Building a bridge to the mass markets. This is a 'New Thing.' It is the fifth iteration of money. It took a long time to go from precious metals to pieces of paper to pieces of plastic. If we can get bitcoin to the masses in twenty years, we will have greatly accelerated the pace.
When you change these fundamental technologies, it takes a while for society to change with it. We have all this new terminology and nobody even really knows what "blockchain" means anymore, because there's a lot of marketing behind confusing us about what it means.
It's going to take time to understand how this technology works, why it works, how it's different, and what benefits it gives. There are 4 billion people who have nothing in terms of financial inclusion and access to technology. Money is an empowering technology; we bridge the gap by making it easier to use, easier to secure, explain what the words mean, simplify some of the words, simplify the experience, code better user interfaces -- and gradually as people need it, they will choose to use it.
In 1989 it took me two hours to compile the Unix mail program in order to send an email that would take three days to cross the internet. Twenty years later, my mother replicated this experience by swiping her finger on a new iPad. When we get Bitcoin there, the mainstream will be ready to do it.
Transcript
[AUDIENCE] We are here in San Francisco. Everyone knows about tech and kind of understands Bitcoin. I was wondering, do you think there is something missing, that will bridge the gap to mass markets, so that normal people understand- "normal people" [Laugher] [ANDREAS] Right, normal people. [AUDIENCE] Non technologically literate people.
Or do you think the ecosystem is just too early? [Will it be] an incremental [change] where you can't push it? [ANDREAS] It is both. We have an enormous gap in understanding this brand-new thing, the fifth innovation in money, [one of] the most ancient technologies we have in our civilization.
Do you know how long it took to [transition] from precious metals to a piece of paper? Four hundred years of people saying, "That is not money. Go away!" It took another forty years until they accepted a little square piece of plastic with a number on it. If we can [have Bitcoin accepted] in twenty [years], that will have greatly accelerated the pace.
When you change these fundamental technologies, it takes a while for society to change with it. First of all, we have all these new words. No one in this room can even tell me what a blockchain is. I don't even know anymore, because there is $100 million marketing campaign confusing us all.
It will take a long time for people to understand how this works, why it works, how it is different, and what benefits it gives. [This task] won't just be up to the people in this room or even the people on this continent. North America contains the most privileged population in the world, in terms of financial inclusion and access to technology. You can swipe a Visa card, pay with your phone etc.
There are four billion people who have nothing. For them, [Bitcoin] will be a very simple proposition. 'I don't care how it works. I just had some white cracker..
three continents away to fund my seeds for the next planting seasons.' That changes the equation completely. Money is an empowering technology. How do we [help with] bridging the gap? We make it easier to use, easier to secure.
We explain what the words mean, even change some of the words, and improve the designs. Gradually, as people need it, they will use it. Not necessarily 'instead of' their national currency, or replacing the old systems, but as a choice in parallel that gives them opportunity where they need it. A bit of patience and a lot of hard work.
Better user interfaces. Make the language and experience simpler. I [often] tell people.. You have probably heard this a hundred times before, if you watched any of my talks.
I sent my first email in 1989. In order to send that email, I compiled the Unix mail program on the command line. It took me about two hours. I was a second-year undergraduate in computer science, with more than...
twelve years of programming in my background. When I sent the email, it took three days to cross the internet. Twenty years later, my mother replicated this experience by swiping [her finger across] her brand-new iPad. When we get [the experience of using] Bitcoin there, the mainstream will be ready.
That will not happen with the way it is today.