Nick Garner of Rize Digital spoke with Becky Liggero about his thoughts on the cryptocurrency regulation being proposed. He believes that control is a good thing. Cryptocurrency is favored because there is no central authority. It removes the “middle person” from the transaction. Central authorities currently govern operations and regulate the exchanges. With blockchain, cryptocurrencies like Bitcoin are not subject to outrageous fees or worrying financial transactions.
However, the growing popularity of cryptocurrency has financial regulators fearful. The crypto world is starting to affect the traditional exchanges, and this means that things have to change or there will be a complete economic upset.
Rize Digital’s Nick Garner says the battle between regulators and cryptocurrencies is going to have regulators come out as the winners. Cryptocurrency is most likely going to become second and third world countries main currency due to the increase in smartphone users. At this time, no government can control cryptocurrency, so more people are going to seek it out.
Regulators are going to win, according to Nick because the people want safety. Cryptocurrency is not going to become the majority currency without protection backing it. With many worries about unsavory transactions and illegal activities being completed with cryptocurrency the majority of first world people are hesitant to buy-in and learn more.
Gambling Changes with Crypto
Gambling is a heavily regulated industry, and yet they are allowing cryptocurrencies into the pay method. There are two tiers were we already see the industry being transformed. The first is that blockchain enable efficient transactions and then there is a left-field disruption.
There is no stopping change or the interference of regulators. What we have to do is ask people to look at the ICO market, read the white papers, available and ensure that everyone understands that cryptocurrency is about getting money. The more money raised in the crypto world, the better.
Garner stated that we have to look at gambling and cryptocurrency in a decentralized nature. Gaming is more decentralized than it has been before. If you share a file, there are torrents, which disrupted how people had access to music and entertainment. The big businesses had to jump into streaming to stop the file sharing problems.
Cryptocurrency is going to be the same way. To regulate the market, big businesses are going to need to take part in accepting cryptocurrency. Gambling is not the only place that has started. Amazon is already making way for cryptos.