When the first crypto-currency, Ethereum, launched in 2014, its promise was that it would bring “the power of blockchain technology to the world of finance.”
Today, it is the most-used cryptocurrency on the planet, with more than $300 billion in market cap and a market cap of $1.5 trillion.
And with the launch of the Bitcoin blockchain, which was originally created to facilitate the transaction of cryptocurrency, there’s now a wide array of crypto-currencies that can be used to monetizing the technology.
But how do they do it?
How do you make money on them?
And how do you pay people?
To find out, we asked some of the biggest names in cryptocurrency, including Nick Szabo, cofounder of Coinsetter, which specializes in buying and selling coins, as well as Brian Armstrong, CEO of Coinbase.
We also talked to Alex Trew, CEO at Blockstream, a blockchain startup that was recently acquired by CoinBase.
These are some of their answers to our questions.
Cryptocurrency Network Marketing: How do cryptocurrencies change the way you make a living?
Nick Szabos: For us, cryptocurrencies are like a way to pay for things.
A lot of people, when they buy an item, they go to a store and spend money.
But when you buy something online, the transaction goes through your wallet.
And then, at checkout, you pay.
And you can actually buy it, right?
It’s a great deal for people to be able to pay with Bitcoin or Ethereum.
But what if you don’t have Bitcoin or Ether?
That’s the real question: how do we pay people in these new currencies?
For me, that’s what we wanted to do.
And I’m the cofounder and cofounder at Coinsetter.
So, I’ve been working on this technology for about three years.
I’ve always been fascinated by crypto-economics, and the idea of making it so that we could make payments on the blockchain.
I think that we can change how people transact with the financial system.
And, in this new era of crypto, there is a lot of potential for money to be exchanged between the two currencies, as long as they are used wisely.
So how do cryptocurrencies do that?
So we are building a platform that’s like a Bitcoin ATM.
The idea of an ATM is that we are using the technology that Bitcoin uses to convert currency into a physical commodity.
That’s a physical thing that can carry value in a transaction.
So if you buy a ticket on an Uber, for example, you are actually exchanging money for money.
And we do the same thing with Ethereum.
You’re exchanging money with Ethereum, which is a blockchain that stores all the transactions that happened on the Ethereum network.
So in that sense, you can basically transact between cryptocurrencies and your money.
We do that by having these virtual money transactions, which are just a way of saying: “Hey, this is your Ethereum account.”
So, if you go to buy a $1,000 bill in your favorite currency, you’ll be able buy the same amount of Ether as you would with Bitcoin.
If you want to pay someone $20,000, you have to spend Ether in your Ethereum wallet, which then gives you your Ethereum.
If they buy a bill, you buy the bill.
The transaction happens in Ethereum.
What’s interesting about this is that it makes it possible to use Ethereum for payment.
So you can use your Ether for a coffee, a hotel stay, or a taxi ride.
In fact, we’ve used Ether for coffee and a hotel room at least four times.
So this is really the new way of using Ether.
And it’s going to make crypto-payment much more viable.
But that’s just the beginning of the story.
So it’s an interesting way to make money.
I don’t know if this is the future of money.
How does it change the payment process?
Nick: When you are talking about payment, the first thing to say is, “How do I pay someone?”
If you are an entrepreneur, that would be your first question.
And what we found is that many people have no idea what they are doing.
And the reason why that is is that they have a lot more assumptions that they are making.
And if you are thinking, “Hey!
I’m going to build a company and I’m just going to get this done and then I’ll get a few million dollars in my pocket,” that’s the wrong way to think.
But you need to have a different mindset when you are building an enterprise.
You need to be focused on how to make the company work.
But, at the same time, you need a different way of thinking.
So for example: when I started Coinbase, it was the most popular cryptocurrency