Alex Preukschat is scheduled to speak at Blockchain Summit Latam 2019 in Mexico City. He says that taxes have kept Spanish businesses away from accepting cryptocurrencies as payment.

In 2016, Preukschat began to write his book Blockchain: the Industrial Revolution on the Internet in order to raise awareness of this decentralized technology. The author explains that he decided to call it “blockchain”, because the term “Bitcoin” was associated with drug trafficking and other bad things.

Following the success of his book in other countries, his idea of ​​forming a community to inform about decentralized crypto technologies was reborn. Consequently, he decided to launch, jointly with other cryptocurrency enthusiasts, Blockchain Spain, which is an initiative that he currently coordinates.

Facebook’s Libra

On the occasion of his participation at Blockchain Summit Latam of 2019 in Mexico City, Preukschat commented on the current situation of the cryptocurrency ecosystem worldwide. Obviously, it was difficult for Libra, the cryptocurrency of Facebook, not to be raised.

He considers that the launch of Libra has been a kind of declaration of war from technological companies of the 21st century on established financial world of the 20th century. Employees, professionals and managers, among others, agree that it is essential to learn more about the change of pyramidal hierarchical structures; hence, that organization can continue to exist.

Preukschat says that it is necessary to distinguish between “blockchain”, which is a disruptive technology that aspires to decentralization, and “DLT” (Distributed Ledger Technology), which refers to permissioned and centralized networks for the improvement of processes and the reduction of corporate costs.

Facebook starts its new Libra project as DLT, since it has a permissioned semi-public network, where few private nodes keep all transactions. He does not consider it a cryptocurrency because it is not decentralized and has nodes that control the network. It should be noted that despite they aspire to decentralization, regulators do not agree with systems that do not have customer identification procedures or methods for preventing money laundering.

Term “Blockchain”

“Blockchain” is not a precise term, since it just represents a data structure in blocks, such as in Bitcoin and other projects. It is simply one of the many components used to create a decentralized system. However, public opinion has imposed “blockchain” as the reference term and it is very difficult to change that.

Many people still ignore how symmetric cryptography or blockchain works, what is required for a decentralized chain, and how those components work. There are those who use “crypto technologies” as a reference, but it is advisable to use the terms that have become popular.

The author believes that the term “blockchain” not only refers to the data structure, but it also summarizes the decentralized technology not controlled by any central entity, in which a solution has been created to create decentralized digital cash, as imagined Satoshi Nakamoto.

Adoption of Cryptocurrencies

The adoption of cryptocurrencies has grown in several countries, especially in those with inflationary economies and devalued currencies such as Venezuela and Argentina. However, the idea of “decentralized digital cash” has not been achieved in Spain and other European countries.

Currently, the original vision of decentralized digital cash is not fully met due to volatility. Therefore, people in the network prefer to accumulate Bitcoin and spend their euros. However, Bitcoin can be used when dealing with suppliers abroad, as it is cheaper than paying with euros.

By Willmen Blanco


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