BitMinutes Turns Heads with Its New Series, ‘Women for a Better World Initiative,’ and Its First Guest — Rachel Wolfson
Guest Author: Rachel Moore, Hackney Publications
BitMinutes launched its new series, “Women for a Better World Initiative,” in spectacular fashion on May 10 with the highly respected Rachel Wolfson, an expert on blockchain technology and cryptocurrencies, as the featured guest.
The series, hosted by Gina Carr and streamed live over Facebook, seeks to highlight women who are using blockchain and cryptocurrency to construct a more prosperous and peaceful world.
Wolfson, who received her Bachelor’s Degree in English and Government from the University of Texas and her Master’s Degree in Security and Diplomacy from Tel Aviv University, got her start in the industry just two years ago after she wrote an article on blockchain space for Huffington Post. Since then, she has published works in Forbes, Bitcoin Magazine, The Merkle, and other publications. Wolfson also partakes in The Bad Bitcoin podcast and was named one of the “Most Influential” women of blockchain in an article that appeared in Entrepreneur Magazine.
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With many years of experience and research involving cryptocurrency and blockchain, Wolfson is regularly asked to explain the terms. Wolfson, in her interview, began by defining blockchain technology as a “distributive ledger based on trust.” Further, she noted that blockchain is a decentralized system that facilitates cryptocurrency; in other words, “a network without a third party.” The transactions are peer to peer, eliminating the need for banks, and allowing individuals more opportunities to gain and create value, she added. Wolfson characterized cryptocurrency as digital money or a unit of exchange, with around 1,500 different types, enabling people to complete cross-border transactions and trade the currency because of its volatility.
Wolfson also spoke on the future of cryptocurrency and blockchain space. Two new exciting progressions are BitPay and Stable Coins, she said.
BitPay will implement payments using Bitcoin and has already raised $40 million in investments, according to Wolfson. Additionally, BitPay will allow individuals or companies to make essential day-to-day transactions.
Stable Coins, also known as “The Holy Grail of Cryptocurrency,” is a cryptocurrency that is paired to the U.S. dollar, making it easier to generate international transactions and simplifying exchange rates, suggested Wolfson.
Cryptocurrency is rapidly becoming a more straightforward way to complete negotiations and is connecting people all over the world, according to Wolfson.
This is one of the reasons she is high on Tim Draper, an investor in both Bitcoin and BitMinutes. Draper has predicted that Bitcoin would hit $250,000 by 2022 and that cryptocurrency would replace fiat money in the next 5 years. With many people not using banks and cryptocurrency becoming bigger than the internet, Draper is optimistic about the future of cryptocurrency, according to Wolfson.
That said, cryptocurrencies have several hurdles to overcome before they become the main currency of capital transactions. One of those hurdles, Wolfson said, is a natural hesitance when it comes to people adopting new technology, being uncertain of how it operates and having little confidence in the process that is not widely used. Another hurdle is a substantial amount of speculation regarding the regulation of cryptocurrency and the need for clear guidelines. This stands in the way of people adopting the new concept.
Overall, however, Wolfson is confident about its advancement in forthcoming years. Ultimately, she believes cryptocurrency and blockchain will become a predominant form of exchange for businesses and individuals.
BitMinutes, the sponsor of the “Woman for a Better World Initiative,” offers a new cryptocurrency that encrypts tokens of prepaid minutes and blockchain to create value that can be used between users and across borders. The majority demographic of users are women financially disenfranchised due to shortage of job opportunities in their rural communities. This is one of the reasons that BitMinutes aspires to see success stories from women in developing countries, arising from their use of the BitMinute.