are either lying or intellectually dishonest. I even tweeted: "Okay, if Bitcoin has no use case, could you please explain how you can move money from any country in the world to any other country in the world?" Instantaneous and nearly cost-free? Simply explain how you intend to accomplish that. Kindly inform me, honestly, if you are able to do so, that I am with you. And how am I to send money to a protester in Nigeria? When are they deactivated in the financial system? Simply inform me that I am capable of doing so. And you certainly can. And no one asserts that you can. That is, you already have the ability to say, "I could accomplish that with a theory since it is another crypto, correct?"

“Strictly speaking, if we use Bitcoin as the kingpin for cryptocurrency, there is nothing we can do better, cheaper, or faster. Additionally, liquidity exists in every country on Earth. Thus, those individuals are actually fighting for human liberty. Because these use cases are remittances, which increase the amount of money available to individuals in need, and remittances. Typically, individuals transfer money to friends, family, or the destitute. That is the purpose of remittances for us. Individuals in El Salvador and us send it to their families in El Salvador who are in need of food or shelter.”

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