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.”

Lumiere: A transparency project to promote equality

Lumiere: A transparency project to promote equality, fight corruption

Lumiere has the platform to push for the right things, but its creator acknowledges that there will be a lot of resistance to the revolution.

Sifting through raging ICO projects at the TOKEN2049 Conference in Hong Kong last month wasn’t easy. Luckily, there were still a few worth taking a second long look at.

Patrice Poujol spent eight years in film finance and capital markets, another eight years in film production, and three years working on his postgraduate research—a peer-reviewed study which will be published as a book with Springer International Publishing this year. The culmination of his PhD project to integrate blockchain into film production has now taken a distinct form: Lumiere.

Referring to ICO’s and exchanges—which are the quickest way for getting rich quick in the space—Poujol asserts a big distinction: Lumiere was the result of years of research and was made specifically for a real problem, one that he himself has firsthand knowledge of.

“We’re not trying to speculate, we’re not trying say to people, ‘we’ll give you the Moon.’ But we’ll give you this—but this is a few billion (in savings),” Poujol laughed. “It’s three years’ PhD period of research. It’s not just me waking up one morning, having a shower and saying, ‘hey, [I’ll build a project].’”

Currently, Poujol says that there is a big disconnect between blockchain technology and film, and they’re trying to spearhead that merger. “We’re trying to bridge these two,” he says.

“We’re trying to bridge blockchain and the crypto world, the tech world, and the film world. I would say they’re not in the dialogue yet. They don’t understand each other, maybe because they haven’t formally met yet.”

Poujol adds that film is a “very human” field, and in that aspect makes it imperfect, whereas “tech and blockchain is something that makes a process, a protocol systematic,” which he says could solve the “trust issues” in film production processes.

Solving the multi-billion dollar fallout

According to Poujol, Lumiere will break down inefficiencies in film production—which actually costs investors a serious amount of money.

“What we’re doing essentially and what we’re planning for the software to do is to bring transparency to the film production process,” he said. “Investor money is going up in smoke—part of it, maybe 15—sometimes up to 25%.”

Considering the overall amount spent by the film industry, this figure is huge.

“Right now, it’s a multi-billion US dollar issue. There are films that basically use a few hundred millions essentially for every shoot. There’s about thousands of films being made that way. Now an average budget for a film is around—in Europe would be around five million (USD), in the US it’s way bigger. Now, we’re talking 50-80 million (USD),” Poujol said. “What we’re trying to do is bring transparency to an industry that needs it.”

To address the issue, Poujol is harnessing the capabilities of blockchain technology and smart contracts for an automated full audit of expenses, as well as streamlining payments for professionals involved.

“What we want to do is change it even more to the point where investors can actually track the flow of money within the productions and they can see the money—how it’s being used, where it’s going. Also where staff—whether they’re cast or crew—can be paid on time and in full through smart contracts. So it’s an entire system essentially to reshape the way films are being made.”

Equality and meritocracy: alleviating the gender pay gap

I asked Poujol what the implications were in terms of meritocracy. In the US, several have spoken up particularly about the gender pay gap. This issue has ignited a thousand online debates about whether women are being paid unjustly less than their male counterparts. Will transparency be extended to include everybody’s salary? And will this help the fight for equality and meritocracy in terms of wages?

“We’ve seen over the past few months that the industry is changing. People start speaking out about certain things and I think it’s good.”

In some areas, he says, problems don’t usually arise from people knowing upfront what everybody else is getting paid. Compared to the US, transparency in salaries may not be a problem for some. But the platform may help alleviate such gender-related salary injustices for those countries where equality is still an issue.

“We want to push it in the last phase where everybody on the set knows how much everybody else is getting. Now, there are people who are against it and I don’t care. I don’t mind being a producer and putting my salary upfront because I can completely justify how much I get.”

Poujol adds that it actually takes more energy to try to keep salaries a secret than it is to be upfront about it and then proceed to focusing on work.

“I don’t think it’s actually counter-productive—I think it’s the opposite. It’s just the mindset [that says transparency in salaries is a bad thing].”

