Category Archives: interview

Auto Added by WPeMatico

Blockwall im Interview: “Solana ist ein guter Treiber für das Ökosystem”

Blockwall
Bereits im Jahr 2017 hat Blockwall den ersten BaFin-registrierten Krypto-Fonds in Deutschland aufgesetzt. Den Schwerpunkt haben diverse Kryptowährungen, von Bitcoin über Dash bis hin zu Solana, gebildet. Nun, fast vier Jahre später, geht Blockwall mit einem zweiten Krypto-Fonds ins Rennen. Diesmal geht es allerdings nicht um Blockchain-Protokolle, sondern um Krypto-Start-ups, die von dem Wagniskapitalfonds profitieren sollen. Um mehr über die Investmentstrategie von Blockwall zu erfahren, haben wir ein Interview mit den beiden Blockwall-Gründern und Partnern, Dominic Briggs und Laurenz Apiarius, geführt.
 
Source: BTC-ECHO

Der Beitrag “Solana ist ein guter Treiber für das Ökosystem” erschien zuerst auf BTC-ECHO.

Ex-Genesis-CTO Stefan Schindler im Interview

Stefan Schindler
Auch wenn Stefan Schindler studierter Arzt ist, hat er sich in den Anfängen von Bitcoin für die Krypto-Ökonomie entschieden. So hat er den Doktorkittel 2013 an den Nagel gehängt und ist anschließend als CTO von Genesis Mining zu einem der Experten im Mining-Business geworden. Sein Wissen gibt er heute als CEO von Munich Blockchain Capital weiter, indem er Anleger und Krypto-Start-ups bei Investmentlösungen berät. Wie es ist, in einer Mining-Anlage zu leben, welche Möglichkeiten es gibt, Mining grüner zu machen und was von den China-Restriktionen gegen das Mining zu halten ist, hat er uns im Interview verraten.
 
Source: BTC-ECHO

Der Beitrag “Bitcoin Mining kann helfen, regenerative Energien zu fördern” erschien zuerst auf BTC-ECHO.

“Inflation ist Übel” – wie die Humane Marktwirtschaft und Bitcoin zusammenpassen

Bitcoin
Ob man Bitcoin gut findet oder nicht, kommt auf den Betrachtungswinkel an. Gerade für Anhänger:innen einer weniger bekannten Denkschule könnte BTC ein wichtiger Teil im Theoriegerüst sein: Die Rede ist von der Humanen Marktwirtschaft.
 
Source: BTC-ECHO

Der Beitrag “Inflation ist ein Übel” – wie die Humane Marktwirtschaft und Bitcoin zusammenpassen erschien zuerst auf BTC-ECHO.

Daud Zulfacar: “Wir sind im Hinblick auf NFT in einer absoluten Blase”

Daud Zulfacar
Das Start-up license.rocks konnte bereits mehrere Wettbewerbe, wie unter anderem den Berliner Deep Tech Award 2020, für sich entscheiden. Das Blockchain-Start-up hat sich auf das Themenfeld der Lizenzierung konzentriert. Mit der Handelbarmachung von Software-Lizenzen sind sie gestartet, um sich nun seit einiger Zeit auf das Lizenzmanagement von Non-fungible Token (NFT) zu konzentrieren. Wie nachhaltig der NFT-Hype ist, warum insbesondere Musiker von NFT profitieren können und wieso die Ethereum Blockchain nicht die erste Wahl sein muss, wenn es um die Erstellung von NFT geht.
 
Source: BTC-ECHO

Der Beitrag “Wir sind im Hinblick auf NFT in einer absoluten Blase” erschien zuerst auf BTC-ECHO.

The Bitcoin Rabbi Exclusive: I Envision a World Where Bitcoin Is a Dominant Reserve Currency

The Bitcoin Rabbi Exclusive_ I Envision a World Where Bitcoin Is a Dominant Reserve Currency

Michael Caras, popularly known as the Bitcoin Rabbi, recently published his children’s book, entitled ‘Bitcoin Money: A Tale of Bitville Discovering Good Money’. Through this publication, Caras aims to bridge the age gap between children and the conventional followers of cryptocurrency, by condensing his ideas into simple analogies and illustrations.

Tweet announcing release of the book: Bitcoin Money

Drawing parallels between Bitcoin and Judaism

Caras is an orthodox Jew who teaches Judaic subjects in a Jewish Day school. Apart from his religious beliefs, he finds himself quite intrigued by Blockchain and the world of cryptocurrencies, with a particular interest in Bitcoin.

