CoinGeek.com’s Stephanie Tower talks to Jerry Chan, chief of Digital Assets Solutions of SBI Bits, about the road ahead for Bitcoin Cash and why grassroots support is important for the cryptocurrency to reach mainstream level of adoption.
There is no question that cryptocurrency, Bitcoin Cash in particular, will bring economic freedom to the world. But how?
Cryptocurrency, at the moment, is being looked at from an investment perspective. People have yet to treat it as cash. Jerry Chan, chief of Digital Assets Solutions of SBI Bits, believes that it will take “maybe five years’ time” for Bitcoin (BCH) to become a globally-used cash.
“It all depends on the adoption rate,” Chan told CoinGeek.com. “It all depends on how fast the network grows and how fast people use it for whatever they need to use it for.”
Bitcoin Cash is gearing up for its second network upgrade, which will allow it to have more complicated functionality so it can also power smart contracts along with other functionalities that will drive up the cryptocurrency’s usage. On May 15, Bitcoin Cash development groups will re-enable a whole host of opcodes in the scripting language, among other things.
Aside from network upgrades, Chan believes what Bitcoin Cash needs is a boost for it to be adopted on the mainstream level. And that push, he said, needs to start from grassroots.
“I think mainstream adoption always starts from grassroots. It always starts with the individuals, but as it moves through the stages of progression, there is a certain where the institutions start to take notice, and a lot of the original supporters… coming from a lot of institutional finance myself… I believe that without financial institutional money, without large corporations getting in to also adopting it for whatever reasons they use it for, we won’t get there,” Chain said. “So I think, really, progressing from its current grassroots origins to the next stage where institutions adopt it is really going to catapult it into the path to global adoption as cash.”
Roadmap to FinTech 2.0
Chan will be on hand at the upcoming CoinGeek Conference to explain the “new crypto world” with a roadmap from FinTech 1.5 to FinTech 2.0. The inaugural conference, happening at the Four Seasons Hotel in Hong Kong on May 18, will be focusing specifically on merchant adoption of the best micropayment solution with the lowest fees for both vendor and buyer—Bitcoin Cash.
Bitcoin Cash is part of a movement that has brought about the innovation surrounding FinTech 2.0. Going forward, merchants are going to be the drivers of the entire ecosystem. With BCH continuing to attract greater interest, eCommerce could very well soon be called “bCommerce” (Bitcoin Commerce).
The one-day event, which is also hosting an after-party courtesy of CoinGeek.com owner Calvin Ayre, is shaping up to be a landmark in merchant adoption and education in the benefits of Bitcoin Cash. With its bigger blocks, faster speed, and lower transaction fees, BCH represents the truer vision of Bitcoin as a peer-to-peer electronic cash system.
Register now for the CoinGeek.com Conference, and get 50% discount if you’re paying in BCH. Credit card payments are also welcome.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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