Inside Bitcoin: Day 2 (11th December)

This article presents the review of the day two of the conference “Inside Bitcoin” is the next issue in the series including articles “Inside Bitcoin: Day 2 (11th December)” and “Entertainment Capital of the World to Host “Inside Bitcoins Conference” Next Week”.

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Inside Bitcoin: Day 2 (11th December)

This article presents the review of the day two of the conference “Inside Bitcoin” is the next issue in the series including articles “Inside Bitcoin: Day 2 (11th December)” and “Entertainment Capital of the World to Host “Inside Bitcoins Conference” Next Week”. The main attention of the day was drawn by BTC China and other Chinese participant because of the recent warning issued by the government of the country.

The second day of the meeting started rather slow as the panel “A Practical Guide to Bitcoin Compliance and Regulation” was continued by praises of the hosts by Bill Haraf, Managing Director of Promontory Financial Group and Adam Shapiro, the Group’s Director, believing that the next year, the 2014 will definitely be the year of bitcoin, its fast progress and new level of popularity. Besides, it is necessary to mention that such forecasts already are leading to the stabilization of the exchange ratio BTC/fiat money that was harmed by the coming up of China.

Steve Beauregard, CEO and Founder of GoCoin pointed out the bonus and loyalty system in the bitcoin environment might be an interesting approach to attract new users. He also voiced his conclusion that the virtual currencies are very often used for gifts and donations. The reason might be the anonymity, high speed of transactions and no fees.

The soffits on stage were still focused on Bobby lee from BTC China. He insisted that “Trading volume has risen from $5m to $50m”. China is determining the market, setting the trends and might gain bigger influence being the biggest market of appeal of the coin. He asked the audience to cease the worries as there is no point for such. The warning published by the government does not recognize bitcoin as real currency, but does not prohibit actions. “BTC China as a business will not have problems with deposits and withdrawals [from banks].” It is also a reason why the Chinese exchange platform did not succeed in starting the cooperation with the Chinese Retail Giant Suning. Baidu was one the first and last to be able to introduce the coin as a payment method for their provided services. Most of the experts participating agreed on the idea that the authorities are not ready to make decisions on matter they do not fully understand. The official organizations and institutions should be supported and educated to gain the awaited results and allowances.

The last topic of the day was “Moving Bitcoin Forward: Bringing Trust, Legitimacy and Transparency to the Market”. It has featured many members and presentations. The contributors, among which Andreas M. Antonopoulos, founder of RootEleven; Eric Benz, VP of Business Development for ZipZap Inc; Robert Cho, VP of SecondMarket; Adam Ettinger, Partner at Strategic Counsel Corp; Izzy Klein, Principal of Podesta Group; and Ardon Lukasiewicz, Founder of Bitmarkers, agrred that next year might be the determining term for policy and regulations, still seeing complications in the basic and technological part of the currency.

The next stops of the conference will be in some city of Germany, Hong Kong, New York and London. The meeting and conference is planned to be not just annual, but to be held in different countries several times per year.

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