Samsung To Benefit From Bitcoin - Essay Example

Samsung Will Be Bitcoin Market’s Biggest Beneficiary

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Peter Vessenes, chairman of the Bitcoin Foundation, said at a press conference in South Korea that Samsung will benefit the most from bitcoin mining as the bitcoin infrastructure develops.

The Korea Herald shared the news that Peter Vessenes said, in a press conference during the Daejeon Global Innovation Forum, that Samsung will be the biggest beneficiary of the Bitcoin market.

The Bitcoin Foundation’s chairman supported his speculation with theory by saying that the most efficient chipmakers earn much more money than those who are less efficient.

Samsung Electronics have made a place among the most prominent chipmakers and so he came to this conclusion.

He explained that minimum of half a billion US dollars will be spent to buy Bitcoin mining systems over the globe next year, or over the next 18 months.

With passing time, the difficulties in mining are increasing and the boundaries of innovation are being pushed to the limit.

Bitcoin and all the other crypto currencies prove that there always are ways to improve the existing centralized systems.

If Samsung tries to innovate and comes up with some more powerful chips, especially designed for Bitcoin mining, there revenues would increase.

A major portion of the money will go to foundries with the highest technology. This would include Samsung, Intel and TSMC.

Vessenes implied later in the conference that announcing the speculation of Samsung’s possibility of benefiting from the bitcoin infrastructure in South Korea could have been a part of the Foundation’s way to send message of a global focus.

The tone toward the Bitcoin Foundation is very critical but Vessenes managed to keep the overall bitcoin messaging focused.

The Bitcoin Foundation’s goal is to standardize, promote and protect the use of bitcoin cryptographic money to help bitcoin users around the worldwide.

He explained at the press conference that bitcoin has the potential to be a global settlement currency.

It might even compete with the dollar as a method for different countries and businesses outside United States to settle their debts.

This is what he thinks but only time will tell what bitcoin is really capable of.

There are still people who want to stop the Bitcoin Foundation and remove Bitcoin overall.

Crypto-anarchist Cody Wilson, who is also the co-founder of Dark Wallet, has his eyes set on the board seat on the Bitcoin Foundation and will run election in January 2015.

However, his purpose behind this is to be able to tear the foundation down from inside.

After announcing his campaign, he said that he will run with hopes of complete dissolution of the Bitcoin Foundation. He also stated that he will start and end every public statement with that message.

Many members of the Bitcoin community are unhappy with how the Foundation is handling certain issues. Some of the important members even left because there was lack of transparency.

A large movement is gathering, which does not want Bitcoin Foundation to be the voice of bitcoin anymore. They prefer a decentralized model instead, as promised by Lighthouse.