Bitcoin ATM Provider Coinsource CEO Says Cryptos Require Regulation for Future Survival
Coinsource CEO Says Cryptocurrencies Need To Be Regulated If They Want To Survive
Cryptocurrencies should be regulated if they want to survive. This is what Sheffield Clark, CEO of Coinsource, said. Coinsource is the largest Bitcoin ATM company in the world.
The firm has just installed 17 Bitcoin ATMs in Florida and it’s working in order to increase the number of machines all over the U.S. Mr. Clark said that at the moment, it is neither viable nor realistic to use Bitcoin as a payment solution.
About it, he mentioned:
“With the time and cost that it takes to use Bitcoin to pay for everyday items as currently constructed, is not realistic for most people to use it in this way. It doesn’t make sense for them to. It is not easier or more cost efficient than traditional financial instruments at this time.”
At the moment, and according to the CEO, Bitcoin is used as a speculative investment. At the same time, it can be used to invest in other virtual currencies. According to Clark, users purchase Bitcoin through their ATMs and later they use them to buy other virtual currencies.
He then explained that their main customers are those that are unbanked and have no other choice rather than using Bitcoin. Traders can benefit from price swings, but if Bitcoin wants to become mainstream it will have to be stable and protect investors. He mentions that they can continue expanding their services and educating people about it, but it will not be possible for Bitcoin to succeed with this level of volatility.
“You can get Bitcoin more into the mainstream media, put more kiosks on the streets, make it more easily accessible for all, and further educate the masses on its adoption,but until it is practical for someone to be able to buy a gallon a milk with it or put their life savings into it without having the risk of losing 20% of it in a week adoption a high level by the general population will continue to be very slow if not stagnant,” he explained.
Additionally, Clark believes that more regulations are better for the overall cryptocurrency market. For example, he agrees with Coinbase UK CEO, Zeeshan Feroz, that thinks that more regulation is the solution to many problems in the cryptocurrency world.
Clark says that those idealistic believers in Bitcoin without being regulated are fools since Bitcoin largely depends on these institutions to thrive and grow. Without firm regulations and clear rules, banks can decide the restrictions they want on companies working with virtual currencies.