Blockchain CEO Nic Gary: Banks Should Include Digital Currencies

New York IdeasThe blockchain CEO Nic Cary participated in a technical discussion entitled “Cash, Credit or Digital: What Happened to My Money?” at the “New York Idea” conference on May 6 with leading figures from the business, finance and technology sectors. The conference was hosted by Aspen Institute and The Atlantic. Besides Cary, Pryor Cashman Partner Jeffrey Alberts and McKinsey & Company Director Philip Bruno took part in the discussion. The discussion was moderated by NPR “Planet Money” correspondent David Kestenbaum.

He believes that the news spy review have a speculative background

The discussion also covered many topics currently being debated in the Bitcoin scene. These included issues such as the news spy review. Are digital currencies the best payment method, how should governments regulate the currency industry and what options do they have to ban the news spy review Bitcoin and other currencies if they choose not to do so?

The most notable comments came from Cary when asked if he would welcome the involvement of traditional banks such as the Bank of America, given the “anti-bank sentiment” within the Bitcoin community.

Cary replied that “he would love for the Bank of America to participate in the Bitcoin industry”. He would very much appreciate it if the company would accept new technologies, as is already happening in other industries:

“I am thinking, for example, of the digitalisation of things: We used to send letters, today we send e-mails, we bought books, today we get them on Amazon.com. Anyone who still thinks that one day the money won’t be digitized is naive.”

Bitcoin or a Bitcoin secret scam

The conversation began with an example from Kestenbaum trying to pay for his breakfast with Bitcoin, but before the recent Bitcoin secret scam. This sparked a debate about Bitcoin secret scam as an everyday means of payment.

Cary described his very own experiences in the daily use of Bitcoin as a means of payment and was promptly interrupted by Bruno. He says that the speculative nature of the Bitcoin can have a negative impact on mass distribution and make it difficult for the Bitcoin to assert itself as a means of payment.

“To get from here to something that has a less speculative aftertaste will be a difficult process.

Alberts looked at the matter from a different angle: “Even if the speculative, deflationary nature makes it difficult for Bitcoin to be recognised as a consolidated currency, that would not be tragic. The Bitcoin could evolve and become a cost-effective alternative for payment providers.

Authorities show interest in Bitcoin
Bruno was the one who fired up the issue of digital currencies the most. This suggests that these institutions are fascinated by the idea of a cheaper payment method.

“Authorities and central banks are looking very closely […] at how payment networks are designed and what they can learn from the technology.

In one key factor, these organisations see particularly great potential. The social impact of technology on people who don’t have a bank account or access to financial services. Bruno also said that the major financial institutions are analysing Bitcoin very carefully, even though they have not yet made an official statement on the technology.

Alberts believes that the growing interest of the authorities is a sign that the industry is developing well. Cary, on the other hand, says that the initial reactions and some restrictions on the part of the authorities clearly show that there is still a great need for clarification.

Bitcoin as the new Internet
Cary gave his best to formulate the anti mood against digital currencies as misguided in the face of global developments. He says that those who continue to vote against digital currencies are “sticking their heads in the sand of the financial future”.

Cary compared the Bitcoin to the e-mail. Even if people don’t understand exactly how it works, they will quickly learn how to use it and benefit from it.

In view of this long-term attractiveness, digital currencies are still a very attractive investment:

“Imagine you had the opportunity to invest in e-mail or Internet technology. That’s what makes an investment interesting these days. ”