Interviews 22 August 2018

CoinGeek

Lorien Gamaroff: Merchant adoption is going to drive crypto growth

Coingeek’s Stephanie Tower spoke to Centbee CEO Lorien Gamaroff on how entrepreneurs like him have a part in bringing cryptocurrency use to the mainstream.

Who’s going to drive the growth of the cryptocurrency industry, the merchant or the consumer? For Lorien Gamaroff, CEO of South Africa-based Centbee, there isn’t much of a distinction, with both merchant and consumer taking their cue from each other, seeing value in the application of the technology, without necessarily getting into the technical aspects involved.

At present, Gamaroff says people aren’t oriented to think of blockchain technology and cryptocurrencies for their everyday usability. “People don’t really see a need for [cryptocurrency]. I think they might look at it as a weird oddity. I think that the more we see merchants accepting it, that’s when people are going to start thinking, ‘Hang on, I could actually use this to pay for things much more cheaply and more effectively’.”

One thing wallet apps could do is simplifying the process of transfers so that not only the technologically inclined will have a use for them. “Right now, there’s a lot of terminology and strange things about Bitcoin that is different from what people are used to. So if we try and adopt the same methods that people have to send messages to their friends, to be able to connect to their friends, then that’s when you’re going to start seeing people being able to intuitively use these tools,” according to the Centbee executive.

With the upgrade of Bitcoin Cash (BCH) from 8MB to 32MB blocks, the cryptocurrency’s capacity to handle transactions has gone up. For Gamaroff, it’s adequate to meet the demands of people who engage in such transactions. “If we just think about the amount of people that are using Bitcoin Cash today, they’re still very few. So the 32-megaybe upgrade was really sufficient to cater to the existing market as it stands today. Of course, in a few years’ time, we’ll need to upgrade it again, but what we have now is absolutely sufficient to cater to the demands of the market today.”

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 referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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