Ignacio Ferrer Bonsoms, Lawyer

GCE GLOBAL:
Welcome to this appreciated space, Mr. Ignacio Ferrera.

IGNACIO FERRER:
Thank you very much for receiving me today, it is an honor to be here to enlighten the public with my knowledge.

GCE GLOBAL:
Please, tell us a little bit about Bitcoin

IGNACIO FERRER:
Bitcoin is a new system of online payment, which allows direct transactions from individual to individual, with the advantage of avoiding third parties or financial institutions.

Speaking more in depth about the functions of Bitcoin, the action of “peer to peer” or individual to individual, is the basis for which it is stipulated that we are all equal in this system, giving all individuals the same amount of money online. , so that with this, individuals can carry out transactions between them without any inconvenience.

The electronic payment system works through these electronic currencies, all this money is digital assets, just like cash. The creation of digital assets enables the ease of directly transmitting money and payments from one individual to another.

A new concept is derived from this disruptive system: The legality of this when applied in the market has its dualities because it does not come from any state, however it can be used as a form of payment in all parts of the world.

The electronic system does not make use of a third financial entity, which is sometimes prone to mathematical problems, which cause expenses to double when sending a transaction. With this system of direct transactions, the mathematical problem of Byzantine generals does not happen, keeping electronic assets safely and without double spending, the way to prove that this transaction is carried out properly is through a vote.

Each individual votes for which of the two transactions is the correct one, in this way it is achieved that only one is carried out, and that no asset is dissipated.

GCE GLOBAL:
Could you please provide details regarding the transaction voting system.

IGNACIO FERRER:
This voting system in the field of blockchain is called “proof of future” and it works as follows: The computer makes several mathematical calculations to identify the payment, and with each individual’s vote, it is determined which individual is that does not belong to the central circle of users. In this way, the problem of Byzantine generals is avoided, but to ensure voting, the program is responsible for incentivizing the individual with 50 BTC. This incentive increases with the number of votes, with more votes, the greater the award will be, reaching 1,000,000 BTC.

GCE GLOBAL:
For people interested in investing in Bitcoin, but unfortunately they do not know how they can carry out this investment, for fear that some fraud could happen.
How can they carry out this transaction safely, avoiding the risk of fraud?

IGNACIO FERRER:
The most appropriate way to carry out this process first hand is: Do not invest in any cryptocurrency, since not all of them may be safe, investigate which are the most lucrative.

In the same way, the platform in which the crypto asset is purchased influences the security of the transaction or investment, investigating the platforms before buying crypto assets is recommended. One that is trusted is “Binance”, after making the purchase of crypto assets, the best way to keep them safely is with the use of a virtual wallet.
This must be outside the platform previously used to purchase the crypto assets, this must be personal, thus making the storage of the crypto assets more secure.

GCE GLOBAL:
Now enlighten us more about Ethereum, what is it? And what benefits can it offer us?

IGNACIO FERRER:
Ethereum is the second most important platform on the market, in which it is possible for users to use the various decentralized applications.

This platform allows any user to create their own cryptocurrency, which can be used in distribution, application and other management in these, on the platform, all determined by means of a smart-contract. “Ethereum” offers the use of a shared blockchain instead of how an individual develops his own blockchain, which carries a high price and downtime.

The distinction between Bitcoin and Ethereum is that Ethereum is not valued over time by the limited, as is the case with Bitcoin, instead, Ethereum is inflationary. The function of this cryptocurrency is to be used as a tool for the benefit of each user.

GCE GLOBAL:
How are Ethereum payments handled?

IGNACIO FERRER:
With this Ethereum cryptocurrency, the way in which transactions are carried out is with any Ethereum crypto asset, in this way you have to know that fungible and non-fungible tokens are offered, in order to carry out any transaction I pay.

