The CEO and co-founder of one of the largest crypto exchanges out there named Coinbase, Brian Armstrong, is now featured on our DC Forecasts Bitcoin news site for a recent talk that he had during an Ask-Me-Anything (AMA) session on YouTube.
In the beginning of the session, Armstrong explained the three important aspects needed for mass adoption of Bitcoin (BTC) and other cryptocurrencies which according to him are:
- volatility
- scalability and
- usability
Armstrong stated that it would be harder to use cryptocurrency as real medium of exchange if its price was subjected to high volatility. He also said that stablecoins are now solving this problem.
As he said:
“The other thing is going to help with that [volatility] is just more and more real use cases in the world happening so that these crazy bubbles that go up and down and all the speculation in crypto will kind of get dampened out if we drive the utility phase. “
This comment followed with Armstrong speaking about the second aspect which is the scalability of cryptocurrencies, for which he said:
“We need to get crypto to be not just you know [complete] 5 – 10 – 20 transactions a second but on the order of 500 a second to 5,000 a second to really be at like PayPal or visa levels. That would allow us to get say an app with a hundred million people using it in crypto so scalability is the second one.”
Then, he explained the third factor which is the usability through the following example:
”There are a lot of challenges which are still too complicated. It should work like WeChat – where when you go to the app, it already knows who you are and it has your payment method already attached and with one tap you can then complete an action or complete a payment and so we need to get that usability, just simpler and simpler and simpler, kind of like having the Netscape moment or the iPhone moment for crypto.”
Armstrong comments on all of the three aspects came with detailed descriptions about his thoughts which can be seen on this link.
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