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This is not the first time we post about Overstock.com CEO Patrick Byrne on our website. He is a visionary and always makes some compelling points in his talks. This time, Patrick talked about Bitcoin and other cryptocurrencies in a keynote address at Bitcoin 2014 conference.
Before Patrick took the stage, there was a video showing how a student in Uganda was using Bitcoins to receive money from his sistern in the U.S.. While money transferring services from banks and services like Western Union or Moneygram charge a high percentage of the amount, he had to find alternatives to receive money faster and more importantly, avoid those expensive fees. The prospect of cryptocurrency like Bitcoin is interesting, but it will require more people to adopt to reduce volatility in the value.
In the presentation, Byrne discussed lesson in the history of Bitcoin and cryptocurrencies. He quoted historical philosophers like Kant, Hegel, and Marx, along with other recent researchers like Francis Fukayama, to clarify why he is a supporter of Cryptocurrencies like Bitcoin.
Patrick was known to be an early Bitcoin adopter when his retailer Overstock became the first major online retailer to accept Bitcoin as a method of payment. It was said that Byrne was only doing this as a publicity stunt, but he responded “A lot of people suggested that I got involved in Bitcoin for the publicity. I hope my talk today has dispelled this.” And to know more about what he talked during the conferences, watch the video below.
I’m glad Patrick Byrne exposed the problems of centralized institutions and how cryptocurrencies can solve them. If you’re interested in keeping up with him, just follow Patrick Byrne on Twitter. Also check out the video and leave your comments below of what you think about the future of cryptocurrencies.