Sunday, August 25, 2019

Former Overstock Chair: Cryptocurrencies are ‘cheaper than you expect’

Former Overstock Chairman Jonathan Johnson recently shared his sentiment on his stand about cryptocurrencies. As the ex-chairman of the first major online retailer to accommodate bitcoin, Johnson embraces crypto way better than anyone else.

During an interview with Forbes, Johnson gave his thought of the cheaper way of doing business through crypto. He said:

“When we take cryptocurrency, we have a very small transaction fee with Coinbase, much smaller than our credit card processing fee, and we have no fraud prevention department. It’s like a cash transaction. For us, that is a much cheaper way of doing business.”

According to Johnson, Overstock.com receives a massive amount between $68,000 and $120,000 a week or 0.2 percent of its total revenue through cryptocurrencies. He explained that crypto is still the best way for business even after its declining market over the first half of 2018.

He also added that credit card companies are losing more money if they’re not using cryptocurrency. “We pay a processing fee for credit cards, and we employ about 40 people in our fraud department. That’s a cost of doing business with credit cards” Johnson explained.

Unfortunately, with all the issues surrounding the crypto business particularly on the USA. It is hard to give a strong argument about its reliability. But still, Johnson is hoping that companies and investors will be more entertained with crypto and its benefits to the economy.

Regulation of Cryptos

At the same time, US Securities and Exchange Commission (SEC) are still arguing that cryptos cannot be categorized as ‘securities’. “… strictly speaking, the token — or coin or whatever the digital information packet is called — all by itself is not a security” SEC Director of Corporate Finance William Hinman said.

Related Article:  Government's stand in Cryptocurrency

Still, Johnson is quite sure he is on the right track with the crypto system. He even gave a disapproval comment about the government’s regulations in cryptos. Stating that “We should not be regulating this technology. If there are uses of it that need regulation, maybe.” Johnson also elaborated his side by pointing out that that the government’s lack of information is constraining capital formation methods and the future development of crypto in the country.

Having different perspectives about crypto and its benefits to the world can be a total chaos. It can turn into a confusing business rather than a beneficial one for people who interest cryptos. However, taking risks and losing some investments happen to anyone who does business. And through whatever medium you use, you got to learn how to listen and to follow the business and the government.

 

 

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