How about corruption?

The biggest implication—and the biggest question of all, is Lumiere’s potential impact against corruption in governments. Corruption is one of the biggest issues that can be affected by the transparency blockchain technology offers. All we need is a platform that would enable this use case, and here it is.

Obviously, if this could be applied to privately funded projects, it can be applied to a government-run agency. In theory, that is. Of course, things are not as simple as that. Corruption persists precisely because the corrupt are persistent.

“Oh, there’s gonna be a huge resistance. We will encounter a lot of resistance,” Poujol affirms. In fact, some have even hinted that his project could literally put him in the crosshairs of that resistance.

“As a joke, someone said to me, ‘You realize that the app that you’re running now can be dangerous for certain people…you better buy a bullet-proof jacket,’” Poujol laughingly said. “I said, ‘well, you know, if I don’t do it, someone else will. It’s not just me—it’s a movement that’s happening.”

Not the cure, but the right step forward

Speaking about those who use such advances purely for their own benefit, and at the expense of others, he knows it’s impossible to eradicate such practices.

“Blockchain is supposed to be here to make things more just and fair,” Poujol said. “I’m in this actually for the features that can bring more equality. We will never get perfect equality but I’m in here because I believe that this can solve a lot of problems that are here at the moment.

And when I see people using and milking the system—there will always be people who do that—but I kinda cringe a little bit.”

Poujol acknowledges that what he and a few others are trying to achieve requires far more than what technology can offer. He is positive, however, that the tech can help propel society towards the right direction, particularly in terms of mindset.

“It’s trying to revolutionize the way films are being produced financially. And then I think the technology and the financials can accompany the change of mindset as well. I don’t think it’s just the tech, I think it’s the tech and it’s also the attitudes, the behaviours, and the mindsets that people have about how they do business—how they consider one another, whether it could be gender issues, whether it could be racial issues.

I’m not saying the tech will address these issues but it can help. It can bring a certain change. In the words of Laozi’s Daodejing: ‘a journey of a thousand miles starts with one footstep.””

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.
Jonald Fyookball: Electron Cash users 'go online with a watching-only wallet'

Jonald Fyookball: Electron Cash users ‘go online with a watching-only wallet’

Electron Cash lets users keep private keys—no need to download entire blockchain.

There are several wallet options out there for cryptocurrency holdings. The choice depends on what your funds are for: long-term holders prefer offline or “cold” wallets; active traders keep them in live wallets, usually exchanges—they can easily trade between cryptocurrencies but are more vulnerable to attack.

Electron Cash—a light wallet specifically for Bitcoin Cash (BCH), however, employs a different game plan: a hybrid between hot and cold, restricting online access so the signature part of the process is done offline.  “Your private keys are encrypted and never leave your computer,” their website reads. “Keep your private keys offline, and go online with a watching-only wallet.”

Its creator, Jonald Fyookball, who has been actively reviewing and assessing protocol proposals and developments in Bitcoin—including issues surrounding the scaling debate, has become a prolific member of the community and a household name for those immersed in the space.

In an email interview with CoinGeek, Jonald Fyookball expounds more on how this works.

“Most casual users think of “spending a transaction” as a single maneuver, but you can break it down into 3 distinct steps.  First the transaction is created by specifying the inputs and outputs.  Second, it is signed using the private key(s).  And third, it is broadcast to the network,” he wrote.

“You can think of offline signing as a process where the user does steps 1 and 3 on their online computer and does step #2 (the actual signing with a private key) using an offline computer.  So you create the transaction, save it (either as a file or a QR code), transfer it to an offline machine where you sign it, then copy the signed transaction back to an Internet-connected computer for broadcasting.  This way, the machine with the private keys never has to touch the Internet.”

He adds that Electron Cash gives users the full security benefits of keeping their own private keys—unlike cryptocurrency exchanges, without requiring them to download the entire blockchain history—something common to several Bitcoin clients that ultimately discourages other users and pushes them back to lighter wallet options. If you’ve ever tried a wallet that requires downloading all the nodes, it’s a gruelling and frustrating task that heats up your computer and eats up quite a bit of your bandwidth.

