The modern world does not tolerate superficiality and simplicity, especially if it is a question of promising industries, about what can bring money under two conditions - to know and do! This is one of our projects - "No time to wait - act!" And today Alexander Kitchenko, a crypto-currency researcher, an investor, a member of the Bitcoin Foundation, answers our questions. He is one of those who achieves success knowing and acting!
- Alexander, you are a member of the Bitcoin Foundation. Share with us the secret of your success?
- After my rather long work in the cryptocurrency world, I started looking for like-minded people who see the future in new digital money, and are engaged in research in this field. Bitcoin Foundation turned out to be an organization with a similar vision that unites people from different continents but with one global goal of enlightening and cryptocurrency promoting. We had a talk with Inge Lock, the head of the Fund's marketing department, found common ground, and I became a full member of this organization.
- Tell us about your work and what attracts you the most?
- For me, the most attractive in the cryptocurrency world is their practical using. For years you can provide people with education in the field of economics, discussions about how to develop Russia - and as the result nothing will change. And suddenly, right before our very eyes new gold comes, a new but immaterial value that corresponds to the 21st century: a digital code, fast in transferring, anonymous, secure, livelong and and unchangeable thanks to the blockchain. And this code is not only a subject for discussion, it comes, it starts to work and make profits, of course, if everything goes correctly.
- When and how did you know about cryptocurrencies?
- I first learned about cryptocurrencies in 2011. At that time I already had my own portal RLN.Today where I placed the news from the world of economics according to the point of view of the Austrian economic school, and we, of course, kept our eye out for the ariseing phenomenon of electronic money. Honestly, I did not buy it then, just was with an eye for it. The theory of money by Karl Menger says that money is an economic phenomenon that arises spontaneously. Bitcoin, which appeared at that time, had to pass the test of time. To date, I believe that this test has been passed, besides, it led to the debut of other, alternative cryptocurrencies.
- Do you use digital currencies as a means of payment?
- Yes. I use them more often to pay for digital services, and with increasing number of entrepreneurs accepting crypto currency for payment, I am planning to use them for everyday payments.
- Which cryptocurrency do you invest in? Do you invest in Dash?
- Given the attention of regulators to this issue, I try to notice the cryptocurrencies, which have more anonymity. According to these parameters, my portfolio includes Monero (XMR), ZEC (Zcash), and, of course, DASH. However, you should pay attention to the idea called Bulletproofs, proposed by the cryptographers of Stanford University. If Bitcoin applies their experience, and is more actively used for daily payments through the Lightning Network protocol, it can beat alternative cryptocurrencies, including anonymous ones. But now we just need to follow the news -DASH has had good prospects so far.
- How, in your opinion, is it profitable to engage in Dash mining?
- Mining Dash, taking into account the chosen protocol, which was made for ASICs, does not seem to me profitable for individuals - it is very expensive. It includes spending on hardware, and electricity, the need to upgrade equipment with increasing complexity of the process. Mining Dash may be very beneficial for a private person only in case of a significant increase of the coin rate.
- You have already noticed that Dash should first compete with Monero, zCash, Verge, and only after them compete with Bitcoin. Do you think that Dash will be able to reach the level of a pioneer in this field? And if so, when can it happen?
- I'm still confident that Bitcoin has remained the leading cryptocurrency, which, among other things, determines the cost of many altcoins. This statement does not require any special evidence, it is enough to look at the reaction of the markets to any meaningful BTC movement. The only thing that has changed my mind is the competition with Verge. This coin, unfortunately, "has been sliping" so far and, in my opinion, can no longer compete with Dash. Dash may become a leader only in one case - in the case of massive using of this cryptocurrency as a means of payment. If users make a choice in favor of Dash among other anonymous cryptocurrencies, Dash can start the competition with BTC. It is considered to be a protracted "battle" in which Bitcoin currently has more chances to win simply because it came first and therefore has widely known.
- How do you think Dash may develop in the next couple of years?
- If the current rate of DASH advance among users does not weaken, it will get good prospects. For the unconditional leadership of DASH, it should be not only a convenient payment platform, not only a coin with a high degree of anonymity for transactions, but also to be heard in large mass-media. While the latter are posting logotypes of Bitcoin, Lightcoin and Ethereum on their pages, DASH keeps a low profile, even if the growth of its value will please its investors.
- Thank you, Alexander, for your answers.
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