Bitcoin Development and the Necessity of Regulations
From the 26th till the 29th of October Berlin, Germany welcomed the conference TechCrunch’s Disrupt Europe 2013.
From the 26th till the 29th of October Berlin, Germany welcomed the conference TechCrunch’s Disrupt Europe 2013. One of the main questions discussed during this convention featured the necessity of regulations for the bitcoin and other crypto currency environment and the perspective of development.
The founder of CoinDesk Shakil Khan voiced the opinion everyone could only agree upon that the digital currency community needed new systemized regulations and very strong supervision to bring it closer to the rest of the world, to make it a trustworthy household name for any king of user of the Global web.
The panels title where not only Khan, but also Mangrove Capital investor Michael Jackson and Nejc Kodric of the Bitstamp participated, gave the allusion to the EU currency euro. All three agreed that there is still a very long path to go till bitcoins could be compared to this fiat currency uniting a big amount of very different countries.
Also the three leading specialists of the branch insisted that the investments have ceased during the past months, and there is a reason for it. The area has to be regulated to attract more people and already existing physical companies. Khan has mentioned that the development of the bitcoin sphere can be divided in three generations. The first generation emerged during the dusk of the crypto currency and most of the companies have been terminated. Almost no company from this generation can be found active in the present time. The second generation can be observed nowadays. All the main services, exchangers, retail and small vendors belong to it. The third one is the progressive future of the bitcoin that soon will arrive.
All three have mentioned that the current companies lack in experience of business and often do not understand the basic rules of economy and business. Thins cannot be built upon pure hope and energy of the founder. The generation process of ideas is very good, there are many perspective ideas that without professional advice might parish on the boarder of the second and third generation.
The future comes with companies who have already experiences their up and down, have tries startups even on the web, where among good technicians are lawyers, statisticians, marketing specialists, PR managers and other people necessary to establish, promote and bring further the company.
To attract successful businessman from the physical companies strict regulations are necessary. The first step done by the Chinese Baidu is a great example. This opportunity should be evaluated as the best advertising for the bitcoin community. The next step should be directed towards the EU. The panel members insist that the success in one of 28 countries if the European Union will lead to acceptance of the coin all over the continent. The population of EU is very pragmatic, if they start trusting the system it will spread very fast. The first aimed countries should be the Eastern Europe, including Scandinavia and the Baltic states.
The great thing about EU that when of the countries will develop policy on the matter others might adopt it. The bitcoin system might push aside Western Union and other companies offering money transactions because of smaller fees and bigger speed of processing of deals.
In the end Khan added that he things that big companies will come to bitcoin, because it is a far smaller risk than the ones already relieved by the investors.