How can crypto reach mass adoption? ‘Keep on building,’ says Centbee CEO Angus Brown

Until the cryptocurrency market turns around, the businesses already invested in the industry need to keep putting one foot before the other to steadily build towards mass adoption. Centbee’s CEO Angus Brown reiterated that thought in this interview with CoinGeek’s Becky Liggero.

“The reality is keep building. Keep trucking. That’s all we’re trying to do, is we’ve got a business,” said Brown. “The business is a long term business. It’s not about the ups and downs, and I know the ride can sometimes be rocky, but it’s actually just about we keep on building.”

It helps for Centbee to be a supporter of Bitcoin SV (BSV), as it’s the crypto with the most stable development plan. “We’re using Satoshi’s vision, the Bitcoin SV node that is working nicely,” the Centbee CEO said. “And it’s all just keep trucking, see this through. What we’re busy doing is doing all the integration into merchants, so that we can enable you to buy Bitcoin easily and store, and to enable you to be able to spend your Bitcoin.”

The sole challenge facing South Africa-based Centbee for the moment is keeping customers informed and supported. “Customers are asking us, ‘What happened to my coins, where’s my coins, how do I split,’” said Brown. “So it’s a lack of information. So whatever we can do to help customers understand that things are going to be ok, and we just need to get a bit more information in front of them and help them.”

According to Brown, regulators are doing their best to understand cryptocurrencies, but they’re still wrapping their head around it. “When they’re dealing with a global currency like Bitcoin, the challenge is, is how do you deal with something that’s bigger than you are,” he says. They are doing their level best to step up to the challenge though. “I must commend the [South African] regulators for taking a measured approach. They put out a position paper in 2014 that effectively said to people ‘It’s ok, but we’re going to monitor it and control it.’ And they’re updating those position papers as we go. And we’re giving lots of advice to the regulators.”

Despite the down market, Centbee is seeing a lot of adoption from around the globe for their wallet and BSV. Brown notes that they have customers from India, Bangladesh, Iraq, Nepal, South Africa, Germany and the UK, amongst others. “We’re very pleased about that, because it shows such a global interest in Bitcoin,” he said. “That there’s appeal not just for the crypto community, they’re actually really interested in the world’s new money.”

BrewDog UK’s Martin Dempster: Bitcoin SV provides clarity

Businesses want to plan out their future with confidence, and to do that they need to reduce as many variables as possible. BrewDog has chosen to support Bitcoin SV (BSV) for that reason, because of the clear, stable development plan that it’s development team has laid out.

Martin Dempster, VP of Innovation for BrewDog UK, joined CoinGeek’s Rebecca Liggero to discuss why they’ve chosen to work with BSV. His excitement for the BSV project is overflowing. “I’m really excited just to continue on this journey about how we can explore and accept cryptocurrencies with BrewDog,” he said.

The UK brewery was an early adopter of BSV. They’ve been accepting the only Bitcoin to follow the original vision of Satoshi since the November 2018 hard fork that saw it split off from Bitcoin Cash (BCHABC) and haven’t looked back since, believing in its ability to provide an easy to use and cheap payment system.

What helps BrewDog believe in BSV is just how stable and clear the plan forward is. Dempter said, “I think it’s just really good that there’s clarity now, clarity of vision I think is very important. Hopefully it’s a really good springboard into the future.”

Other altcoins are still playing with their protocols, unsure of what their plan will be a few months from now, never mind years down the road. That won’t cut it for business planning. BSV is ready to help companies move into the crypto space now with certainty. “I think it’s really important because we all know and understand that this technology is going to change the way that we do business into the future,” Dempster said.

Having a clear plan now, and the opportunity to get serious about development, is the recipe for future success. “We don’t know quite what that’s going to look like in 10 or 20 years, but we know its going to happen, so I think for us to develop competency in this area is really important, and that will allow us to really move quickly when the time is right,” Dempster concluded.

bComm Founding President Jimmy Nguyen: No limits for Bitcoin SV

The shackles are off for Bitcoin SV (BSV). bComm Association Founding President Jimmy Nguyen recently joined our CoinGeek’s Stephanie Tower to talk about how BSV is evolving with increase OP_RETURN limits, increased block sizes, and enterprise applications for the only protocol to follow Satoshi’s original vision.

One of the recent exciting changes to the BSV blockchain has been the increase of the OP_RETURN. The data size limit of OP_RETURN has been lifted without forcing a hard fork. Instead, it was achieved by allowing miners to decide what size they wanted to accept. Nguyen sees this as confirmation that BSV is on the right path. He commented:

“It’s real validation for us that the path we chose to follow with Bitcoin SV, the Satoshi Vision, lifting the limits, letting it scale as big as possible, was right, and developers would think of amazing new usages of Bitcoin if you just give them the potential unlimited power to do so.”

