- Coinbase CEO, Brian Armstrong believes that payment is the next frontier in the market of cryptocurrencies.
- Explaining the situation in the sphere of payments in early of the 2010s, Armstrong stated that the cryptocurrency revolution would make payments cheaper, faster, and secure.
- Emphasizing that the new decade is going to be the decade of crypto payments, Armstrong said that they would change the processes of paying and handling money.
Brian Armstrong the CEO of Coinbase has been instrumental in driving the revolution of the cryptocurrency for the last decade. The journey of Armstrong that began from early days of Bitcoin to the integration of decentralized finance or DeFi is something that he has said that he has seen it all. Recently, Armstrong shared his reflections on this journey, particularly his expectations for crypto payments, and provided insights into what he believes will be the next big boom in the space: crypto payments.
Decade of Evolution of the use of Crypto
Armstrong in the early 2010s, when bitcoin was only starting to exist, predicted that the main use of cryptocurrency would be payment. He also thought that the use of cryptocurrencies would transform the sphere of payments and would be less costly, time-consuming and safe than the most payment systems existing at that time. But with time, it was realized that trading remained more of a primary force behind the growth of the crypto market as opposed to payments.
In a bid to explain the same, Armstrong frankly states that he once underestimated the market’s direction. Rather, it was trading, including buying, selling, and speculation on cryptocurrencies, that became the “killer app” of the first decade of crypto.
The Dawn of a New Era: Payments using Cryptocurrencies
Although trading has quickly become the most prevalent method used for cryptocurrencies, Armstrong continues to have hope for crypto payments in the future. He says that he has waited for years for what he feels is necessary for widespread adoption – the supporting infrastructure. Armstrong points to several key developments that could drive this next phase of growth:
- Stablecoins: This section reviews how smooth stablecoins such as the USDC have replaced high volatility characteristic of other cryptocurrencies and made it easier to embrace them as performing regular exchange transactions.
- Layer 2 Technologies: Layer 2 solutions such as Coinbase’s own product, Base, is meant to improve the speed, cost, and scalability of crypto transactions.
- Human-Readable Names: That is why Ethereum Name Service (ENS) and other similar facilities help to make the process clearer by enabling people to accept and pay in cryptocurrencies without discussing Lincoin.
- Simpler Onboarding: The technology has also progressed in terms of an easy to use wallet and onboarding procedures to enable even first-time users to engage easily.
To which end, Armstrong maintains that these adjustments will make accepting crypto payments plausible in the next decade, in the same vein that he envisioned ten years ago.
The Road Ahead: Issues and Prospects
Yet, Armstrong is confident about the prospects of the industry of crypto payments and is not hiding from the fact that the path will be bumpy. Some of the challenges include; Legal barriers, security and the other major challenge is the general public awareness. But, Armstrong is sure that the crypto industry will never stop its development due to the bias for action and active feedback from the customers.
According to Armstrong, there is reason to think that as the industry of crypto currencies develops, it enters a new phase where payments in cryto currencies will be in focus. He then begs the question that the next ten years will be the crypto payments which will revolutionize the ways people pay and interact with money.
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