Bettergram, a project aimed at providing an easy-to-use communication channel to the world of crypto, suggests that with properly incentivized economic frameworks in place, cryptos can certainly provide innumerable financial services to users across the world and can certainly improve the lives of people.
Talking to BlockPublisher regarding cryptos, the founder of Bettergram, Max, stated:
I think if implemented correctly with properly economically incentivized systems designed for inclusion, we will see a level of unprecedented financial freedom for a large portion of the world.
Cryptocurrencies transcend the borders and limitations presented forward by traditional fiat currencies. One of the burning issues that is associated with cryptos is the lack of a regulatory framework. Trust among the public is also on the lower side due to this lacking. Once such issues are resolved, cryptos will have serious chances of revamping financial workflows across the globe.
Talking about the prospects offered by cryptos, Max added:
I don’t think the goal is to replace fiat, but to provide financial services worldwide and improve the lives of people all over the world. If you look at Venezuela or other countries with rampant inflation, cryptocurrency has been a nice alternative due to the immutability aspects.
Now, although the crypto world is facing a lot of issues in the form of manipulation, volatility, ICO scams and much more, this also does not specify that fiat is perfect. Quite recently, we have seen that the traditional financial frameworks in countries such as Iran, Zimbabwe, and Venezuela are already facing serious issues. As suggested by Bettergram, cryptos can possibly become a viable alternative for fiat in the future.
Blockchain is the technology that lies at the core of the entire cryptocurrency world. Upon inquiry by BlockPublisher regarding the blockchain technology, Max stated:
Once all the industry does some self regulating, I hope we’ll see a lot of novel and important uses in the future that benefit society as a whole versus the whole lambo moonboy vibe we’ve had in the past 1-2 years.
As of now, the crypto world has not been accepted by a majority of official organizations. Public adoption is also on the relatively lower side. The issue of the lack of adoption persists at a large scale owing to certain issues. Due to the volatility associated with this world, prices jumps and plunges are seen too often. Price manipulation is also, allegedly, done by big whales present in the market. These issues destroy the reputation of the crypto world among the general public.
If this market needs to survive and go mainstream, official acceptance is an important step. There is a need to semi-regulate the market to eliminate any kind of possible manipulation. Protection of investors is also needed in the form of official acceptance that will come as a result of the establishment of a crypto-linked exchange-traded fund (ETF). Formation of global financial ecosystems like Bakkt will also help the market get more mature
Once such steps are taken and the market matures, it certainly possesses the power to revamp the financial structures of different countries and improve the lives of people, as suggested by Bettergram.