Recap: Bitcoin Meetup

This evening we had the Bitcoin Munich Meetup group in our house.

More than 150 guests arrived which almost went beyond the scope of the Innovator Space location at Münchner Freiheit. Even the Champions League semi-final between Bavaria Munich and Real Madrid could not stop the enthusiasts from joining this exciting meetup.

Three presentations from general to deep dive were the highlights of this event. After a short welcome by Thorsten Weigl from the Bitcoin Munich meetup group, Dirk Röder from MaibornWolff introduced the concept of Bitcoin and blockchain in a manner, also understandable for the general audience.

Dr. Diethelm Baumann a lawyer with Weitnauer specialized in topics on the edge of technology and law, explained the main things that matter in legal respect. The Bitcoin has a money function but it is not a currency. It is just a means of exchange, like gold was years ago. He emphasized, that technology is way too fast and that law does not cover yet all the things that are possible nowadays. Regulations for the usage of Bitcoin are definitely necessary in order to avoid misuse like money laundering.

Even the pizza could not stop the interest in this topic. A break was denied and the crowd rather listened to Christian Decker from Blockstream on his Lightning Network presentation. His deep tech dive “Beyond Blockchains – Making Blockchains scalable and private with off-chain protocols”, fascinated all guests.

The Lightning Network as the second layer scaling solution is about to be deployed and specialists have high expectations in this new technology. The main functionalities and advantages of the Lightning Network were explained. So far, Bitcoin is suffering from some limitations in scalability, privacy and extensibility. All these hinder the usage of Bitcoin as a means of payment, as the usability that people expect is not given. A coffee would already be cold before the transaction has been settled, Christian illustrated the case. With the Lightning Network these limitations will be erased as improved scalability, real-time transfers, improved privacy and the possibility of fast experimentation facilitate the usage of Bitcoin.

Besides all the hopes and positive expectation, he made clear that this is just an experiment and that we will see how it’s going to work out.

Open, enthusiastic discussions on Bitcoin and the Lightning Network dominated the relaxed atmosphere where everybody enjoyed pizza and drinks. We were happy to host this great event at the Innovator Space.

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Written by: Claudia Sawallisch

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