CEO of the San Francisco head quartered major cryptocurrency exchange Coinbase, Brian Armstrong and long-time Bitcoin endorser, has issued a list of what he believes cryptocurrency needs to accomplish in order to reach mass adoption.
Armstrong was speaking in 45-minute Ask Me Anything [AMA] session published to YouTube on April 2nd. He highlighted three things that are important to both crypto and Bitcoin growth, namely volatility, scalability and usability.
During the AMA session Armstrong answered a variety of community-submitted questions. He stressed on the factors that crypto industry need to achieve mass adoption, a breakthrough that many experts in the industry believes as the most acceptable way of cryptocurrency growth.
Reports suggest that price volatility is one of factors that affected the widespread adoption of cryptocurrency. According to Armstrong, if the crypto markets keep changing dramatically, it will be hard to get more traditional investors involved. The industry needs more stable coins and use cases to attract traders. Armstrong highlighted the rise of stablecoins as a solution for the volatility offering a risk free alternative for providing a risk-averse alternative to interested people.
The rise of stablecoins has led to the deterioration of interest in bitcoin and other cryptocurrencies.
Scalability is another factor that restricted the widespread adoption of cryptocurrency. It continues to be a major issue for cryptocurrency into 2019.
Armstrong further added that there are up to ten teams developing on scalability solutions, such as the Lightning Network, to bring advancement in the speed of crypto transactions. Cryptocurrencies might hit 500 to 5000 transactions per second and start developing at Visa and PayPal volumes.
He cited with an example, investing into cryptocurrency or buying cryptocurrencies as easy as using popular Chinese app WeChat which would enable users the flexibility of paying in cryptocurrency instead of making it a difficult process.
During the 45 minutes AMA session Armstrong commented on the recent social media battle against Coinbase referring to the most recent #DeleteCoinbase movement.
He said genuinely love and believe in Bitcoin [BTC] and wants it to succeed. He supported the Bitcoin [BTC] and regrets being too involved in endorsing BTC during 2013 to 2014 believing that the coin could become a scalable payment network for everyone.
“I totally underestimated how controversial this idea might become in BTC community,” he further added.
Armstrong has always endorsed bticoin as the successful cryptocurrency and has claimed bitcoin as his “first love” on his twitter account previously.