Drawing parallels between the several thousand years of tradition in Judaism and Bitcoin, Caras referred to the transmission of Jewish traditions from generations to generations as a ‘chain’, in a way similar to the Bitcoin blockchain which has a network of nodes and miners. According to him, this can be compared to the relationship between grand rabbis and the average person.

The book has received a lot of positive feedback from several Bitcoiners. Giacomo Zucco, director of the BHB Network, said:

 “It’s better than many books for grownups. I look forward to giving it to my daughter in a couple years.”

Pierre Rochard, founder of Lightning Power Users also commented on the illustrations:

“With beautiful illustrations and engaging plot twists, this book teaches timeless economic lessons.”

Max Hillebrand of World Crypto Network said:

“This book is a crash course on the economics and ethics of Bitcoin and why it is important, conveyed intuitively with easy examples of children playing and exchanging. You really hit it home!”

Caras initially thought of writing this book to introduce Bitcoin to his seven-year-old daughter through catchy illustrations. Later, he received a good response from the elders of his family who obtained a basic understanding of the currency without any intricacies. Although it helps to bridge the differences between children and adults, he believes children still have an upper-hand in becoming well-versed with the emerging cryptocurrency as they find themselves more familiar with technology.

Bitcoin as “good money”

The economic aspects of Bitcoin are highlighted in the book by tracing back to the history of currencies and comparing Bitcoin with the fiscal qualities of all types of currencies. Caras believes that people have a basic knowledge about the pros and cons of different kinds of currencies and his book emphasizes on this aspect by introducing Bitcoin as a solution for the deficiencies in other forms of currencies. He hopes that through this book, people become aware of Bitcoin and come to an understanding of “why Bitcoin is good money”.

When asked about the future prospects of Bitcoin, Caras told Bitcoin News,

“I expect to see the awareness of Bitcoin to grow rapidly in the coming decades and generations. All studies show that younger people are much more positive about Bitcoin than the older generations. I think that the verdict is still unclear on the entire Blockchain/crypto/digital asset industry, but I can envision a world where Bitcoin is the dominant reserve currency, or at least a major player in world finance.”

Bitcoiners meet at the NYC book launch

Photo Credit: Bitcoin Money Media Assets

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post The Bitcoin Rabbi Exclusive: I Envision a World Where Bitcoin Is a Dominant Reserve Currency appeared first on BitcoinNews.com.

Exclusive: How a Local Startup Was Instrumental in Pakistan’s Decision to Legalize Crypto

How a Local Startup Was Instrumental in Pakistan's Decision to Legalize Crypto (2)

Pakistan’s own national celebrity and humanitarian Wakar Zaka has told Bitcoin News that his project, TenUp, played a key role in both informing the government about the technology and rousing a significant pressure group among the country’s population in favor of cryptocurrency legalization.

Pakistan’s Finance Minister Asad Umar has issued a recommendation to legalize cryptocurrency trading and business in the country. Around 5,000 digital currency exchanges are to be registered, while the cryptocurrencies will be classified as “investments” and net gains will be subject to taxation as per the US’s standard.

The State Bank of Pakistan (SBP) banned cryptocurrencies in April last year, so observers are asking, why the policy U-turn now?

Bitcoin News caught up with Zaka where he explained the vital role his own cryptocurrency project TenUp had in influencing the government’s decision.

TenUp was actually a test case to use and present to the government to show how cryptocurrency work… the government was very humble and up for the technology so I knew that I had a chance.”

Zaka has been in contact with Finance Minister Umar for a while now and his relationship with the country’s top government officials including the prime minister meant he knew they would be a careful audience for his ideas.

The new cryptocurrency legislation is still in a “recommended” stage but should be rolled out by 20 July given its strong support from the finance minister who has assured there will be a focus on know-your-customer (KYC) and anti-money laundering (AML) policies when it becomes legal to trade. It is particularly exciting news as it will be the first time Pakistan is taking the lead in technology, particularly among its neighboring countries, Zaka noted.

The government task force

He is currently working closely alongside the new government-imposed task force devoted to ensuring the cryptocurrency legalization is rolled out responsibly and practically.

