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By Emily Rose Dallara
On February 17th, I was asked to speak on a panel by Yann Rousselot - Pailley. He’s COO of Grand Aster Wealth Management. Yann previously advised the Canadian government on cryptocurrency and his company now provides Asian investors the opportunity to extend their portfolio and manage their wealth more efficiently. Their current focus right now is cryptocurrency. The topic of the discussion was: ‘Is crypto dead?’.
Other panelists invited to discuss this topic included; Dominick Weil Founder of Ginero, George Nguyen Country Manager of 2359 media and Amir Irwan Project Lead of MyEtherPony.
The audience was a mix of Asian and Western Investors, tech entrepreneurs and cryptocurrency enthusiasts. There were a few anomalies--people who just wanted to learn about crypto and blockchain tech and how it could be implemented within Vietnamese businesses.
A few questions posed to the panel included; ‘Is crypto dead or just in a deep coma?’, ‘Will Quantum Computing kill crypto?’ ‘Is this the end of ICOs?’ and ‘has HODL ruined crypto?’
Let's get one thing straight for anyone reading this who isn’t in the crypto-sphere and wants to learn. Crypto is not dead.
Peaceful Warrior are fully for using cryptocurrency as cash, alongside or in replacement of a national currency. My stance for the panel was the use of cryptocurrency and the need for global merchant adoption.
Instead of talking about everything that goes on behind the scenes, at Peaceful Warrior, we believe the most important thing is USING cryptocurrency. Simply, easily--without even knowing you’re using blockchain technology.
I use this an easy example for why this needs to be the case: Next time you whip out your debit card at a store. Think, do you know all the details about that tech working to make the transaction happen? Nope, all you know is that the money goes from your account, to the store, you take your goods and maybe the store gets charged for doing that-- right?
But right now we’re seeing many cryptocurrency companies talking about the tech, and not to the people.
So, we’re on a mission to change that. It was my goal for this panel to skip the tech and get to the facts. Even if it was just to open the minds of Vietnamese investors that day--it’s a start. Hopefully, you will find it useful too!
Let’s focus on the overall question, because to be honest, the rest was pretty technical. Is crypto dead or just in a deep coma?’
Cryptocurrency is peer to peer electronic cash. Removing the third person (aka the banks) gives you --yes YOU back control of your money. Using cryptocurrency gives you the choice to send, spend and receive funds how you want, when you want--without providing any personal details about yourself.
What does this really mean?
Right now you trust your bank to keep your money ‘safe'. Have you ever thought what ‘safe’ actually means though? Let's break it down.
The general bank account holder has:
- A bank account managed by a third party. They hold; your pin codes, passwords, your money and your personal information, your hard-earned nest put aside for a ‘rainy day’.
- They provide you with an electronic pin card, to which they know the pin at all times.
- An online bank account that uses security questions and login details to secure it. If you forget your details, they will help you jailbreak your account.
- They know everything about you, your name, your address, age, profession, income, marital status, credit rating, crimes you may have committed--everything. They use that to judge if you’re worthy of an account. But it’s also sellable and obtainable information. At any time anyone could attempt a malicious attack on your information to use at their discretion. In fact, a rogue employee could leak that information.
- Sometimes you have a joint bank account. This means someone else has access to your information and can spend the balance and change information at will.
- Overall--you are trusting someone else with your money.
Banks can’t effectively protect you against financial crashes, hyperinflation or fraud.
Banks can also:
- Freeze your account
- Unbank you--effectively closing your account without warning
- Block ‘unauthorized’ transactions
- Block transactions if they are deemed ‘suspicious’
So you see, when you dig a bit deeper, banks really aren’t that ‘safe’.
Cryptocurrency is a safer option--but, what it really comes down to, is trusting yourself.
Most people I’ve spoken to about using cryptocurrency instead of ‘normal’ money have the same concerns. ‘What if I lose my access?’ (aka their private keys) , what about the price volatility?, ‘Isn’t it a scam?’
In the panel yesterday, I made sure to answer these FAQ’s before getting into anything else. Assuming you’re totally new to cryptocurrency. Losing access to your private keys and your cryptocurrency is ultimately, your problem. The solution: Make backup cards containing your private keys, make copies and hide them in places you will remember. Provide joint access. Go old school, think of those in developing countries who don’t use banks--take the ‘cash under the mattress’ approach.
The example I made to highlight the ease of keeping your private keys safe was--you wouldn’t carelessly toss your car keys around and forget about them, would you? That shit’s expensive to replace. You have spares and you ensure to keep them in a place you remember. It’s the same thing with your private keys.
Secondly--price volatility. It was a big discussion point yesterday. I kept it short and sweet.
“The more people who use cryptocurrency, the more stable it will become”.
Simple as that.
And don’t get me started on; ‘is it a scam?’’ Do. Your. Own. Research. But in all seriousness, we need better content and quicker adoption by merchants to help people realize it’s not just a ‘fad’.
Back to the main question: ‘Is crypto dead or just in a deep coma?’.
I could go on for a long time about why it’s neither, but I decided to keep to the point. I explained to the audience about what’s really going on behind the scenes, and why the bear market has actually been a positive thing for us.
1. Adoption rate is growing, but it’s still not fast enough. Right now, approximately over 1000 merchants accept Bitcoin Cash worldwide. Approximately 3000 merchants accept Dash and some still accept BTC as payment. Just the other week Paraguay and Argentina sealed a deal using Bitcoin ( BTC ) as payment- those fees though, ouch!
2. Humanitarian projects are using cryptocurrencies to save lives. You may or may not know, South East Asia has its fair share of media censorship. It was a shock to the audience when I explained what’s happening in Venezuela. Written about frequently on the Honest Cash platform, Venezuela is in economic crisis. Their national currency is no longer of value and they’re using cryptocurrency to survive. Someone asked me ‘but how do they 'cash out' to buy things?’ I answered, “they don’t, crypto replaces their currency. It is THEIR currency. Without it they would be screwed. Cryptocurrency is their lifeline and a much more feasible option for them now and in the future.” Seeing the audience and even a couple of the panelists shocked by the information showed this information was a real turning point for them. So you see, if you put all the trust in your bank and national currency, it may come around to bite you in the butt one day.
3. Building. Whilst it’s nice and quiet in the market, developers have time to build and test. There has been so much activity in communities, we’re not all sat around anxiously watching the market. In fact, everyone is busier than ever. Making sure the utilities, features, platforms, and applications are in place for the next time the market picks up. Making foundations for you to use cryptocurrency easier and more efficiently.
Projects I mentioned in the discussion were: eatBCH, Airdrop Venezuela, Honest.Cash and Peaceful Warrior (shameless shill) and the Bitcoin.com Podcast Network.
After the panel, we went on to discuss a topic investors in the audience threw at us, ‘ How does the value and price of cryptocurrency correlate?.’ A friend of mine (the filmmaker behind the Satoshi Awards launch movie) smashed it with his response.
***“It’s not. If I did some work and was paid in cryptocurrency, but then the price of cryptocurrency dropped, would the value of my work change? No.’ ***
Nobody could disagree with that.
It was interesting to see the audience really open their minds to using cryptocurrency and not just see it as an investment option.
I’m looking forward to being able to speak at future panels in South East Asia in the future! It’s so fun!
More content is on it’s way. We have a growing marketing team at Peaceful Warrior and we can’t wait to show you what’s been happening over the last few months. Follow us on Honest Cash, Twitter and Instagram to stay updated and join our Telegram group.
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