{"id":42244,"date":"2023-10-20T15:19:47","date_gmt":"2023-10-20T15:19:47","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/emerging-markets-may-be-the-future-for-cryptocurrencies-startupsmart\/"},"modified":"2023-10-20T15:19:47","modified_gmt":"2023-10-20T15:19:47","slug":"emerging-markets-may-be-the-future-for-cryptocurrencies-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/emerging-markets-may-be-the-future-for-cryptocurrencies-startupsmart\/","title":{"rendered":"Emerging markets may be the future for cryptocurrencies – StartupSmart"},"content":{"rendered":"
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Some of the world\u2019s biggest emerging markets will skip traditional banking payment systems completely, according to Michael Wallis-Brown chief commercial officer at Guvera, and founder and chief executive officer of Tapp Tribe.<\/p>\n

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Wallis-Brown was speaking on a panel at the Inside Bitcoins conference in Melbourne, formally on the topic of Moving Bitcoin Forward: Bringing Trust, Legitimacy and Transparency to the Market.<\/p>\n

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He says it\u2019s important not just to look at bitcoin and cryptocurrencies from the Australian and American perspective, where there is already a lot of banking and payment systems in place, but also in a global context.<\/p>\n

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\u201cWhere was the first share trading on mobile banking in the world? Indonesia,\u2019\u2019 he says, \u201cwhich has only got a GDP per capita of about $5000 per year.\u201d<\/p>\n

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He stresses the future of currency and payments is not necessarily in bitcoin, but the protocol that it is built on.<\/p>\n

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\u201cHalf the world\u2019s population sits in Southeast Asia, India, China \u2013 these guys are going to skip traditional banking completely,\u201d he says.<\/p>\n

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\u201cThere\u2019s major, major players, not just [Apple], but there\u2019s other big ones that we\u2019re actually working with coming out in China that can bring alternative payments into the world. Banking systems, finance systems, it\u2019s all going to be on mobile and it\u2019s going to accelerate the protocol, in my humble opinion, to the mainstream.\u201d<\/p>\n

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There\u2019s considerable incentive for a big player to develop a closed economy, bitcoin without the transparency, and Wallis-Brown points to Apple as an example.<\/p>\n

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\u201cI don\u2019t even have to talk about how much they spend on the app store,\u201d he says.<\/p>\n

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\u201cBut most of that\u2019s done on credit cards \u2013 600 million credit cards.<\/p>\n

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\u201cWhere are the consumers of the future going to come from for the app store? They\u2019re coming out of the big markets.<\/p>\n

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\u201cThere\u2019s only 10 million credit cards in Indonesia. So they are going to be doing virtual currency transactions. It\u2019s happening there today, but the protocol in whatever form it will take, will be threaded through that.<\/p>\n

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\u201cAll the other bits and pieces around developing legislation, developing technology and security, stacks will be built around it.<\/p>\n

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\u201cIt will evolve just like the internet.\u201d<\/p>\n

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Among those appearing on the panel was Will Dayble, founder of Squareweave. He says the technology that bitcoin is based on has the potential to drastically alter the world.<\/p>\n

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Dayble says the base technology upon which bitcoin is built enables the fluid transference of ownership.<\/p>\n

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\u201cThe things that can emerge from that kind of understanding is that we can have things like digital transference of property in its broader sense.<\/p>\n

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\u201cAnd that in and of itself, at the top of the stack, is incredibly interesting and has nothing to do with money \u2013 only to do with transferring ownership.<\/p>\n

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\u201cAnd that\u2019s really exciting particularly in emerging markets.<\/p>\n

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\u201cTo think of bitcoin in what it is in comparison to Commonwealth Bank or NAB or something is looking seconds ahead, not years ahead.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Some of the world\u2019s biggest emerging markets will skip traditional banking payment systems completely, according to Michael Wallis-Brown chief commercial<\/p>\n","protected":false},"author":2,"featured_media":60446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42244"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=42244"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/60446"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=42244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=42244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=42244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}