In a workshop conducted by XES Helsinki, Finland central bank Economist Aleksi Grym presented the challenges and future of cryptocurrencies. Aleksi is a central bank economist, adviser and former entrepreneur with two decades of experience in tech, startups, global expansion, investment and banking. He manages a portfolio of cross departmental projects related to the digital transformation of the financial industry, covering topics such as fintech, payment technologies, digital currencies, and cyber security. Aleksi holds two Master’s degrees.
Enthusiastic participants challenged Aleksi Grym about crypto markets, its nature and where the crypto going to be in the future. During the workshop he answered participants questions and ideas in more interactive and informal way. He was skeptical about Facebook Libra stating there will be an uphill battle for Facebook Libra, if at all going to make it.
Summary of key points in workshop Discussion
- Bitcoin as software, asset, phenomenon
- Bitcoin energy consumption: Bitcoin’s current electricity consumption: 42..51 TWh / year. Global mining revenues: $2.8 billion / year. Global mining costs: $2.6 billion / year. Electricity consumed per transaction: 511 kWh Transactions per year: 100 million
- Bitcoin is Peer to peer software: p2p file sharing = how crypto functions
- All can see with in the network who owns bitcoins, owner will be represented with ID(number), cannot see who(person) access bitcoin (privacy).
- XRP crypto currency is not working with the central bank
- Libra is centralized digital currency where as crypto currencies are decentralized
- 17 million bitcoins: don’t know how many hold bitcoins or somebody might have sold it. So 17million number is not accurate
- Hard to see any other altcoins going to challenge bitcoin. Bitcoin going to remain dominant cryptocurrency.
- Bitcoin can be viewed as an asset than a regular currency for day to day use.
- The only way a stable coin could work is : if it’s actually a bank.
- Regulators are not against Crypto currencies.
Workshop is arranged by XES Helsinki, moderated by Community manager Evelin Bakó, along with XES co-founder Oliver Kemper and Anastasia Kontinen. XES is a Helsinki based community of entrepreneurial minded people, formerly Helsinki Entrepreneurship Society. Its a Non-profit Organization Management located in one of the world’s hotspots for entrepreneurship. Finnish startups attract the most venture capital in Europe, and the startup scene in Helsinki is ranked as #1 in the world for local connectedness by the Global Startup Ecosystem.
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Workshop presentation slides by Aleksi Grym