As part of the Digital Currency Council’s Continuing Education partnership with Inside Bitcoins, the DCC’s Director of Curriculum, Dan McArdle, has had the opportunity to interview the thought leaders that will be speaking at Inside Bitcoins Singapore on January 29-30. Today, we share insights from Dan’s interview of Steve Beauregard, Co-Founder and CEO of GoCoin.
Dan: Tell us a little about your background in Bitcoin and Digital Currencies, and how and why you got involved?
Steve: In the mid-2000’s my former company developed mobile games and apps that often had stars, points and various forms of loyalty and leader board type systems. As we moved into more e-commerce based applications, I always thought the “holy grail” would be a virtual currency that could be used across the Internet. When I saw Bitcoin and came to understand the security behind the blockchain technology, I was “ALL IN”
Dan: What excites you the most about the long-term prospects for Bitcoin?
Steve: Actually I’m more excited about the long-term possibilities for Blockchain based technologies. I believe Bitcoin will continue to be a good long-term store of value much in the way gold is. That said, the possibilities for payments innovation to reduce cost by eliminating unnecessary intermediaries is the kind of disruption that gets and entrepreneur excited.
Dan: What worries you the most about getting there? What is the biggest challenge to success?
Steve: The user experience of setting up a wallet and buying coin is still a solution built by engineers for engineers. The process is still confusing and disjointed. Getting coins onto Smartphone apps with a simple and secure user interface will be one of the keys to adoption. The second key to adoption is finding the right products and services for which people will buy coins because that is the best way to transact. My fear is over regulation before these two elements have time to come together for the overall benefit of society.
Dan: People often say that the Bitcoin ecosystem today is like the early internet. As someone who helped build the early internet, do you think that’s a sensible analogy? If so, what stage would you say we’re in relative to development of the internet?
Steve: I believe a better analogy than the early Internet is “the early days of mobile apps.” In the early 2000’s I was building mobile apps at a time when Smartphone adoption was rather low and the speeds over the cell networks were impossibly slow. In Internet terms, I would say we are at 1996 and in mobile apps, I’d say 2004. The fact that we have the Internet and mobile apps available today, I believe the adoption cycle will be much shorter for blockchain based systems to hit mainstream.
Dan: Steve, thank you very much for your time, insight and support of the Digital Currency Council.