Nguyen is quick to point out what this means for enterprise usage as well. He says, “This is the signal, the start of Bitcoin SV becoming the world’s new data carrier network. Where the blockchain can be used to store and transmit data of all kinds.”

When asked how enterprises could potentially use the BSV blockchain, the bComm Association founding president is full of examples. “A good example is just seeing that you can create essentially a version of Dropbox on Bitcoin SV, where data of all varying types and sizes can be stored on the blockchain, miners will get paid fees for it, it’s much cheaper,” he points out as one example. He continues, “If I’m a big enterprise, one of the things I’d be thinking about are, what kinds of data could I store on the Bitcoin SV blockchain that I’d want to be able to pair with the ability to access, or give access to that data to other people, in exchange for micropayments. Instead of having large volume fees, you could individualize the access to data. And I think that opens up a whole new world of business models.”

Stability is an emphasis of BSV, and Jimmy Nguyen believes that hard forks are a thing of the past. “No more developer fights, please. No more protocol fights,” he says. “That’s part of our path of Bitcoin SV. Restore the original Satoshi protocol, keep it stable, leave it alone. Lift the limits and let developers build on top of the chain and that will unleash creativity with no bounds.”

The focus is really on massive on chain scaling, and in that area, BSV continues to progress in leaps and bounds. “There have been individual blocks mined on Bitcoin SV on the live network, of 64MB, 65MB in size, and on January 3rd of this year, 103MB in size,” Nguyen points out. “Their next step is to plan a public stress test on the live network to show that this can be done on actually the live network. And they’re confident that with increased work on the solutions to improve block and transaction propagation, they can demonstrate BSV has the capacity for even bigger than 128MB blocks on a sustained, repeated basis. “

The ambitions for BSV are much bigger, and Nguyen hopes that current block sizes will one day be considered small. He concludes, “The plan is, on Bitcoin SV, to raise the default block cap to 512MB as another step towards getting to 1GB to 2GB in size. And one day, much like Op Return, no limits. I think that’s our message. We believe in Bitcoin, #NoLimits.”

Kaspar Korjus: Distributed tech show you don’t need to trust any gov’t employee

How can technologies like distributed ledger help countries stay relevant? In Estonia’s case, the answer is simple: it helps gain trust between the government and the people.

Kaspar Korjus, who manages Estonia’s e-Residency program, says the country is looking at doubling its GDP in seven to eight years’ time, with the help of new technologies like distributed ledger and blockchain.

“If nations are becoming borderless, then they can really scaling their GDP also, and distributed technology is definitely one part of that which helps to gain trust between nations and citizens because it’s all about trust,” Korjus tells CoinGeek.com. “If people don’t trust the nation, they don’t want to use digital services, and distributed technology helps to show that you don’t need to trust any government employee but you can trust mathematics, encryption and technology which shows that no one is tampering your data.”

In 2014, Korjus launched e-Residency, a program that allows entrepreneurs to establish a digital identity in Estonia and run a location-independent EU company online. To date, Korjus said the e-Residency program has become “very popular globally,” with over 60,000 e-Residents from around the world.

“Each person on the planet can become our citizen, an e-resident, and get an ID card and enter into Estonian digital society, according to Korjus, who stepped down from his post as managing director of e-Residency in January but has stayed on as the program’s acting director until his replacement is found.

At the recently held Blockchain Convergence Summit-Chain Plus conference in Seoul, Korjus laid out the 10 phases of staying relevant with the help of technology. One step is tokenizing the ecosystem, which in Estonia’s case is the introduction of Estcoin. Korjus explains: “Nations similarly as private sector can also launch crypto tokens, and Estcoin was a proposal which I made one year ago regarding offering e-Residents a token which they can exchange value between each other and which Estonia, as a nation, [can place] value price and then it would be more convenient to do international trade and for e-Residents themselves to exchange currency. This is in analysis phase and hopefully one day, Estonia will be the first nation to launch it.”

Unfortunately, Estonian officials have reportedly shot down the Estcoin proposal, saying that the only suitable currency for the EU state was the Euro. But to stay relevant, as Korjus says, there’s no denying that tokenization is worth looking into, particularly on a blockchain that is government- and regulation-friendly like Bitcoin SV (BSV).

Tokenized, for instance, is an on-chain token system designed exclusively for the BSV network, offering protocols for over 40 separate kinds of contract, from financial assets like stocks, bonds, notes, futures and asset-backed securities to tickets for movies, transportation and events, or even credit and point systems as well as licenses.

