The recent increase in the value of Bitcoin has sparked varied reactions from different sectors of the industry. While the holders of cryptocurrency are excited by the extraordinary profits generated by their investment, some traders are increasingly reluctant to accept Bitcoin because of its high volatility.
As the price (and adoption) of Bitcoin increases paid to cryptocurrency, both by hobbyists and regulators. Of course, both parties are often far apart in their views.
Still a lot to behold
Varun Satyam, co-founder and CBO of almora.io, think that more attention should be paid to how the company is doing business. adoption will take place in developing countries. Satyam is of the opinion that Bitcoin has crossed the line where it can no longer be stopped, and the only thing left is to see how it develops in the future.
Satyam tells Cointelegraph:
"It is even more interesting to see how Bitcoin and cryptocurrency are adopted in the developing countries. development [will] A huge economic turmoil is coming in. Blockchain will absolutely bring more secure and privatized decentralized systems, almost rewriting the Internet in the best possible way .Bitcoin has grown so big that we can not stop it and the nations are in trouble [about] how to react [to] the attitude will be completely uncertain and will change dynamically depending on conditions. "
Prosecution of continued adoption
On Thursday, December 7, 2017, the ORCA Alliance in collaboration with the UE40 – the network of young deputies organized a roundtable entitled "How to do it". Should Europe react to the new boom of cryptocurrency? " Industry leaders such as Sarah Compani, Legal Advisor, Bitfinex, Craig Sellars, Co-Founder and Technical Director, Tether, Jorn Erbguth, Legal Expert, Natan Avidan, Founder, ORCA Alliance, Jeremy Gardner, Founder, Augur , and various parliamentarians. Natan Avidan tells Cointelegraph that the need for such an event stems from the absence of a unified global opinion on both Bitcoin and cryptocurrencies. Innovative and open-minded companies, such as the European Union, have not yet published a single legal framework in this area. He said:
"As an organization, we would like to see a coordinated and liberal approach to the global community of regulators."
According to Avidan, the three main reasons why we should expect adoption to break out in the near future are:
-
Increasing number of Bitcoin transactions between end-users
-
Increasing scalability of Blockchain technology
-
Disturbance of the existing financial system by significantly increasing the number of POS systems that accept bitcoin and other digital currencies
Bitcoin came to stay
At the time of the event , one of the MEPs, MEP Sorin Moisa, stressed his belief that cryptocurrencies are here to stay. However, he is concerned about how to eliminate the "impostors". Moisa said:
"The revision of the anti-money laundering directive will help start the cleansing process while seeking ways to regulate IFAs should also be considered. should be required to comply with EU security frameworks and appropriate definitions should be introduced into the system, for example, it should be clear when a token is a token, a utility, a commodity or a security. "
MEP Eva Kali is another MEP who shares Moisa's views. Kali notes that cryptocurrencies will lead to increasing decentralization, with less and less relevant intermediaries. However, she is of the opinion that decision makers and regulators must wait for the developers and the market to perform the necessary tests.
In the Expectation
Michael Vogel, CEO of Netcoins, tells Cointelegraph that There are many misinformed opinions about Bitcoin due to the fact that the real experts Bitcoin and Blockchain are far apart.
According to Vogel, we see a combination of two reactions to these technologies around the world: knee-reflex negative reactions, but also patience and willingness to learn about technology. China's love-hate relationship with digital currency is probably the most interesting to watch
Vogel notes that the recent gathering of Bitcoin is definitely turning heads and making people more curious to know more about the currency and its possibilities:
"I think the next phase of Bitcoin is simply more people who actually use it; I always tell people that it is Easier to understand Bitcoin once you've used it, and once they're using Bitcoin, most people realize that it's not as mysterious or confusing as what's going on. They thought: Knowledge and awareness over the next few years will continue to garner the positive momentum that Bitcoin experienced in 2017. "
Bitcoin and Cryptocurrencies Developed Significantly , even exceeding expectations of many industry players. As 2018 approaches, expectations are high. Many will watch how governments and regulators react to digital money. Regulations and legal frameworks that are beginning to emerge will allow the adoption and implementation of Bitcoin and other cryptocurrency.