Interviews 27 August 2018

CoinGeek

Jerry Chan: You shouldn’t just be ideological, blockchain should be profitable

Jerry Chan, chief of digital asset solutions at Tokyo-based fintech company SBI Bits, discussed with CoinGeek’s Stephanie Tower the potential of cryptocurrencies in the coming years.

Blockchain technology attracts its users and advocates for various reasons. A common one is the solutions it offers for which traditional institutions have proven inadequate. Jerry Chan sees the present adoption of cryptocurrencies as the beginning of what could turn out to be “stateless money,” where currencies are defined not by geographical limitations as they are at present.

But will governments be on board in spite of the loss of control this entails? Chan believes their opposition would be to other countries claiming to have a global currency, and not to stateless money per se. “If [the currency] is one that nobody controls, they’ll say ‘Okay, I guess we can all agree that none of us control it,’” he said.

Yet there’s much that people could benefit from, regardless of when or if this transition occurs. “There’s a lot of us that are maybe in it for ideological reasons. You shouldn’t just be ideological. [Blockchain] should be profitable,” he said, noting that getting cryptocurrencies into mainstream, everyday use is in showing their utility to everyone concerned.

“We’re right at the middle point where we can innovate, use technology to change the old systems and provide better systems, like you make a better payment system, you make a better way for people to transact on the internet. That’s kind of a way of enticing companies to get into the space,” Chan said. “At the end of the day, companies have to make money.”

He pointed to Bitcoin Cash’s (BCH) recent upgrade, specifically its capability for smart contracts, as part of blockchain’s expanding applications. The OP_Codes used for writing the smart contracts, Chan said, had previously been disabled in the early life of Bitcoin, for security reasons, but that BCH has proven resilient. “Re-enabling [OP_Codes] really enables a lot of the things that Ethereum wanted to do originally but couldn’t do,” he said.

We’re still in the middle of these massive economic changes, where Chan sees the end-point of Bitcoin not just being a popular currency, but a unit of account, where everything could be priced in terms of Bitcoin. Traditional systems will have to adapt, but people shouldn’t be threatened.

Permissionless innovation, Chan said, “is not about challenging regulations or breaking down rules, which are put there probably for a very good reason, for protecting the public. You can work with regulations, but still apply Bitcoin as stateless money, because stateless money is useful.”

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.

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.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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