I am the creator and moderator of the Crypto_Currency_News subreddit. Each day I invite the world to post links to their favorite Bitcoin and crypto related articles. Here I plan to give my thoughts on popular articles I have opinions on.
Today’s article is Bitcoin Will Be a Daily Currency According to PayPal’s CEO.
It is a short article taking what was said completely out of context and using it to attract people to view it. As a result, it is the most popular article of the day in the subreddit. I think sometimes people just upvote the sentiment and don’t read. The actual quote from the CEO, John Rainey, was…
“The technology, there is a real merit to it. I do think, though, it will be years down the road before we see the kind of ubiquity and acceptance that make it a form of currency that is used every day.”
So I think we, as crypto enthusiasts, already knew digital currency would be used for daily currency in the future, or at least we are expecting it to be. If not, I am going to have a whole lot of useless coins to my name.
What I think will see is wallets which can be used to store many coins, maybe a hardware wallet like Trezor, or a mobile wallet application, being accepted at stores and websites more readily. In B&M retail stores they may even incorporate the same kiosks used today as Visa & Mastercard see an opportunity to make a profit. KeepKey was bought by ShapeShift and we could see the incorporation of these two technologies happening soon.
I imagine the first ones will work much like the BTC debit cards today, where the coins are actually converted to cash first, then used to make the payment. As it evolves, some digital currency should actually be accepted by merchants. I think there is one important evolution keeping this from happening any time soon, and that is the volatile prices of these currencies.
There are many EBay-like digital currency projects being worked on at the moment. I have experimented with BitBay in particular, and from what I have seen, few people are going to put up their items up for sale when the price of Bitcoin is high, and few people are going to buy items when the price of Bitcoin is low. Working out a way to keep the prices from being so volatile will be an important step in having the world accept these currencies. BitBay is actually working on this problem with their pegging enhancement. We will see how it works out later this year.
I am also anxious to see if digital currencies get regulated out of existence before being accepted as a currency. It is another concern we will have as holders. Best of luck to us all!
Thanks for reading.