This token after being created has the value of a coin, each one is worth the same, a euro is worth the same as another euro, a dollar is worth the same as another dollar: The other token is allowed to be used in more ways thanks to the fact that its utility does not is limited by the same amount of euros, this is more valued and can be used as a tool to reach the end of any individual. ​

GCE GLOBAL:
Are the crypto assets backed?

IGNACIO FERRER:
The crypto assets belonging to Bitcoin are not, they are not backed since this Bitcoin system does not have collateral, unlike Ethereum, which is equivalent to the dollar as collateral or Dai that Tether has as collateral, therefore for crypto assets that are not native and have their own value. The value of these crypto assets is not due to the fact that they have collateral, it only requires that they provide some innovative benefit to obtain value and that it be employable, Bitcoin provides an innovative payment and store of value system, in advance it obtains value for the benefits this.

GCE GLOBAL:
Who manages the Blockchain networks?

IGNACIO FERRER:
Each Blockchain is different and depends too much on each of its users, it can be managed by an individual or a group, everything is by use and location, in the case of Bitcoin, this Blockchain network, because it is a decentralized system belongs to it. to the community and therefore the community manages it.

In the event that it were centralized or created by a certain group or individual, that individual would be the administrator of said Blockchain.

A great benefit of the decentralization of Blockchain is that in the case of Bitcoin, the Government cannot dismantle it since it is owned by the entire community, making it untouchable.

GCE GLOBAL:
Over time, will cryptocurrencies remain in the market and become essential to society as part of evolution? since you affirm that no government can touch the Bitcoin.

IGNACIO FERRER:
Cryptocurrenciesare being used as assets, in a system which is more efficient, fast and secure since it does not need supervisors, in this sense the power it has to make its way into the future can be identified. A company seeks to reduce expenses in too many administrative aspects, and seeks cheaper processes than the ones it already has, for the efficiency, security and improvement of the company’s overall economy. All these business needs are solved withBlockchain. After studyingBlockchain I have discovered the great number of possibilities that it can give me, which are infinite. So much so that I think that in the future it will modify the model of doing “everything”, payments, contracts, purchases, etc. Many of the economic bases of day to day.

GCE GLOBAL:
How much is artificial intelligence involved in everything that has to do with Blockchain and its operating systems?

IGNACIO FERRER:
Quite a few actions and abilities of the system are made up of bots, which provide analysis of the value of the coins; however, the purchase and sale of crypto assets and other processes that take place in the network are not fully automated.

Later, a greater connection between artificial intelligence and the Blockchain may be generated, making it fully automated and more efficient than it already is.

GCE GLOBAL:
One comment, as to how it is possible for a virtual object to have value in the real world, where the economy is shaped by transactions of physical assets.

IGNACIO FERRER:
It is normal to question the reasoning that a virtual object replaces reality, and it is normal to give value to the dollar for the United States, that is what supports reality, but when Bitcoin is used in various states, that use offers economic value to the Bitcon in the market.

If the 60 million users who use bitcoin give it value, now imagine 200 million people, that will probably double their value and they will become normal, leaving behind the physical assets that society values .

GCE GLOBAL:
Thank you very much Ignacio for your great presentation, and for these interesting economic management networks. I would like to ask you to tell us a little about your experience with blockchain and your accounting firm.

IGNACIO FERRER:
We are a firm that began to obtain clients from cryptocurrency transactions.

When I started learning about what clients did and their activities, I found it very interesting and innovative and I entered this new world, it has helped us obtain new clients, tax rounds which are taxed with cryptocurrencies, etc. There are companies that look at a token and do not know if it is regulated or not and how to use it appropriately, this allows us to advise them on that aspect and obtain a greater number of clients.

GCE GLOBAL:
Thank you very much for coming today and thank you for everything you have shared. Lastly, I would appreciate it if you could leave your contact information.

IGNACIO FERRER:
Thank you very much for having invited me, it was very nice and I hope to be able to share my knowledge with you another time.

My contact is [email protected]