Thinking about the Bitcoin industry and attracting new users, there are three aspects to the experience. Buying bitcoin, using Bitcoin, converting Bitcoin to local currency. For most people that are likely to use Bitcoin itself, these are the three main activities that need to work for them. Advances have been made, but Bitcoin is still struggling with providing a complete user friendly experience for that first point of contact with the industry, buying Bitcoin. However, a new payment structure offered by a partnership with Blockchain and payment startup Coinify hopes to change this by allowing direct funding of a Blockchain wallet using a credit or debit card.
Hiroshi Nakaso, Deputy Governor of the Bank of Japan, reveals directed efforts to include Fintech and blockchain technology into the Japanese banking system. Nakaso also shot down rumors that Japan had plans to repeal current currency in exchange for a digital version.
Blockchain is the technology of the moment, not a week goes by without a new way of harnessing the abilities of blockchain appearing, which is great for the industry. However, with a growing number of projects all using different blockchains, some bespoke private solutions, some tailored public ones, some piggybacking onto existing blockchain networks, there is a danger of increased fragmentation that could cause issues long term. That is the problem that a new paper published by Parity Technologies Ltd.’s Gavin Wood is looking to solve, with the new Polkadot network that will allow transaction data exchange between different blockchains.
Widening the user base, raising awareness about digital currencies and simply getting the cryptocurrency industry noticed and legitimized around the world are challenges that have existed since the launch of Bitcoin seven years ago. While many people have good ideas regarding the path to take to achieve this, a trend is forming with increased use in areas where there is turmoil in the fiat monetary system itself. Are the problems in India and Zimbabwe a clue as to where the answer for digital currency adoption will be found?
If there is one area where the fiat system has always struggled, it is cross border remittance. Relatively high costs, slow and heavily bureaucratic, the remittance system has been a hindrance to the growing army of global workers who rely on cross border payments. From freelance designers and programmers to web design and writing, these things are done by people all over the world, for client’s in every continent. To streamline this process between Korea and China, and possibly transform remittance forever, Shinhan Bank is launching a new remittance service that uses Bitcoin as the intermediary funding.