”The task force is taking contributions directly from us; basically, it’s us behind all the decisions. They will send us messages and ask us about stuff. I have full faith in the new government. The president of Pakistan is educated about the technology and is pro-blockchain. He is the first national leader in the region to be this outspoken in favor of it. He explains the technology in the common man’s language- that’s a very good sign for us.”

The task force is made up of ”tech-savvy guys” there to create appropriate legislation. Zaka has been showing them videos and presentations and sharing information about the TenUp project.

On the task force’s agenda is mainly how cryptocurrency will be traced and how to appropriately license come 5,00 exchanges to operate. There will also be a special investigation team set up for initial coin offerings (ICOs).

Zaka’s next ambition is to help launch a state-issued cryptocurrency for Pakistan; he has been using Venezuela and Iran as examples for the government to look into. But the Pakistani state is still in need of some convincing that it is the best decision. Zaka argues, however, that a government-issued cryptocurrency could be a way to bring in revenue from across the globe.

”Pakistan should hold its own ICO because the president has good credibility all around the world, better than Venezuela for sure. The entire world would look into it.”

He has high hopes and expectations that the G20 held in Osaka, Japan in June will be a big turning point for how cryptocurrencies are perceived on the international stage. ”India will definitely follow us in legalization,” Zaka predicted, ”we will see that in a month or so.”

Legalizing cryptocurrency will of course usher in some macroeconomic changes for the country, allowing much of the vast number of unbanked people in Pakistan access to personal accounts. New businesses and the technology sector would also flourish, perhaps even bring the ”tech revolution” Wakar predicts.

Celebrity for the good and bad

Zaka has happily used his celebrity status and huge fan following to share the message and educate people on cryptocurrencies. ”It was very difficult to make them understand how cryptocurrency can work and can eliminate money laundering for example,” he acknowledged.

”Everyone in my region, in India and Pakistan, thought this was a tool for money laundering. I have been education fans for about six months. There has never been another case of a celebrity with a big fan following promoting cryptocurrency properly. When a celebrity starts promoting it, their fans will follow it. Those fans become an army and then they start pushing the government. If other celebrities in India or Nepal start speaking up about it, I think people will definitely start to understand.”

Pakistani celebrities have historically tended to protest against religions such as Islam and build popular movements behind these ideologies so Zaka’s actions were quite unpredicted.

The problem, of course, comes when celebrities such as Floyd Mayweather throw their weight behind token projects that prove to be multilevel marketing or Ponzi schemes. These cases bothered the Pakistani government, of course, and Zaka made it clear he was not in conversation with the government for personal financial benefits by promoting his own cryptocurrency project, TenUp.

”In every region of the world celebrities should use their fame to help people not just to promote themselves. If you have fame you have responsibility. Celebrities in Nepal and India should look at the bigger picture.”

”I’m very happy the government has made the decision to legalize cryptocurrency and its a very big thing for our country,” Zaka finished.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoinnews.com

The post Exclusive: How a Local Startup Was Instrumental in Pakistan’s Decision to Legalize Crypto appeared first on BitcoinNews.com.

George Samman Exclusive: Global Inequalities Created Need for Alternative Financial Solutions

Exclusive: Global Inequalities Created Need for Alternative Financial Solutions

Barely a decade after the last global economic crisis of 2008, economic pessimists continue to predict another impending crash on a global scale, brought on by the persisting inequalities in financial systems around the world.

Bitcoin News caught up with prominent cryptocurrency advisor, investor, and author George Samman to explore how a move towards full decentralization in the blockchain sector would be possible, why things may be looking better for the market in 2019, and why algorithmic stablecoins may be the real future of money.

George Samman has a versatile role in the blockchain industry and is currently running a proof of concept with the development team and holds the role of technical advisor for a project that is currently still in stealth mode. He is also working on a tokenomics and government model with another project, alongside his continued role as an advisor to blockchain companies. Samman often co-authors cryptocurrency reports and writes on his blog, with most of his work focusing on market trends and strategy as well as collaborating with teams on blockchain architecture and design.  

Moving towards full decentralization

As increasing numbers of institutional investors enter into digital currency, centralized exchanges like Coinbase and Binance are scooping up more traders through the promise of convenience. But many in the cryptocurrency community are concerned that centralized forces are beginning to play a major role. Samman firmly believes, however, that the future of cryptocurrency is bound to be more decentralized. This can not happen all at once though he said, pointing out that decentralization needs to be staged and it is not something you can start off with fully.

