David Adekanye is a passionate Web3 content writer and copywriter with a portfolio covering diverse Web3 topics. He brings his content writing experience and hypnotic copywriting skills to Web3 sites to consolidate the marketing efforts of blockchain-native brands, relentlessly building the future of the internet.
Cryptocurrency in the regulatory box. What’s next? What do you think is lined up for the crypto market?
Crypto regulation should be internationally oriented, like global climate change laws. There are a few things as cross-border as crypto. So while national laws should allow for innovation, stability, and regulation within borders, there should be international laws that regulate cross-border transactions, protect investors, establish and promote invention and for international dispute resolution.
Crypto is a hot topic, right? Do you think people would need additional education before getting into cryptos?
By “getting into crypto,” I’m assuming you’re referring to participating in the cryptocurrency market either as an investor, a trader, or both. Each of these levels has its entry requirements in terms of knowledge and skill. Cryptocurrency is revolutionary and so differences, sometimes sharp, exist between the traditional finance entry requirements and the relatively new cryptocurrency market. So it makes sense, and as a matter of fact, people need additional learning to get into crypto.
Some of the technical entry requirements may be learning new interfaces, technical analysis, new terms, and other app features. Unfortunately, the user experience on crypto apps is yet to be basic enough or perhaps idiot-proof. So a bit of learning needs to occur here.
Research also shows that 98% of people don’t grasp the basics of Bitcoin. Although a survey suggests that one in three crypto buyers don’t understand it, crypto education still very much remains one way to wider crypto adoption. This lack of understanding of the basics is probably the reason why 97% of day traders lose money. Thus, spreading negative sentiment and inhibiting adoption.
Can blockchain solve all the problems in the real world?
There’s no skeleton key to the problems of the world. The major purpose of blockchain is decentralization. If it could decentralize Alqeeda, then we’d have more bomb squads dealing with nukes all over the world. Blockchain won’t cure cancer or hepatitis either.
While it won’t directly stop war or prefer cures to diseases, It may have countless secondary benefits hard to project for now. For example, if Bitcoin takes over fiat, then our governments might not really be able to print money to finance wars as they do. Because war ordinarily should be too expensive for any nation, but the lack of soundness and hardness of fiat has greatly given way for it.
Not to ignore the primary use case, blockchain will help democratize industries that have been plagued with centralization or that could do better without it. It will also help inspire trust via its trustless framework and promote privacy as never seen before.
Today, does it really matter if we know who Satoshi is or was?
Satoshi is said to have around a million Bitcoins. If he decides to sell, we’d have a massive price tank, and as customary, other altcoins will follow. Satoshi may not be able to influence the general Bitcoin codes except on his laptop, which won’t make any difference unless he has a 51% hash rate. But with such an amount of stake in the coin and the reputation he’d have, he’s likely to be as Elon Musk is in the crypto world but with an exponentially bigger and undue influence on the market. His anonymity might just be a blessing.
How do you imagine the idea of “NFTs: the Future!”
Although the NFT space is still finding shape, form, and evolving, NFTs are definitely the future and are maybe essential for the next digital era the world is fast leaning into. The metaverse is slowly becoming the next level of immersion and interaction beyond pictures, audio, video sharing, and calls. NFTs are likely to be the unit of commodities in this virtual world.
For certifications, identity verification, ticketing, and other forms of token-gating, NFTs will be very essential. We see a lot of Gen Z and Gen Alpha kids wandering around the virtual worlds. About 55% of players on Roblox are under 13 years of age. The next generation has a new standard for what is appealing and exhibits new digital behaviors. Brands know this and are driving and leveraging the technology to appeal to this set that will form its major future customers.
What’s your favorite pastime?
I watch old movies, hang out, or take a walk while listening to music.
It’s a wrap-up
Blockchain is an internet evolution still in its potential state. The reality of it will hit us soon.
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