As of 16th January AOL has published an interview with Gil Luria, who explains his vision of the Bitcoin on the global market and the significance of the cryptocurrency overall.
Gil works as a Computer Services Analyst for Wedbush Securities – investment firm that provides broker services, asset management, investment banking and so on.
First question that Ruben Ramirez (interviewer) asked of bill was regarding the analogy between late 90th internet and Bitcoin. Gil believes that there definitely is a parallel between the two, but at that point it’s not even the end of the decade but the beginning of it. The reason for this thinking is that software for the Bitcoin is still quite raw and the community of its supporters is not that great of a number.
Continuing that thought, I can also add that for the most of computer literate population Bitcoin stays a mythical beast. For these people the only way to appreciate bitcoin is to make it obligatory is some cases. Certainly, it cannot be done now, but in years if the cryptocurrency becomes a big part of our lives similar to what VISA or Internet have become over the years since their first introduction to the public, it will be accepted anyway.
The only thing that Bitcoin has and Internet lacked was, funny enough, the Internet itself. What Gil means is that in its early days before World Wide Web made a transformation from media to medium, there was no equivalently effective ways of spreading information. Hence, the gears behind the Net rotated slowly, until the soft became user friendly, tech cheaper and money invested or tied to It became so vast in amount that it could not be neglected.
The analyst has an opinion that the situation will repeat itself with Bitcoin. Only this time the process will be much faster. People from different parts of the world working together on the same problem instantly sending the information around the world online. That would make the evolution of cryptocurrency exponential.
Another reason why web wallets are not already a nice addition to our bank account is the speed with which it is being accepted by retailers and service providers – those would benefit the most. As an example Mr. Luria reminds us of Zynga calling the idea “phenomenal success” as from the moment social game provider embraced crypto it was able to sell single items instead of bundling them as they did before. This is an option now due to Bitcoins ability to split down to satoshies (10-8 BTC), enabling microtransactions on the scale that was not available before.
Same thing is with paywalls that are not a bad idea – that is a much better way for an internet tabloid to earn instead of putting ugly advertisement banners.
Gil claims that crypto will be a great addition even to the PayPal as adding a digital coin wallet to the service’s account would not add flexibility and innovative spirit to the payment platform but also grant Bitcoin an enormous boost of popularity.
While Ruben asked about the companies benefiting from coin, he did not forgot to enquire about those for whom the coin is not an innovation but a competitor. Gil’s response was not unexpected. Western Union, Master card, VISA – these could be the victims of cryptocurrency’s development. Thus the Bit’s further improvements and stabilization would make the former ones obsolete.
The interview is ending with a simple truth that although Bitcoin could be replaced by a better cryptocurrency, the idea behind it is too big to be simply discarded.
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