On the journey to total decentralization, Samman explained that there are trade-offs and in order to have real use cases and adoption emerge most systems will be- and are being designed to- gradually get to fully decentralized systems.

But the author had another note to add, linking the failings of the current global political system to the cause in the rise in popularity of decentralized models:

”I think the era of centralized systems is coming to an end. I don’t think it matters whether institutions come or not, the long arc of history is veering towards decentralization and I believe people are waking up to this now. Global inequality has reached levels where alternative financial systems are desperately needed. Riots and populism are the beginning of the end of centralized forms of governance as they have existed and centralized forms of money.”

Market performance

The shadow of 2018’s bad market year is still at the forefront of many investors’ minds, with nothing that looks too promising on the horizon for 2019. Samman explained what he believes went so wrong last year, pinning it down to overzealous investors and initial coin offerings.

”For me, the bull markets time ran out which ended with an irrational exuberance and market caps reaching unrealistic levels. Too much money was raised at crazy valuations  and one of the functions of bear markets is to always punish that and purge out the good projects from the bad and that’s where we are now.”

He has hopes that these negative factors have largely passed, saying the ”downside [this year] is limited”. Lots of poor projects are failing and real use cases and projects that have been working hard are going live; he pointed to these as encouraging signs. Breaking down what to expect in 2019 further, he continued: ”You also have some signs of institutional money coming in, ie Fidelity Custody and Bakkt launching. I think we can expect a long drawn out year of boring price action where lots of things are happening under the surface.  Volumes have dried up and stealth accumulation is happening.”

Samman advised investors to look out for interoperability solutions like Cosmos (a decentralized network of independent parallel blockchains)and Polkadot (a heterogeneous multi‑chain technology), saying they will ”be big deal and bring crypto to the next level”. And watch out for Bitcoin’s trading volume starting to rise again, as it could be one of the first telltale signs of the next bull market.

But for 2019, Samman really hopes to see big, solution-finding projects work and benefit from some type of adoption. As for what industry blockchain will conquer next, ”what hasn’t it conquered already?” he jokes.

The future of money

Samman’s hopes for decentralized currency are high and he has faith in their ability to replace fiat currency. He explained, ”I think the future is money systems which are not government owned, these will take many shapes and forms as we move through a giant experimentation phase but ultimately I believe some will emerge as the decentralized central banks for the internet.” The vision is for digitally native internet technologies to power the decentralized web.

But centralized currency is here to stay for a while, at least until algorithmic and cryptocurrency backed stablecoins prove they can remain stable to their namesake while maintaining the demand side. There is also the possibility that if a new bull market emerges, a lot of these stablecoins will lose value as traders and speculators use them to purchase cryptocurrency and don’t want to be “locked-up”.

That may not be a bad thing, however, as Samman explained: ”This actually would be a best-case scenario as it would be like Quantitative Easing for the crypto markets as there are billions of dollars locked up in stablecoins which could move the market much much higher.”

He recently worked as the lead author on the State of Stablecoins 2019 Report in which he explored in more depth why he believes stablecoins will evolve past the asset-backed subcategory dominant today, to be replaced by crypto-collateralized and algorithmic stable coins. Primarily, it goes back to his lack of faith in fiat currencies and his belief that an alternative form of currency will prevail.

To read more about George Sammans work and views, visit his website, LinkedIn or Twitter

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: George Samman, Bitcoin News

The post George Samman Exclusive: Global Inequalities Created Need for Alternative Financial Solutions appeared first on BitcoinNews.com.

Crypto360 Exclusive: Inheritance, Custody – Crypto Deserves Same Protection as Traditional Assets

Crypto360 Exclusive: Inheritance, Custody – Crypto Deserves Same Protection as Traditional Assets

As the blockchain and cryptocurrency industries mature, firms are beginning to use the technologies to create increasingly sophisticated alternatives to mainstream financial services. Beyond cryptocurrency exchanges, startups have created solutions for cryptocurrency loan services and futures trading, with many expected to see a Bitcoin exchange-traded fund in action later this year.

Based in Italy, Crypto360 is one such company offering an innovative finance solution as a digital currency custody provider. The project has two main selling points: 1) it offers a legally compliant platform to administer digital currency inheritance and 2) it provides a custody solution suitable for institutional and retail traders alike.

Ivan Rossi, who works at the company’s front desk, told Bitcoin News:

”We want to give to cryptocurrencies the same protection that traditional assets have on the hereditary front, and we do it in a different way from the competitors without taking possession of the asset.”