“Electron Cash gives you the best of both worlds because you control your own private keys but you also don’t have to download blockchain.  You can restore your wallet from a secret seed so that you don’t need to back up your wallet file as long as you have the seed.  There’s also other cool features like coin control.

We’re working right now on new versions for devices we haven’t covered in the past such as the iPhone.”

Coin Control, mentioned above, is a feature that enables users to pick and mix coins from your balance will be used for your next transaction, and which addresses they will be coming from. Consolidating small amounts you received, say as change for previous transactions, helps reduce fees and adds a layer of privacy/anonymity to your transactions. When asked what inspired him to create the wallet—which is free for all to use, Fyookball says it was a decision made around the time of the fork, and that the wallet is in fact, a “fork” itself.

“As many people know, Electron Cash is a fork of the popular Electrum wallet.  This was my favorite wallet as a BTC user, and I wanted to recreate the same wallet experience and make that available on Bitcoin Cash.  

I was in close communication with those in the community that decided to initiate the BCH fork from BTC, and decided having this wallet available was important for the launch, so I got involved.  I’m glad we were able to make that happen.”

Electron Cash has also opened up a bug bounty program for devs who want to help the community by putting the wallet’s code to the test. Interested white hat hackers can take their chance at the bug bounty, currently worth $2,000. The communication platform of choice for this is still Github.

“We usually use Github as a handy interface between the Electron Cash developers and the wider community,” Fyookball wrote.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
CoinRecoil director hopeful for 'positive outcome' in India's reassessment of cryptocurrencies

CoinRecoil director hopeful for ‘positive outcome’ in India’s reassessment of cryptocurrencies

CoinRecoil explains their stance in the fight for cryptocurrencies in India.

The recent circular handed down by the Reserve Bank of India (RBI) banning local banks from engaging in any cryptocurrency-related activities obviously hit some businesses hard. CoinRecoil, an emerging cryptocurrency exchange platform run by parent company Kali Digital Eco-System in Ahmedabad, isn’t taking this lying down. They took the case to the Delhi High Court, arguing that the ban is in violation of Articles 14 and 19 in the Constitution.

To get their insights on the issue, we reached out to CoinRecoil co-founder and director Kunal Barchha. According to Barchha, while it is unlikely that cryptocurrencies will gain legal recognition in the country, previous statements made by the Prime Minister of India and the Reserve Bank of India themselves shed some hope for some kind of compromise.

In an email to CoinGeek, Barchha wrote:

No we don’t think that cryptocurrencies will get recognition as legal tender in India as finance ministry has clearly told that cryptocurrencies are ‘Not legal Tender In India’. We also respect the statement. It is similar to USD or any other foreign currencies, which are not legal tender in India.

“But at the same time, Blockchain is embraced by the government and its stand on this revolutionary technology is positive and encouraging.

From the official twitter handle, Prime Minister of India, Mr. Narendra Modi also said that, ‘Disruptive technologies such as block-chain and internet of things, will have a profound impact in the way we live and work. They will required adoption in our workplaces: PM @narendramodi’.

The Reserve Bank of India also acknowledged the same in their Press Release dated 5th  April 2018,’Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system.’

The only thing is that cryptocurrency and Blockchain are new technologies and governments across the World including India are vary on its acceptance and are evaluating its benefits and drawbacks before regulating the same. Looking at the far reaching impact, finance ministry of Govt. of India has formed a committee with representation RBI, SEBI, Income Tax for recommendation on cryptocurrency.” 

Despite their business being hit hard by the ban, Barchha acknowledges the need for regulation, and in fact, commends the RBI’s strong stance on hunting down illegal activities in the cryptocurrency sphere.

“We think that the motivation factor for RBI cracking down on exchanges might be the anonymous nature of crypto currencies. Another point we assume is that the RBI is extremely concerned about money laundering, which is a fair concern for any regulatory body. In the Budget speech, The Hon’ble Finance Minister, Mr. Arun Jaitely also said that the Government will crack down on the illicit use of Bitcoin and other crypto currencies, which is again a positive statement as no technology should be allowed to use for illegal activities.”

