Here we go, the first Bitcoin (BTC) forum started this morning with already many conferences that allowed us to get to the heart of the matter. The topics discussed today provided an extensive overview of issues related to Bitcoin. This was very beneficial because of the information requirements that cryptocurrencies require. We offer here a small selection of what was said in some of the day’s conferences.
As a reminder, the full event program is available here.
Conference Money, its history, its excesses and the birth of Bitcoin
Abdoulaye Ndiaye, assistant professor at New York University, explains that we have Bitcoin, which is an undisclosed universal global currency facing the CFA Franc, which is a colonial relic and whose intrinsic value is not the same. with inflation.
For Dominique Yamb Ntimba, philosopher and economist, Bitcoin preserves the fundamental freedoms of individuals, which the classic Fiat system does not guarantee. He then explains that the percentage of fees on money transfers is between 6% and 8% on average. Sometimes with peaks of up to 22%. And to reveal that these fees have fallen in El Salvador since the introduction of Bitcoin and the competition in this sector that has arisen from this.
The issue of the trusted third party was also addressed. The collection and surveillance of personal data by companies and states poses a problem for personal freedom. In general, states resist direct relations between individuals, which they always push to go through intermediaries to maintain control. Against this, decentralization is essential.
Then Dominique Yamb Ntimba pleaded against the implementation of the CFA Franc and its famous operating account, which drains a significant part of the export resources of the countries of the CFA zone. Ironically, Agence France Développement (AFD) uses some of these funds to finance so-called development operations at consistent rates. Although those initiatives should come under the national leadership of those same states. So we have to face a double confiscation of sovereignty. The recent example of Mali, which decided to ban the activities of the AFD and the NGOs that revolve around it, is nice.
Bitcoin would therefore make it possible to free ourselves from the CFA Franc and no longer leave reserves at the Banque de France. In addition, it would no longer be possible to divert public funds. According to him, “Bitcoin should not be sold but earned”. One must get out of the trade so that bitcoins can be paid out in the form of income and salary payments. And in conclusion: “Through its resistance to censorship, Bitcoin is a tool for world peace”.
Mutations in Finance Conference: TradFi, DeFi, Stablecoin, CBDC, Bitcoin
Toffene Kama, an investor, drew an interesting parallel between Bitcoin and the salt trade in Africa, where there were economic exchanges between the south (grain) and the north (salt), which allowed the emergence of the Mali and Ethiopian Empires. Salt was exchanged for gold. Salt therefore had transactional and utilitarian value, an idea that runs through Bitcoin debates.
Conference The economic and geopolitical impact of Bitcoin around the world
According to Abdoulaye Ndiaye, developed states are unlikely to release FIATs spontaneously. The adoption will be gradual on the ground and the professional and private actors will gradually adopt it.
On the other hand, instead of formal acceptance, a state may be tempted to accumulate significant reserves of bitcoins to protect itself against possible international sanctions, which would allow it to continue trading on the outside.
According to him, the CDBCs represent a movement towards autocracy. Furthermore, in traditional systems, transaction details are confidential and the actors are obliged to identify themselves. Whereas, for reasons of transparency and respect for privacy, the opposite should be done. What exactly does Bitcoin offer. Therefore, CDBC e-Naira is very little used in Nigeria and Bitcoin usage rate is very developed there.
Because, according to Abdoulaye, although he is an academic, it is not the academics who will do things but the activists on the ground.
Conference Bitcoin, Blockchain, CBDCs, rivalries and/or complementarities?
A lively debate, where we saw Seydou Bocoum (PhD candidate), enthusiastically defending the virtues of CDBCs and expressing his doubts about Bitcoin. A courageous task in front of the other panelists who are already committed to the cause. A controversial debate that will allow the public to form their own opinions.
The next day will feature other equally enriching discussions, more focused on technology.
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Computer entrepreneur and resident in African lands for fifteen years. In this uncertain world, I see bitcoin and cryptos as one of the best opportunities to face the challenges ahead.