Bitcoin: This is real money, don’t talk to strangers and don’t take candy from them either.

Posted by | febrero 14, 2014 | Blog | No Comments
bitcoin-workther-coworking-space

If it’s new, if it’s nerdy, or it’s trending, then you can learn more about it through Workether! Getting everyone’s attention right now is Bitcoin – many want it, many have, many have lost it, and most of us are confused about everything to do with it.

Miguel Moreno, a software engineer and Bitcoin expert and early adopter just lead an event at Workether organized by Valencia Startups to clear up some of that confusion. Here he offers his ‘two cents’ on Bitcoin now, in the future and where to learn more.

 Who are you?

I am a software engineer from Seattle who recently decided to sell everything, leave a career at Microsoft and move to Spain for a while, in order to work a bit less and live a bit more. I have been involved with Bitcoin since 2011 when I bought my first Bitcoin for around 4 US Dollars.

Bitcoin is valued at around $710, as of today.

Breaking News: A “massive” distributed denial of service (DDoS) attack is hitting Bitcoin, according to trading venues, in what has been a tense week over alleged flaws in the various systems run by the virtual currency and its exchanges. (Forbes) Bitcoin value as of today: 623.9 USD

 What first attracted you to Bitcoin?

I had just been assigned on a project at Microsoft that required knowledge of public key encryption. I had to become familiar with encryption and then I heard about this open source project; that was this new, underground peer to peer network, implementing public key encryption, the same technology I was trying to immerse myself in for work. I read a bit more about it and it caught my attention; anything catching my attention is not a hard thing to do… a simple house fly often does, but, I downloaded the client and I was hooked.

 Overall thoughts/experience with Bitcoin?

Bitcoin is in its infancy and still needs some maturing to do in its user interface/experience for adoption to the rest of the world. Everyone who has a Facebook account and email think they have conquered the internet and can overcome most technical online obstacle. And thus, we see a lot of blame directed towards Bitcoin for people losing their coins.

You see, there is no 1-800 number to call, you can’t call the police.

Just like email or the Internet, Bitcoin doesn’t belong to anyone, it somewhat belongs to the world or everybody that wants to be involved. So, I think we are still a couple of years away from mainstream adoption. Very much like the Internet in 1995… sort of a wild west, many people getting scammed and then blaming it on the technology. It took several years for other useful technologies to be built on top of the internet and establish itself as somewhat indispensable in today’s (western) world.

 Tips for people interested in getting involved?

Attend a usergroup in your area (if you are located in Valencia, Spain you can join our Bitcoin Meetup). Reach out to someone you trust to walk you through the steps. There is a lot of scattered content online and not much of it comes from formal or trustworthy sources.

This is real money, don’t talk to strangers and don’t take candy from them either.

 What are some mistakes you made or that people often make?

I have yet to lose a single Bitcoin, but I am also somewhat extremely careful with every transaction. Every day we hear of many stories of people who have lost coins… and not just pocket change… large amounts of money. Either because of carelessness or simply losing your keys. Be very careful with your private keys. The cryptographic algorithm behind Bitcoin cannot be broken and if anyone says their account was hacked it is simply because people don’t understand the technology very well and didn’t take the precautions to protect their keys.

 What are some common misconceptions?

Bitcoin is drug money, Bitcoin is terrorist money, Bitcoin is laundered money: yes, so is cash and we happily carry it around in our pockets.

 Obviously there is lots of interest now, how have you seen interest grow over the years?

Most of us remember the birth of the Internet and how it was initially “sold” to us as just a way to publish webpages and send email. However, over the years it has evolved so much that it is in every aspect of our lives: banking, commerce, utilities, research, etc, etc. Many see the same potential with Bitcoin and how it can develop into something so much bigger than just a currency.

 What is the future of Bitcoin or similar alternative currencies?

It will be everywhere. People will be paid in Bitcoins and it will be a regular alternate form of payment. Bitcoin will be used for other purposes as well, other than cash. It will be used as transmissible certificates of ownership, since an address that holds coins, can also be used to prove that one is the undisputed owner of that address. Other currencies will be tweaked to compensate where Bitcoin is deficient to be used in a particular industry and become currencies for very specific purposes. Wow. Such potential. Much awesome.

With interest growing over the years, I have started offering Bitcoin consulting services under Bitcoinero.

 What is one of the most common questions you get from people?

“What are the chances of someone generating an account number that is the same as mine; because if they happen to do so, they would have access to my Bitcoins, right?”

The answer is frightening… yes, this is correct. However, this article clarifies things a bit.

 

So there you have it, Bitcoin is the future so get your coins now! We’ll soon be accepting Bitcoin payments at Workether Coworking Space, so you’ll have somewhere to spend your first coins!

Don’t be the last to know, sign up and be one of the first!  Tell me first!

Have something to add to this conversation? Agree? Disagree?
Let us know what you think below!


Magdalena Draus
International Community Lead

 @MagdalenaDraus
 Magdalena Draus
 magdalena@workether.com



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