How Tom Brady's Autograph Scales
You probably know this already, but crypto tumbled again over night. In the last 24 hours, bitcoin has slid 7 percent and now trades at less than $40,000. Ether fell 8 percent, to below $3,000. What do you think? Will it fall some more?
Did you know Tom Brady has an NFT platform? He does, and it’s called Autograph. Like Brady, Autograph is a superstar. It recently raised $170 million to scale operations. What did Brady do to scale operations? He changed teams. He became a Buccaneer. Don’t be a Buccaneer. Build a platform instead.
New York City’s mayor will receive his first paycheck through Coinbase Global. His crypto of choice are bitcoin and ether.
The Problem of Mediation
If you shop at a retail store and want to pay by credit card, you have a variety of options: Visa, Mastercard, or Discover, to name a few. The payment does not go directly from your bank to the retail merchant. Instead, it goes through the credit card company, who extracts a fee for mediating that transaction.
Suppose that you wanted to pay the retail merchant with cryptocurrency. Bitcoin was designed as a peer-to-peer cashless payment system. In other words, the merchant can simply share her public wallet key with you and you can send bitcoin directly to that merchant from your smartphone while standing at the cash register. If the merchant accepts other cryptocurrencies, you can do the same with those—wallet to wallet, yours to the merchant’s.
This type of scenario could take place in banking, insurance, real estate, or any industry where money exchanges hands. Not only that, but if you had a medical card secured by blockchain technology, when you visit your doctor, you could transfer only the relevant records to your doctor in a few seconds.
Blockchain technology is peer-to-peer by nature, cutting out unnecessary intermediaries.
This is an excerpt from my forthcoming book Cryptosocial: How Cryptocurrencies Are Changing Social Media, to be published by Business Expert Press in March 2022. Be the first to know when the book is released.
First published at Cryptocracy. Not financial advice.