Cryptocurrencies emerged on the financial scene just after the crash of the traditional fiat framework back in 2008. Initially, cryptocurrencies were largely signified by their usage in illegal and nefarious activities. Their usage was condensed around the negative elements of the internet such as Dark Web, Silk Road, an online place where you can buy drugs using cryptocurrencies, etc etc. Even today, cryptocurrencies are being used for illegal activities online. Since cryptos are not governmentally controlled or regulated by any authority, people can get away with malicious activities very easily. This is the reason why the vibe around cryptos is largely negative in the mainstream media and in the general public. But is there a world beyond this negative usage?
BlockPublisher recently got in touch with the co-founder and general partner of a very well-renowned name in the world of crypto finance, Morgan Creek Digital, Jason Anthony Williams. Jason gave a clear insight into why the connotation attached with the crypto space is so negative in the media and also expressed his opinions regarding illegal and negative usage of cryptocurrencies.
I think because such a small subset of the population is using cryptocurrencies right now. And when you look at the origin of digital currency or magic internet money, I think it’s initial use case was driven by anonymity and nefarious activity. But let me frame the whole discussion with, the US dollar is used by far and exponentially more than cryptocurrency for nefarious activity.
Jason pointed out that the initial exposure to cryptos was gained through their negative usage and that is what drove its adoption in the beginning. Adding to his statements, he also said:
I love the gaming industry. When the internet was actually created they forgot to build in a transaction component or intentionally did not build a transaction component. Cryptocurrency to me is the internet 2.0 with a transaction component built into it. So you’re gonna see in the gaming community for example, the ability to gift digital assets, purchase digital assets without fiat conversion, I see that is actually the leading edge to pushing adoption of cryptocurrency. It’s actually inside the gaming communities, and them taking possession of the digital assets that they currently don’t own, and they spent a lot of money buying them.
Jason is of the view that cryptocurrencies give the internet the financial component that it needs. Carrying out money-related activities on the internet can surely revamp a lot of industries if the negative elements linked with them are eliminated. Regulations and acceptance on an official level can also help this world grow and mature as we move into the future.
As suggested by Jason, cryptos can play a crucial and game-changing role in the video gaming industry. Digital assets can be used to perform in-game operations, purchases, exchanges etc. One can also choose to move his digital assets anywhere else if he or she is done playing a particular game. Cryptos do possess a lot of potential in this sector if used properly.
All in all, the crypto space is still very young. More and more developments are being made in this world with each passing day. Also, the potential possessed by the technology lying underneath cryptocurrencies, the blockchain, is massive. It will be interesting to see how this world flourishes from here on and how many industries does it affect.