Crypto360’s founders claim they were ”not amazed” by other custody solution providers in the market but appreciated that these alternatives confirmed that custody is valid if integrated with the possibility for assets to be handed down in the face of decisive events.

Contractual and conditional custody on the go

The firm provides an ”ad hoc solution” for institutional investors, offering them different contractual conditions from that of other investors. 

A major group of users is expected to be those looking for a way to manage their cryptocurrency for inheritance with full legal compliance. Rossi explained, ”It is compatible with local tax laws because cryptocurrencies are not yet included as goods in the hereditary asset. The Crypto360 service has been conceived as an encrypted custody of private keys and the aspect of succession is an integrative character that makes its sphere of application complete.”

As well as inheritance, clients can assign a designated beneficiary to assume funds in the event of a particular incident that is contractually identified. 

The platform does save a copy of clients passwords but this is protected by a double level of encryption and stored in protected archives. If somehow the account was accessed fraudulently, any request to redeem funds in the account would be met with a request to verify the individual’s identity.

Rossi told Bitcoin News that the security process on Crypto 360 means the usual storage precautions needed to protect your private key does not apply. ”Clients can pin their password up on the wall or store it freely on multiple clouds. He could adopt any duplication and storage solution without countermeasures for the secret protection of the data, all in order to prevent its loss and without the fear that someone can use it,” he explained.

Because Crypto360 securely stores an encrypted copy of clients’ security details, if you lose your password through your own negligence you have not lost access to your account. As the company’s white paper cites, in 2017, as much as 23% of mined Bitcoins had been lost forever due to human error, so this is a way to help prevent client holdings from joining that statistic.

Security is, however, still a huge issue for cryptocurrency traders as compromised exchanges continue to make the headlines. Most recently it was revealed QuadrigaCX was given another 45-day extension for creditor protection, meaning any clients who lost money when the exchange lost control of USD 134 million in cryptocurrency will be unable to begin legal proceedings against the exchange during this time period. The exchange claims it lost control of the funds when its founder, who had sole control of the funds, died suddenly without passing on the private keys.

Rossi stated that Crypto 360 offers a different service to that of cryptocurrency exchanges, also operating with a unique security protocol which means incidents such as that experienced by QuadrigaCX would not happen on their platform. He added, ”It is important for users in the crypto world to understand that it is not safe to hold cryptocurrencies within exchanges. They are at risk of hacking and in the absence of countermeasures aimed at protecting the loss of access to funds, customers will lose their cryptocurrencies.”

How popular will crypto custodial services be?

It is no secret that cryptocurrency prices are not having their best moment. The success of projects such as Crypto360 is dependent on a large enough demand for its services, something directly correlated to the popularity of cryptocurrency and largely market prices also.

As the firm sees it, as the market matures there is a natural selection of projects as there was last year, but it is unlikely that performance similar to that of 2018 are repeated. ”Our vision on the market remains optimistic and we assume that it is a trend that is constantly growing, but in a more natural way that allows it to be consolidated,’ Rossi told Bitcoin News. 

Crypto360 also faces the potential problem of competition as more blockchain firms emerge to offer similar cryptocurrency solutions. Being one of the very first players, however, they are confident they will stay at the top of the game.

”We pride ourselves on being the first to think of a custody solution that keeps the clients’ funds private. It is very likely that the next competitors will be the banks, which as they currently do with the other assets, will keep the cryptocurrencies coming directly into possession,” Rossi affirmed. 

The prediction that 2019 will be the year of the cryptocurrency institutional investor had perhaps the largest consensus of all the year’s forecasts. In Rossi’s view, the time has already arrived: “[Custody soloutions] are a need very felt by the market and there are already large institutions ready to enter this business.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoin News

The post Crypto360 Exclusive: Inheritance, Custody – Crypto Deserves Same Protection as Traditional Assets appeared first on BitcoinNews.com.

State of Stablecoins 2019 Report: ”A Giant Educational Resource”

State of Stablecoins 2019 Report: ''A Giant Educational Resource''

Published today, 20 February 2019, a new report into the state of stablecoins shows the most popular blockchains they have been built upon, their most popular use cases and how the companies behind them view regulations.

