How does Bitcoin grow and create value? Jeremy Allaire, CEO of Internet Circle and entrepreneur, opened the Bitcoin conference in New York this morning as the key note speaker, reported Coin Desk this morning,
His title topic was appropriately called: ‘Mainstream Bitcoin: The Next Phase of Digital Currency Growth & Value Creation.’
Allaire spoke on how to move Bitcoin to mass-market acceptance and use of the cryptocurrency. Despite technological advancement more is needed for the digital currency to succeed globally.
He made note of the difficulty the community of Bitcoin has faced with certain governments and commercial banks. An increased need of stakeholders was one step in advancement to the goal.
In order for Bitcoin to reach its world-wide acceptance and involvement with government and banks he explained that, ‘Bitcoin needs greater levels of governance around it. I do not believe this industry will grow without collaboration from governments around the world.’ 'We need mainstream commercial banks to integrate with bitcoin in a more fundamental way,' noted Allaire as a necessary step.
Allaire noted that e-commerce made up 5.8% of sales and he likened Bitcoin to the Internet in 1994. It is fledgling and needs advancement in several areas including technology. The one main need for Bitcoin to move ahead is the ‘killer app'. Currently, ninety percent of all bitcoin currency is held in storage and is not utilized for payment. An app would move these numbers into mainstream.
Proliferation of the currency is an issue since it can only handle nine transactions per day. ‘That’s not going to scale and not going to work. The fundamental aspects of the architecture will need to scale,’ Allaire explained for the consumer to accept and use Bitcoin. The transactions will need to assume identity in order to be able to work with government and monetary systems of a country.
The ‘mining’ element must move out of the minority group of investors or hobbyists.
One comment that resonated to the audience was that, he believes major a major shift to Bitcoin into online processors such as Chase Paymentech, First Data and PayPal. These merchant service providers will have adopted bitcoin within three to five and into mainstream production as an integral part of the business with Bitcoin as a significant player in consumer use.
Allaire offered advice to involvement in Bitcoin in that it failed with early investors who only looked toward abusing the system of Bitcoin for personal benefit. Cash is not going away so he offered a wise approach to governance responsibility of Bitcoin and expansion for the increased value of it.
This is the second annual Bitcoin Inside conference in New York City. The conference world-wide listing in 2014 can be found on Mediabistro’s website. Adam Levine is quoted on the website, ‘As Bitcoins grow more prevalent with increased media exposure, the number of people interested in the cryptocurrency continues to increase.’
Jeremy Allaire entered the technology sector in the mid-1990s the CEO of online video platform Brightcove. He became committed to Bitcoin in 2013, and stepped down to start a bitcoin company, Circle Internet Financial. He has since raised $26 million in series A and series B funds for capital investment.
To learn more about Bitcoin view the list below Author’s suggestions and the video atop this article on trading Bitcoin live in New York CIty. See the photo above of the opening of today's Bitcoin conference in NYC.
Twitter: Victoria Wagner@victoriaross888