Cryptocurrencies provide a third way forward and Walsh is excited by the possibility. His perspective is that their role is not to replace the incumbent banking and financial system, which is very good at many types of transactions like mortgages, for example. But cryptocurrencies such as bitcoin cash are facilitating new types of transactions that are currently impossible, like small instantaneous transactions over long distances. During the second part of the interview, the crypto entrepreneur insisted we need a form of money that facilitates the commerce that’s bound to erupt between all the people that can already communicate effectively thanks to emerging and improving internet tools.

A debt-based monetary system is unsustainable fundamentally if you have a declining population, like in the developed world, because you can’t keep issuing new debt safely if you don’t have an increasing population to support it, Walsh emphasized. But we don’t need a massive increase in the population to have more economic activity, if we can capture more of the human energy from the static population that we already have, the contrarian revealed. Cryptocurrencies can facilitate an increased capture rate allowing our civilization to harvest a larger percentage of the human energy. In that, Bitcoin can actually be the way to get rid of the huge overhanging debt, despite the demographic problem. Besides, as Sean Walsh put it, “The rising tide lifts all boats.” Check the entire discussion with Sean Walsh below.

Sourced through Scoop.it from: news.bitcoin.com