John McAfee About Bitfi Wallet, Blockchain and Privacy Coins
John McAfee, the crypto solider, has consistently been one of the most prominent names in the cryptocurrency community since as far back as 2013. He has created controversy nearly every time he enters the mainstream media to speak on his issues, and he continues to stir up drama within the community even today. McAfee’s latest venture has been the Bitfi wallet, which has been touted by his company to be the most secure wallet in the history of the blockchain.
Claiming it to be entirely unhackable, McAfee first stirred up interest from security professionals and whitehat hackers alike when he rolled out a $100,000 bounty to any person that could successfully hack one of his hardware wallet devices. But when interest floundered and some hackers even taunted him, McAfee upped the ante, raising his bounty to a crazy $250,000. All of this began after a professional security expert went to the internet airwaves and called the wallet ‘terrible' which sparked an entire
crypto-community debate as many from both sides of the equation started to weigh in with opinions and insights.
This caught the attention of known Cryptocurrency YouTuber LearnCrypto who asked for a sit down live interview with the enigmatic CEO, entrepreneur, and personality. During the 27 minute interview, McAfee spoke on topics such as his Bitfi wallet, the future of cryptocurrencies, as well as the current status of the cryptocurrency markets. Though McAfee naturally led with the more philosophical components of his answers, he certainly provided some interesting insights into the market which he has dedicated his career to.
– The Bitfi Wallet: What makes it so secure?
– Naturally, the first area that the YouTube star gravitated towards is also the biggest bit of McAfee news in the works at the moment. He questioned McAfee, asking him to explain what exactly made the secure hardware wallet so secure that it cannot possibly be hacked.
Unsurprisingly, John McAfee espoused the same explanation he has used consistently when speaking on the security measures behind his large claims of Bitfi’s security. He mainly argued that the Bitfi wallet does not store information locally, but that its entire “memory” system is simply the
blockchain. Because of this, McAfee expanded, the wallet is unable to have its information altered or stolen and is essentially a brain wallet.
This was accepted as an explanation by LearnCrypto, who agreed with the sentiment that the blockchain is an immutable way to store information. From the Bitfi wallet, this makes it the perfect way to store information.
– The Price of Bitcoin: Long-Term Predictions?
– Many viewers of the popular Bitcoin information channel have been hit hard with concerns regarding the long-term price of Bitcoin, as well as its current bearish outlook. McAfee, though, was very quick to espouse his viewpoint that the market will rebound, and that interest in Bitcoin continues to increase, despite the depreciating price of the currency.
To support this claim, the personality remarked that the overall amount of miners for Bitcoin continues to rise. Additionally, this means that the long-term outlook for the currency is very exciting. With more miners on the market, there is higher chance for the currency to retain its current price and avoid a death-spiral. Similarly, he posited that the market continues to gain media exposure conducive to success of the sector.
– Benefits on the Blockchain: Why choose it?
– Again unsurprisingly, the creator and biggest proponent of the BitFi wallet also spoke at-length about the philosophical and practical advantages to the use of the blockchain as a financial tool. Specifically, McAfee believes that the blockchain tech is incredibly useful for avoiding the greed and manipulation problems of the traditional financial market.
The interviewee spent a significant amount of time speaking on the prevalence of manipulation within the market. He outlined that, when it comes to the stock of resources like diamonds and gold, everything involved in the
mining process involves people screwing one another over. Further, even the manufacturing market is rife with manipulation and unfair situations.
For Bitcoin, the very problems associated with the traditional financial market are major motivators for the switch to cryptocurrency. The blockchain is a decentralized distributed ledger. This means that no one is in control of the price, distribution, or structure of the coins on the ledger, alot like a traditional accounting system. For those who remain dissatisfied with the original currency system, it just makes sense that the decentralization of Bitcoin would be a viable alternative to the traditions of greed in the world of fiat.
Because of the philosophical benefits to joining the cryptocurrency market and buying up Bitcoin and
Ethereum, McAfee speculates that more and more consumers are going to forget the old world of fiat in exchange for the “pseudo-anonymous” cryptocurrencies which currently dominate the market and shift to utilizing blockchain's inherent benefits to disrupt major industries around the world.
– McAfee and the Future: What does it hold?
– For himself, John McAfee is clear in this interview that he will be working to come forward with innovations within the security sector. This was again unsurprising, given his extensive history of experience in creating security measures for the general and cryptocurrency communities. But McAfee was again clear in his conviction that the storage of data on the blockchain is the most secure and immutable way to hold information, especially financial information related to wallets and assets.
But for the community as a whole, McAfee speculated several things. First, he stated his deep belief that the security sector will become a larger player in the general blockchain sector. This is because, in his view, the lack of security and anonymity in traditional cryptos like Ethereum and Bitcoin will inspire the funding of more secure and anonymous alternatives, as well as additional ways to maintain freedom on the decentralized market.
To the end of security in the exchange field, McAfee seemed relatively confident that the adoption of more decentralized currency exchange structures will foster an increase to security that is so desperately needed. He’s right; the community has been looking for ways to secure the funds of millions of coin holders facing increase phishing and hacking concerns on the traditional exchange structure. One thing we thought might be mentioned or referenced was the McAfee-backed Cloak Phone as indicated in the title of the video but was not brought up in great detail.
The interview with McAfee exposed his views on several important issues facing cryptocurrencies, including his personal convictions, goals, and aspirations within the changing markets.