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Coinbase CEO Discusses His Master Plan For Scaling Bitcoin

Coinbase CEO Discusses His Master Plan For Scaling Bitcoin

Coinbase CEO Discusses His Master Plan For Scaling Bitcoin

How to scale the world’s leading decentralized digital currency has been a question for the ages, asked by Bitcoin friends and foes alike. If you ask 10 different Bitcoin proponents, you may get 10 different answers on what Bitcoin is and what it can be. Brian Armstrong, CEO of Bitcoin mega-wallet provider Coinbase has created an outline of where Bitcoin is in its development and where it is going, so we can all follow along. Let’s look at what he came up with.

He calls it The Coinbase Secret Master Plan

One of the reasons Bitcoin was created was because the current economic system is the antithesis of Bitcoin ideology. Currently, the world of money is a closed-loop, fragmented by geography, far less than inclusive to all, created by privately-held central bankers, and regulated by political and government forcesin bed” with them, while providing little to no innovation.

Armstrong has Bitcoin broken down into a four-stage plan of development in a recent Medium post, of which Bitcoin has reached Level 2. The first phase was implemented by one million Bitcoin early adopters, actually building the Bitcoin and altcoin protocol from scratch and making it a viable global technology and economic platform.

The second phase grows to include ten million people and involves the building of reliable exchanges for the populace. Armstrong says the world of Bitcoin is finishing Phase 2 right now.

“Investment or speculation is a bootstrapping mechanism for the payment network,” says Armstrong. “The creation of safe and easy to use exchanges serves as a bridge for people to get their local currency into and out of digital currency. This is our core business today, and we’ll use the revenue from this phase to invest in the next steps while continuing to expand these businesses to more countries.”

Phase 3 brings the future of digital currency applications, or decentralized applications, or “dapps” to the market, making mass adoption easier to reconcile. This will scale to 100 million people worldwide, and Coinbase’s CEO says they are investing in teams that will facilitate this level of growth.

Then it gets interesting. Finally, Armstrong thinks the world will go from a largely closed network of today to an open network, including one billion people recreating the entire system. The market sectors that need to be reimagined in the digital currency age include Loans (mortgages, small business lending, microlending, etc), Venture Capital (seed, traditional venture capital, venture debt, etc), Investing (stocks, index funds, savings accounts, etc), Identity & Reputation (IDs, authentication, credit scores, etc), Remittance (sending money cross border) and Merchant Processing.

I would add that mass adoption will not come until the general population becomes more educated in what money is now, and what it can be with a new, better currency to use. As Andreas Antonopoulos said yesterday on “The Joe Rogan Experience,” when your Mom can swipe her finger across a screen and produce Bitcoin transactions is when Bitcoin will be ready to take over the world. We seem to still be a few years from that phase of development.

Author : Evander Smart

Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

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