Brian Armstrong is the CEO for Coinbase and he believes that cryptocurrency has various issues. He also believes that they need to learn how to overcome these issues if they ever want to reach mass adoption. He spoke in a 45-minute session and it was mostly about AMA, which stands for Ask me Anything. He believes that 3 things are paramount to the health and growth of cryptocurrency. This includes volatility, scalability and usability. Adoption for the industry is mostly being titrated through a lot of interplay and this ultimately means that these three areas are being neglected. If widespread adoption is ever going to happen then something needs to be done about this. Price volatility has been a major concern over the last year and this has happened ever since Bitcoin prices started to skyrocket. They went up to $20,000 and this is before they then plummeted to $3000. It is very arguable that the volatility for cryptocurrency and even stable coin has been of interest. This is especially the case when you compare them to standard and traditional cryptos. That being said, they are also able to provide a ton of stable and even digital assets. This is especially the case when you look into the alternative currencies that are available.
The rise in stable coin has really lead to an erosion in development. Investors may flock to the cryptocurrency in times of an incredibly bullish market, but that being said, when you look at the downturn, you will soon see that there is a trend. Armstrong has highlighted that the risk of using stale coin is actually a rising class when you look at volatility. This is even the case when you look at the expense of other digital assets. This provides people with the risk-free alternative they need to try and bring about an alternative for any interested parties.
Scalability is a major concern when you look at cryptocurrency in 2019. The coin prices may have overextended but it’s safe to say that investor expectations have also over-extended too. This is especially the case when you look at various networks, such as ETH and even Bitcoin too. These have both grinded to a halt when you look at the operation and the sheer transaction in general. Armstrong has also gone on to criticize the usability of currency right now. He is finding it hard to understand why it is so difficult to transfer currencies and to invest in general. He believes that the current setup is difficult and that there are tons of unnecessary steps. He looks to retail models instead, and this includes WeChat, the Chinese application., The barrier for investing in crypto and even digital currencies in general really should be no more difficult than sending a text. This will give the user the chance to pay in a currency instead of making it a burden. What’s even more interesting is that Armstrong even took the time to comment on his own relationship with Bitcoin. This has been very well-documented over the last few years and he has made no effort at all to try and backtrack his own administration. This was for the original currency. He has however come out to say that his actions became far too involved when you look at the growth of BTC around the last decade. He turned his attention to the general promotion of every currency, and this is how Coinbase became a portal for so much more than just Bitcoin.