The findings of the State of Stablecoins 2019 Report have been compiled from responses to a survey that was issued to all companies that are actively working on stablecoin projects. Over 40 of these companies responded to this request, with the report notably boasting contributions from emerging thought leaders in the industry such as Nevin Freeman, CEO of Reserve, Jonas Karlberg, CEO of AmaZix, and Michel Rauchs of the University of Cambridge.

Bitcoin News also caught up with the lead author of the report, blockchain analyst George Samman , who shared just how important he believes stablecoins will be for the future of money.

Key findings

Note: These responses pertain to 38 tabulated surveys. Some participants declined to answer certain questions; these responses are not included.

  • 68.4% (26) of the stable coins were built on the Ethereum blockchain, Stellar was the second most popular choice with 7.9 % (3) choosing its native blockchain.
  • 52.6% (20) aimed to be a currency, store of value, or medium of exchange.
  • Transparency was the top factor influencing market confidence, claimed 34.2% (13) of respondents.
  • 36.8% (14) viewed the related industry regulations favorably.

While acting like a currency, store of value, or medium of exchange was the most popular target use for the surveyed stablecoin companies, other projects said they were looking to offer a variety of alternative financial services, including the provision of a credit or loan facility, trading facility wage options and facilitating gold trading.

One in three of the surveyed participants regarded regulations favorably, with some saying they believe stablecoins will likely be viewed more favorable than conventional cryptocurrencies in this regard. A number of the companies had already successfully achieved a fully compliant status, although 13.2% (5) had an unfavorable view of regulations altogether, saying self-governance and complete decentralization where crucial for the nascent industry. A common view between these groups, however, was the need for clarity in regulatory oversight

The report takes several examples of failing fiat currency, focusing on the cases of Venezuela and Angola, to highlight why stablecoins can take their place as a successful alternative to the failings of monetary policy. 5 main factors are given to illustrate the weaknesses of fiat not only in these cases but with government-issued currencies on a macro scale: 1) it is backed by nothing, 2) there is a centralized authority controlling interest rates and the money supply, 3)unsustainable global debt levels, 4) unfunded liabilities and 5) military spending.

The paper also acknowledges several of the weaknesses attributed to the different categories of stablecoins. IOU insurance, or real asset-backed stablecoins, require a third-party custodian to secure the physical reserves, also requiring strong regulatory oversight to ensure transparency. Crypto-collateralized stablecoins can have high volatility, with their longevity dependent on the performance of said cryptocurrency. They are also vulnerable to hacks as the collateral rests on the blockchain. Seigniorage shares, or non-collateralised stablecoins, remain highly controversial, with the highest vulnerability to cryptocurrency market crashes, with liquidation not possible during these periods.

Stablecoins: taking over money as it stands today

First setting up the context of the report with a brief history of money and why it has become an unstable concept for many regions, the report continues on to discuss the retaliatory rise of cryptocurrency and stablecoins, noting the different types of stablecoins and how the space is developing. Many of the projects that are building different categories of stablecoins are surmised, with much of the content collected from the surveys cited within the report.

Sammon relayed to Bitcoin News largely optimistic feedback regarding stablecoins from the contributing sources, saying many were “intrigued with the concept”.

When asked why it is so important to better understand stablecoins, the author responded:

“Money systems are broken in many parts of the world. Many governments have lost control of their monetary policy and it has destabilized countries and reduced their wealth… Inflation and hyperinflation are more common than people think and having a stable and transparent money option can solve a lot of problems for those afflicted by bad monetary policy.”

Sammon believes this failure of the state has given non-government issued currency and stablecoins the ideal opportunity to offer an alternative solution.

Although there has been a great interest in stablecoins in the past year with several dedicated reports already having been published, Sammon says the addition of a questionnaire involving 40 companies in the industry is something unique this report can claim.

“It becomes a giant educational resource for anyone interested in money and why stable coins are an evolution of money,” he told Bitcoin News.

Samman thinks that stablecoins will evolve past the asset-backed subcategory dominant today, primarily because many of these are backed by fiat which are themselves inherently unstable, with most fiat currencies failing to last beyond thirty years. Instead, crypto-collateralized and algorithmic stable coins may well prove to be the bigger innovations in the field, competing to become the decentralized banks for the internet.

“Personally, I feel these projects and the ones that aren’t tied to traditional financial institutions hold the most promise”, said Samman.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoin News

The post State of Stablecoins 2019 Report: ”A Giant Educational Resource” appeared first on BitcoinNews.com.