Andreas Antonopoulos Says Crypto is Missing Key Element, a Use-Case, in Developed World
Author of Mastering Bitcoin, Andreas Antonopoulos has recently stepped foot on South Korean soil along with a hoard of other Bitcoin specialists. The author of the well-respected BTC publication has made several predictions on the future for the king of cryptocurrencies.
Quickly following the recent Bitcoin jump, Andreas spoke to the audience of the Deconomy conference. His main topic was on BTC becoming a worldwide used cryptocurrency by the masses. More specifically it was on terms of how long it will take. Antonopoulos believes it’s only a matter of time before everyone is using it. He also added that the mainstream adoption of cryptocurrency could take longer than most people are expecting, especially in the more developed countries of the world.
Speech Specifics by Andreas Antonopoulos:
People are still skeptical of cryptocurrency; they don’t really need it yet either. Countries that fair well economically have no intrinsic use for cryptocurrency yet, the reliable monetary systems work already. In countries like the United States and other Southeast Asian countries, cryptocurrency has only attempted to replicate the currently used financial systems. These countries simply don’t have a mainstream need for crypto yet. Not like Venezuela for example, where the entire financial system is broken and digital currency is much needed.
Well developed countries have no need for anything related to cryptocurrency even, according to Andreas. They don’t need smart-contracts or more in-depth proof systems like used in reliable networks. The countries that are already developed have their own current and well-off protective measures set in place. Crypto needs to do more in order to be needed by countries like South Korea and the United States. They need to remove third parties and other layers that plug up financial systems and cost extra. And it’s not likely that we will see any vast improvements anytime soon.
Specifically, those that will allow cryptocurrencies to beneficially replace needed parts of the financial layers in well-developed systems already in use.
Andreas Finished with the Current State of Cryptocurrency
Crypto is still in its infancy, it’s only the start of the entire concept really. There is a very small group of people on a global scale who use digital currency, most of whom are in dire need of it. He stated as follows:
“It is difficult to understand, difficult to secure, with very poorly designed applications and with very difficult wording.”
After which Antonopoulos went on to say the following:
“At least in the United States, the way that the capital gains taxing is implemented on retail is you have to record every purchase or every company profit based on the cost basis…And that creates an enormous burden on accounting which has killed retail adoption…It’s almost impossible to do retail transactions. It costs me more in accounting than I make from selling things if I do that.”
He roughly touched on STOS, and their small improvements, but compared them to small tech advancements like fax machines that started to print in color vs. only black in white. Eventually the banks will likely take on more responsibility with cryptocurrency, according to Andreas. For now, have faith in the coins like Bitcoin, because Antonopoulos believes they will eventually take over. BTC will likely overtake the largest financial companies in the world, even the likes of Visa and MASTERCARD.
What do you think of Andreas Antonopoulos predictions? Leave your thoughts below in the comment section.