The Chief Executive Officer of South Africa’s based crypto exchange Centbee, Lorien Gamaroof has expressed great optimism in the future of virtual currencies. In his statement, he says that there is much hope for the industry. But this he says is dependent on if consumers and merchants can take a cue from each other, to see value in the application of the technology and not get entangled in the technicalities involved.
Speaking on the reason why cryptocurrency is stock at this point, he explains that most people don’t see the reason why they should own cryptocurrencies. “What exactly would they need it for especially when there is an option they can trust?” this he reiterated to media men.
“People don’t see a need for [cryptocurrency]. I think they might look at it as a weird oddity. I think that the more we see merchants accepting it, that’s when people are going to start thinking, ‘Hang on, I could use this to pay for things much more cheaply and more effectively’.”
Currently, cryptocurrency and its underlying technology, the blockchain still sounds and looks like magic to the ordinary user. Nevertheless, the input blockchain tech developers have contributed to the community have helped to bridge this gap just a little bit by building cryptocurrency wallets which are easier to use and decentralised apps which can process information just the way the old platform does. This he says has contributed to bringing just a few, who are not technically inclined to check out the amazing crypto space; still, there’s still a lot to be done.
“Right now, there’s a lot of terminology and strange things about Bitcoin that is different from what people are used to. So if we try and adopt the same methods that people have to send messages to their friends, to be able to connect to their friends, then that’s when you’re going to start seeing people being able to intuitively use these tools.”
Due to the upgrade of the Bitcoin Cash [BCH] from 8MB to 32MB blocks, the ability of the cryptocurrency to handle transaction shot up, and it becomes imperative to meet the demand of the people, who engage in such transactions.
Thankfully, project teams are doing all they can to make sure these technologies are efficient enough for daily use. An example he mentioned is the Bitcoin Cash (BCH), which recently upgraded its blockchain capacity from an 8MB to a 32MB block capacity. This upgrade helps with the cryptocurrency process transactions much faster depending on the number of people using the network at the same time. And with the number of people transacting using BCH (which isn’t much at all), the present block size is just perfect.