Best Explanation of Bitcoin: Peter Van Valkenburgh Lectures

Documenting Bitcoin, the Twitter platform that documents the best moments of the leading crypto Bitcoin (BTC) retweeted the video shared by Bitcoin Clip, the official Twitter account for posting momentous videos of Bitcoin. The latter shared the Director of Research at Coin Center, Peter Van Valkenburgh’s lecture on Bitcoin that he delivered during the conference of the US Senate Committee on Banking, Housing, and Urban Affairs in 2018.

Interestingly, Documenting Bitcoin shared the video, with the inscription “the best explanation of Bitcoin you will ever hear:”

Previously, in 2018, the committee organized an open hearing on “Exploring the Cryptocurrency and Blockchain Ecosystem,” during which Valkenburgh and Dr. Nouriel Roubini, the Professor of Economics and International Business at New York University Stern School of Business spoke.

Significantly, Valkenburgh began by sharing his views on bitcoin, describing it as “the world’s first cryptocurrency” that “works because of the world’s first public blockchain network”.

Notably, Valkenburgh’s next move was about explaining why bitcoin is “revolutionary,” stating:

Because, unlike every other tool for sending money over the internet, it works without the need to trust a middleman. The lack of any corporation in between means that Bitcoin is the world’s first public digital payments infrastructure. And by the public, I simply mean available to all and not owned by any single entity.

Furthermore, Valkenburgh went on to distinguish between the traditional payment system and bitcoin. He also commented that bitcoin is much more convenient than fiat currencies and other traditional systems.

He added that “anyone regardless of their nationality, race, religion, gender, sex or creditworthiness can for absolutely no cost create a Bitcoin address in order to receive payments digitally”.

Similarly, Documenting Bitcoin shared the video of John Mack, the ex-CEO of the American multinational investment company Morgan Stanley, in which he talked about his BTC holdings.