Dominic Frisby: The future economy will need cryptocurrency

Dominic Frisby has a clear vision of what the future holds, for both cryptourrency and the world at large. He joined CoinGeek’s Becky Liggero to discuss the state of crypto markets, and what digital currency means to the workforce and world governments.

The current long downturn in the cyptocurrency market has a lot of people down, but Frisby knows that this too shall pass. He explained the Gartner Hype Cycle, and what it means for crypto’s future.

“So you have the initial technology trigger when it’s invented, then you have the point at which everyone gets very excited, and that’s the peak of inflated expectations, think of dotcom in 2000.

“And then a kind of reality sets in, and people start to realize that actually, we need to do a lot of work to get this technology working really well to get mainstream adoption. A few incompetents are exposed, there’s a couple of scams get revealed, and suddenly the world that was massively in love with the sector falls out of love with the sector. And you go into this kind of trough of disillusionment, and then gradually, the sort of bad, malfeasant operators get weeded out, and only the serious players are left.

“Gradually it builds and builds and builds, and this would be the Internet from 2003 to today… Bitcoin needs to climb that slope of enlightenment on its way to the plateau of productivity.”

Frisby knows that mass adoption of cryptocurrency is inevitable, because the opportunity for it is too great. He said, “There’s still 2 billion unbanked people in the world, who will be able to accept cryptocurrencies as a means of payment. Before, they would never get a bank account.”

Those who don’t understand why we need cryptocurrency just aren’t looking at current trends enough to understand where the world is going. “The intangible economy is now bigger than the tangible economy,” Frisby notes. “It’s borderless, it’s the internet, there’s no borders. We’ve got money without borders, and more and more people are turning freelance, the traditional employee-employer relationship is dying.”

Cryptocurrency is needed as a solution because there will be no other way to sensibly pay this new workforce. Frisby thought it through, saying, “You’re looking at a digital nomad population of a billion people. That’s an extraordinarily high number, and it has all sorts of implications for the way they receive payment. They’re borderless people. They’re going to want to be paid in borderless money.”

This is all going to be a big headache for national governments to tax if they can’t keep up. He points out, “They’re going to struggle; you know the government has always struggled to tax the intangible economy. It struggles to tax Google and Facebook, it’s going to struggle to tax cryptocurrencies, it’s going to struggle to tax digital nomads who are operating in crypto money.”

The implications of this are clear, governments that can’t figure out a new tax regime will struggle to provide services that their citizens have come to expect. That can be a bit scary for untold millions of people who rely on the government for daily needs.

Frisby isn’t too worried though. When asked about the future of cryptocurrency, he simply concludes, “It’ll be all right in the end.”

Memo SV makes for true connections

CoinGeek’s Becky Liggero got to speak with Memo.cash founder Jason Chavannes on the potential of decentralized social networks.

According to Memo.cash founder Jason Chavannes, one disadvantage of websites like Craigslist is that accounts aren’t connected to an actual person. “[I]t’s basically like a bulletin board where you can post things for sale locally. But there’s some problems with it. People get scammed a lot, and a lot of this is basically because it’s anonymous,” he said.

Chavannes sees the same mechanism for advertising applied to the blockchain through Memo and make for more trustworthy transactions. “[H]aving single online identity, it reinforces the trust aspect so much more. Because anything you do on any service is now linked to your permanent identity, so you could build something like that into Craigslist,” he said.

Memo first came about a year ago, utilizing Bitcoin Cash to create online connections. Chavannes said he had been considering a decentralized on-chain social network for some time before that. “I knew that the blockchain had the potential to serve that [social networking purpose], because trying to create your own network… it’s hard to keep it alive, and the blockchain is already an existing network that you can just rely on being there. So it was a natural use of it. But then the [BTC] blockchain obviously couldn’t handle this because they don’t want any transactions, let alone crazy, large social media-level transactions.”

Unlike BTC, Bitcoin Cash allowed for larger blocks, which Chavannes took as a signal to start Memo. “It was like, ‘Alright, now’s the time to execute,’” he narrated.

Memo works similar to Facebook or Twitter, but activity such as posting involves a transaction on the chain. Fellow users then award posts by Satoshi units, or one-hundred millionth of a coin.

Now, in the wake of the November 2018 Bitcoin Cash hard fork, Memo has been enabled for Bitcoin SV, the only cryptocurrency remaining true to the Nakamoto whitepaper. More data could be encoded through the OP_RETURN function than ever before, allowing for a greater variety of content that users can share.

Chavannes said the Memo network was still at its early stages, but that “in the long run, as the network grows, it can be used across multiple sites. There’s already multiple social networks that are using the same-based protocol, so now when you sign up for Instagram or whatever, you don’t have any connections. You have to start from scratch over again. With Memo, you can now have all these social networks linked together so that when you sign up to a new one, you take all of your connections with you.”