While it is still unclear whether there is any chance that the RBI would overturn the ban—which is set to kick in on July 6th, Barchha is hopeful that the committees launched by the Finance Ministry will arrive at positive conclusions, adding that cryptocurrencies may be treated like other assets which, although not considered legal tender, are not illegal overall.

“In India only currency notes and coins issued by RBI and Government of India are considered as legal tender. These way even shares, gold, bond, crypto assets etc are also not considered as legal tender but that doesn’t make these assets illegal either. There is inclination on the Government’s side on regulating the industry. There have been two committees formed by the Finance Ministry to give their perspective on crypto-assets in India. The earlier committee report was submitted last year while the second committee report is yet to be submitted to the Government. We are hopeful for the positive outcome,” Barchha wrote.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Calvin Ayre: Bitcoin Cash is more than just a company

Calvin Ayre: Bitcoin Cash is a movement

To say that the global cryptocurrency community has been buzzing lately would be an understatement.

For the month of March alone, more than 60 Bitcoin and blockchain-related events have been held in virtually all parts of the globe, including TOKEN2049 Conference in Hong Kong and the highly acclaimed Satoshi’s Vision Conference in Tokyo, Japan.

Though they were held in the same week, the two events had very different focus. Antiguan entrepreneur Calvin Ayre, who attended both conferences, described ICO-focused Token2049 as “a multi-level marketing conference,” whereas Satoshi’s Vision “focused on making fundamental changes to the society.”

“[Satoshi’s Vision Conference] is very much about how Bitcoin specifically, but cryptocurrencies in general, could change the world… The people here are really focused on making fundamental changes to the society, whereas the conference that we just had [attended] in Hong Kong, it felt like a multi-level marketing conference. There’s a bunch of people that were there mainly… working on some get-rich-quick schemes or what not,” Ayre said. “This conference here [in Tokyo] is the real deal, and I think in the years ahead, we’ll see a lot more conferences like this one.”

Ayre is a huge supporter of Bitcoin Cash. As part of his deeper involvement in all things Bitcoin, Ayre has been putting his time, effort and financial resources into projects—including Lokad’s Terab Project, Electron Cash, Cash Shuffle Group’s BCH ‘Mixer’ tool, and a Bitcoin Cash tokenization contest—that expand Bitcoin’s reach and acceptance, which begs the question: why?

“Somebody’s got to do it,” Ayre said. “I think Roger Ver kind of summed it up. This project is more than just a company, it’s a movement. I’m a big believer in it myself, and I got the financial resources so I want to seed a few things that I think are good for the greater community.”

Conduit for merchant community

CoinGeek, a part of the Ayre Media Group, is organizing its very own conference in May—an event that will bring together the brightest and most dedicated minds behind cryptocurrency. Unlike the Satoshi’s Vision Conference, which focused on the evolution of the platform, Ayre said the upcoming CoinGeek.com Conference will center on merchant adoption.

“I’m also working on positioning [CoinGeek] conference because of the fact that we’re dovetailing it to come just a few days after the next fork in BCH, which is May 15… the next fork in BCH is going to be November 15, and so we’re hoping that we can have our next conference on the 29th of November,” Ayre said. “We hope by having our conferences around the same time as these forks, that we can become a conduit for the merchant community back into the platform developers, so that there can be better communication between the two.”

The inaugural CoinGeek.com Conference, which will take place at the Four Seasons Hotel in Hong Kong on May 18, is shaping up to be a landmark event tackling merchant adoption and providing education on the benefits of Bitcoin Cash.

“I think Bitcoin Cash, which is the one true Bitcoin, is going to become the dominant global public blockchain, the one chain that can do it all and everything will be on it,” Ayre said.

Registration for the CoinGeek.com Conference is now open with a 50% discount for those paying in BCH, but credit card payments are also welcome.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.