The CEO of Coinbase Brian Armstrong thinks that Bitcoin and the rest of the cryptocurrencies have to evolve and become easier to use in order to get closer to mass adoption as we are reading more in the upcoming Bitcoin news today.
In an interview with Peter McCormack, Armstrong who co-founded the leading crypto exchange said that Bitcoin has to follow the internet’s lead in usability:
“We have not taken any unnecessary risks with [Bitcoin], and we have ensured that it is going to probably survive the test of time as the gold standard, and we may find other solutions with scalability with layer two. I guess the other way to look at it is, ‘What would have happened if we had found a way to safely scale it?’ Maybe we would not have had a need for some of these other chains that have come up and divided focus.”
Brian Armstrong thinks that there are many different coins and that if you want to use DeFi, there has to be another protocol and learn about it. The learning curve for people to get into cryptocurrency will also increase and users should make it easier to use crypto and bitcoin before it gets to a billion people:
“It is kind of like the internet – if you needed to understand IP addresses and DNS to even use the internet, probably not that many people would have. They needed to get it so simple where it is just like click a link on a web browser.”
McCormack also commented on Armstrong’s decision to sell the blockchain analytics software to a US Secret Service agency while the Drug Enforcement Administration and the Internal Revenue Service expressed interest in using Coinbase Analytics to easily identify criminals that rely on crypto to move money or to obscure their activities. Armstrong said that he recognizes that selling the software to a government agency will not be a popular decision among the crypto community as he said he is a huge supporter of privacy and thinks that encryption should be the primary goal in crypto and the internet:
“One of these unfortunate realities of the world – we did not create it – is that the AML regulations out there are increasingly expecting blockchain analytics. It is important to note that blockchain analytics companies – there are a bunch of them out there, Chainalysis and others – are essentially selling data that is publicly available. They are packaging it up. They are looking at all the public blockchains, and they are saying, ‘What kind of patterns do we see?’ And they are selling that.”
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