I’m not a hater of cryptocurrency. In fact…
- I have invested over 100k into cryptocurrency …
- I first entered the industry in 2017
- I am currently involved with 7 cryptocurrency companies …
I love cryptocurrency and believe it will literally change the world.
But it hasn’t yet, and I’m glad… because the fact it isn’t a mainstream success is the exact reason why it will change the world someday soon.
I’ll explain why in this article.
First, let’s go back to 1999 when mobile technology just started to have an impact…
People of all ages began to carry a phone in their pocket. You could connect with anyone at any time, and because the early days of VoIP (Voice over Internet Protocol) were also underway, you could connect with these people anywhere on the globe.
The thing is… hardly anybody knew what VoIP was!
By 2003, Skype launched. People could now call anyone anywhere in the world for free!
But, still, nobody knew about this, and those who did only used it for certain occasions. The technology just wasn’t ready yet, and it still made the most sense to use your phone most of the time.
It remained this way for the best part of a decade…but, then, in 2009, WhatsApp entered the market, and in 2010 Apple launched Facetime.
- In 2011, Microsoft bought Skype for $8.5 Billion!
- And in 2014, Facebook bought WhatsApp for $19 Billion!
Within a few years, millions of people used VoIP to make calls from their smartphones.
But the thing is…hardly anybody still knows what VoIP is!
It’s a linchpin to modern society, connecting millions of people across the globe every single day. Yet nobody talks about it, and most people aren’t even aware they’re using it.
But each time you use WhatsApp… or iMessage… or Facebook Messenger… you are.
I mention this because, today, Cryptocurrency is in a similar place to where Skype was in 2003.
Digital currency is nothing new, just like VoIP wasn’t at the turn of the millennium. But something is happening behind the scenes that will soon make Cryptocurrency a linchpin to tomorrow’s society.
And the fact that it isn’t a mainstream success today is the exact reason why it will become a fundamental part of how we live tomorrow, so long as we focus on a few IMPORTANT aspects as soon as possible!
What Needs to Happen Next for Cryptocurrency to Take Over the World
I recently spoke to my friend Jack Nikogosian, founder of ARYZE (also known as “Bitcoin Jack”, and a guy at the forefront of the Cryptocurrency scene since the beginning).
In 2015, Jack lived off Bitcoin for an entire month, paying for EVERYTHING using it.
It was the most expensive month of his life!
But this experiment showed him how powerful cryptocurrency could be, and the major barriers standing in its way today. When I asked him what he thought the biggest obstacles were, two came to mind:
1: We Need Fewer Technicians and More Visionaries
Like me, Jack sees the bigger picture, appreciating the massive impact cryptocurrency “can” have.
He told me, “cryptocurrency will become the backbone of the future economy, not the economy itself”.
This is important to note, because many people look at cryptocurrency as a new form of currency, going to war against the Dollar, Pound and Euro.
It’s not about creating new funds, but rather reinventing how we manage and transfer funds!
At the moment, we have so many “technicians” focussed on speed, efficiency, and faster confirmations. All this is important… but this is NOT what will make cryptocurrency a success.
Jack said he believes the time has come to focus on DESIGN: the user interaction and journey…
It needs to be a seamless transition so both businesses and consumers alike don’t have to change what they’re already doing. Just think about “Contactless Pay” and how it’s so easy for everyone to use.
- You didn’t have to learn anything new…
- You didn’t have to change your routine…
The change was simple and seamless, and the same needs to happen with crypto…
2: Cryptocurrency as a Framework
Jack also said that Cryptocurrency (and traditional utility tokens like Ethereum) isn’t for people to use, but rather for businesses to build upon so the end-user doesn’t even have to be aware of the process.
Think about how the World Bank works…
The World Bank doesn’t directly “affect” people every day; it just works behind the scenes, ensuring your payments are made and your money gets transferred …
You don’t need to think about the World Bank or how it works… you just know it does.
Both Jack and I believe this is Cryptocurrency’s destiny: to become a financial framework that allows:
- Easier and quicker payments (across the globe) …
- Efficient transfer of funds from one currency to another …
- Seamless payment to suppliers, vendors, and everyone else in the value chain …
As we spoke, Jack used the example of someone walking into a shop and buying a $100 bracelet.
As a consumer, you hand over your credit card. You know the money doesn’t exist, but you also know you will “pay off” the bill at the end of the month. For you, as a consumer, it’s easy.
It’s easy for the business, too.
They simply swipe your card and the funds enter their account a few days or weeks later.
But there are many moving pieces in the purchase of this bracelet:
- Visa has to take their cut …
- As does the bank …
- A company in India mined the raw material …
- Another business in Thailand worked on the bracelet …
- Someone else packaged it in Germany …
All these moving pieces need their cut of your $100, and what cryptocurrency offers as a framework is an instant, efficient, and seamless transfer of funds to EVERYONE.
Lots of time is saved, and everybody gets more value out of their money…
And the effect of all this on YOU as a consumer or business owner? MINIMAL!
You still use your card and pay in dollars, and everything else “just” happens behind the scenes.
Only, because of cryptocurrency, it’s smarter and more efficient, which is good, because as Jack says, “in this Smart World, we need Smart Money”
It Is Not About Owning or Paying With Bitcoin!
The longer we focus on introducing a new type of currency into the world, the longer it will take for cryptocurrency to succeed.
The longer we focus on how much to invest in Bitcoin, the longer it will take for cryptocurrency as a whole to fulfil its potential.
As my mentor and friend Manuel Batista recently said to me, “one of the biggest obstacles right now in cryptocurrency is the false hype and financial aspect. People seem to care more about when to buy or sell, rather than understand the blockchain technology – and the true potential it has.”
Manuel is the CEO of Socratescoin, so he is another guy at the forefront of the industry. He sees what works but also understands what is holding it back…
People like him and Jack (with companies like ARYZE and Socratescoin) need to build frameworks that fit into what already exists.
- They need to create seamless customer experiences, so the people using cryptocurrency have no idea they are.
- They can build a bridge between the old, traditional financial world that we have all grown up with and the new age of efficient digital currencies that this “SMART” new world so desperately needs!
Once this happens, cryptocurrency will become a linchpin of society (just as VoIP is).
Until then, it will remain a technology with a lot of potential, but one that divides opinion.
After reading this, I hope you’re excited about the future. Because, although there’s a lot of “noise” around the industry, there are also visionaries like Jack and his team building the frameworks we need.
And if you want to continue the conversation and learn about my own thoughts on cryptocurrency, follow me on Instagram, where I share exclusive news, ideas, and interviews …Opinions expressed here by Contributors are their own.