Mainstream companies are increasingly turning to cryptocurrencies, an indication of the growing legitimacy and importance of this novel asset class. However, it takes a significant amount of work to convert that interest into adoption. And there are still some hurdles in the way of mainstream use.
According to Oliver von Landsberg-Sadie, CEO of the BCB Group, a “friendly alternative” to traditional banking is also required in order to bank the crypto “unbankable”. In a recent interview, he noted that the problem with using crypto more than liquidity lies in processing sales, as correspondent banking networks typically reject cryptocentric transactions.
Since processing sales has been a major pain point for the crypto industry, many payment services have come to the rescue as a result.
Popular crypto exchanges like Coinbase and Bitfinex have already expanded into providing crypto payments. In this way, they enable users to pay for services directly through their crypto wallets, which simplifies the laborious process for crypto transactions.
However, with the advent of crypto as a currency rather than just a speculative asset to trade, certain hurdles remain. The first of them, according to management, is the average consumer’s lack of understanding of cryptocurrencies.
While companies like Binance work to close this education gap, Oliver von Landsberg-Sadie believes the process can take a long time. The next hurdle is the lack of ubiquity of crypto. Since many places don’t accept virtual currency as a legitimate means of payment, it continues to get stuck on the exchanges instead.
He carried out
“As soon as this last mile is penetrated, we will see a much greater acceptance of crypto in the global dealer network. I see a future where the de facto currency will be fully cryptographic, but we have a decade or two before we get there. “
The third and possibly most important hurdle is regulatory intervention or lack of it. While all countries are moving at their own pace, the ambiguous landscape of the United States is “everywhere,” noted the executive director, adding that Britain is having a hard time due to the total lack of crypto regulations.
While authorities are working towards consumer protection, they can’t really expect the blockchain to go away as it exists on the internet.
“Regulators need to find a way to support business growth while doing their job of protecting consumers and maintaining their efficiency.”
Until these hurdles are overcome, it is important to maintain the great interest of venture capital firms in space travel. This is due to solutions that the blockchain provides for longstanding payment problems such as cross-border transactions.
The exec concluded
“Bitcoin is no longer the proxy for market health. The amount of VC funding is a huge signal of the market’s growth … The crypto network of networks would be the next global, unifying payment model. “