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2017 ROUND-UP 36


The year cryptocurrencies became a force to be reckoned with


At the time of writing, Bitcoin has hit $11,000 per coin. Impressive numbers, particularly compared to the beginning of the year. But cryptocurrencies are many and varied, and Dash Core’s CEO Ryan Taylor has a lot to say about it


Junior Reporter Henry Vilar


T


he role Bitcoin has played in the past year can hardly be understated. Its meteoric rise in value, popularity, and like all things pretty, contention, has been a great push


for cryptocurrencies in general. Be it by luck or a keen eye for obscure finances, many are still reaping the benefits of a year of continuous growth – even with its ups and downs. We reached out to Ryan Taylor, CEO at Dash Core, to get an expert insider’s perspective on cryptos.


On January 1, 2017, the total market capitalisation of all cryptocurrencies was a combined $17.5 billion. Currently, with two months to go, it already sits at $183 billion, over ten times the number from the beginning of the year.


“2017 will be remembered as the year the world took notice, and could no longer ignore the technology that is inevitably changing the world,” says Taylor. “It was also the year that investors recognised digital currencies as an investment class. Bitcoin’s market dominance dropped substantially in 2017 as the market began to recognise the innovation and strategies of various projects in the space aimed at serving unique needs of specific markets. Investors became aware that projects were offering substantially different features, and became interested and open to learn about other projects in the space.


“In terms of adoption, we’ve seen industry user growth rise exponentially. Regulation is becoming established and we welcome the clarity that has provided our partners. It not only provides global validation to such a new industry, but it provides investor protection and consumer confidence in each jurisdiction.” However, he believes that lack of education has prevented cryptocurrencies from fully taking off, despite the increasing number of resources and coverage that they are receiving.


Scepticism towards cryptos has also been shown by Credit Suisse CEO Tidjane Thiam, who called it a bubble; and none other than Vladimir Putin. It has already been banned in Vietnam, and been the centre of major scandals in places like the Crimea. It is also interesting that this year has been no easy ride in terms of politics. All over the world, political instability has been compromising


currencies and economies, and cryptocurrencies have, for better or worse, benefitted from the volatility of physical currencies. Taylor says: “Seeing digital currencies like Dash and Bitcoin become preferred methods of payment in struggling economies like Venezuela and Zimbabwe was a


significant development.


“However, the black market rate is much lower. Amidst the economic turmoil and an almost worthless fiat, Venezuelan citizens turned to digital currency, using cryptos as a store of value and means of transacting. Dash can be withdrawn from ATMs, spent in stores and online, used for international remittances, enables utility payments, and holds its value extremely well. Dash provided Venezuelans an opportunity to support themselves, participate in commerce, and avoid the effects of inflation. Regions experiencing economic disaster are the places where digital currency adoption incentives are the strongest.”


With such divided views on the viability of cryptocurrencies, it can be hard to predict its future in the long term. However, the trend seems clear for next year. Taylor said he expects to see more worldwide use cases for digital currencies, as well as further integration between blockchains and enterprise. But even beyond that, there is still a strange disassociation from cryptocurrencies and consumer value, as there are little to no means for the average consumer to spend your bitcoins. For Dash in particular, the cryptocurrency that his own company supports, Taylor has faith in the potential of Evolution payments. “Think of Evolution as an online payment system, similar to PayPal or Venmo, but completely decentralized, so that a user is always in control of his or her own money. And unlike PayPal and Venmo, it will be inexpensive, with no cross-border fees or global restrictions.”


Digital is the preferred method of payment in struggling economies


www.ibsintelligence.com | © IBS Intelligence 2017


Ryan Taylor


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