Cryptocurrency marks the beginning of a ‘new era’

Regulation was the one thing that most experts at the MJAC 2019 London Blockchain Summit agreed was a matter of urgency, but when it came to Bitcoin differences surfaced, although the general consensus was that cryptocurrencies will make their way into the mainstream.

“We are at the start of the tokenisation of everything,” said Claire Wells, Circle’s Director of Legal and Business Affairs in Europe. “And from a legal standpoint, I see cryptocurrency going through stablecoins (tokens that trade at parity with the dollar, for instance) firstly, in order to gain trust, become more secure through technological innovation and then the transition to cryptocurrency will occur.”

With hundreds of millions of people without access to traditional banking but in possession of mobile smart and android devices, it only makes sense to make cryptocurrencies with transactional value available to them.

UK Coinbase CEO Zeeshan Feroz spoke of a new world era based on the implementation of blockchain. “Implementation of cryptocurrency in societies will have three phases: 1. Rules, embrace, fundamentals, trust and security. 2. Education and promotion, and, 3. The tipping point, where the use of cryptocurrency becomes mainstream. Cryptocurrency will change the world as we know it … it will take efficiency, equality and innovation to all societies.”

For those who believe cryptocurrencies are not a safe way to store your assets, Edd Carlton, Head of Trading at had this to say: “Security of all types of currencies has always been an issue. For example, you can be robbed of your fiat currency on the way to the bank.”

As to whether the cryptocurrency of choice will be Bitcoin, crypto investment expert Glen Goodman slammed it, saying “it has no transactional value, which is why I don’t see it being widely adopted. There are other cryptocurrencies out there that are better.” He didn’t name names, however.

Coinshare’s CEO Ryan Radloff fired back: “Bitcoin will adapt and adopt new technology to become transactionally efficient and thus become a widely used cryptocurrency.”

All panellists agreed that it doesn’t matter if Bitcoin is adopted or not by all societies and that it is difficult to predict the future, but in their opinion there’s no doubt that cryptocurrency is here to stay.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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