The C3 Crypto Conference, Germany’s largest crypto conference, took place in Berlin on the 5th and 6th of April. For your reading pleasure, here some of the most interesting things that we gleaned from presentations, panel discussions or individual talks.
Cryptocurrencies help unbank the banked, not vice versa
There are many articles about how blockchain and Bitcoin are banking the unbanked. In other words, cryptocurrency is supposed to those countries and people who don’t have traditional access to financial services. Looking at the crypto market today the reality is that cryptocurrencies serve those who are already “banked”.
Banking the unbanked is a nice vision and we might make this dream come true someday. But let’s face the reality: since Bitcoin entered the market, it served people in the developed world much more. The whole crypto movement is more about releasing ourselves from the chains of the traditional banking system.
Bitcoin has a problem in acceptance
There has been an unstoppable debate about the future of payment, especially whether Bitcoin is money or not. To define something as money, we need to look for its role. Bitcoin as money has to be a medium of exchange, a store of value and a unit of account. The most significant problem of Bitcoin is not volatility. That’s the result, and we need to dig deeper to fin the actual cause.
Bitcoin has quite a big market cap. But what is missing is an acceptable system.
We cannot pay with Bitcoin at most places. This is critical for money as a tool for exchange.
Bitcoin is not geek money anymore. But it hasn’t reached the mainstream either. If we want Bitcoin to spread, we need to set up a legislative framework. Of course, you cannot regulate Bitcoin itself, but governments can regulate services that operate with cryptocurrencies. That’s why you need to identify yourself during the registration process on cryptocurrency exchanges.
If we want Bitcoin to become mainstream, we need regulation. We can’t stay in the black or grey market. The majority of people won’t stay with the underground, even if it might be regarded as rebellious or “cool” for some time.
We will use different cryptocurrencies for different purposes
There will be more winners in the cryptocurrency market than just one. There are more than 1500 different cryptocurrencies and tokens on the market based on Coinmarketcap data. For sure, most of them won’t exist in 5-10 years. But many new ones will rise in value. Today’s economy is changing, and we will use different cryptocurrencies for different purposes.
Hype around Blockchain
Many companies are trying to use a hype around blockchain. One company even changed its name by adding “blockchain” into its brand and saw its share surge 394%.
But this is not a good example of innovation and the creation of a viable economy for this niche. We have to realize that blockchain is just a hammer or a screwdriver. It is rather a tool than a solution. Not every business model requires the implementation of blockchain technology. Not every service is useful to decentralize.
Miko Matsumura, founder of Evercoin Exchange, mentioned that we experience massive hype around decentralized exchanges. There are some good solutions on the current market, but as he said, they won’t service the majority of trading. Centralized exchanges are here to stay. The top reason for that is KYC (Know Your Customer Policy). We need to identify ourselves with the registration process on the cryptocurrency exchange and the reason for that is preventing money laundering and any serious illegal activity.
There are cool words, such as blockchain, decentralization, tokenization, but we are at the stage that we need to develop something that is useful, not just cool and trendy. Otherwise we won’t reach a new all time high on the crypto market.
- Cryptocurrencies are here to stay.
- We believe more in technology than people. One of the reasons that Bitcoin is popular is because it is not backed by the government or any other group of people, but it is backed by cryptography.
- We are standing at the edge of new possibilities in the entertainment industry.
- The future of TV is interaction. TV will provide us with a social network, a channel that we can individually customize.
- The top industries embracing cryptocurrencies are betting, gaming, and sports.
- Augmented reality will reach the mainstream much earlier that virtual reality. Visit Kaleido Insights and get full reports in PDF.
- Nobody in the crypto-space will scale without gamification. Do you remember Crypto Kitties? They managed to scale so fast because their token wasn’t about money. They put cute kitties in front of our eyes, not a token.
Will Berlin become a hub for crypto-related businesses?
The C3 Crypto Conference was the first big event focused solely on cryptocurrency in Germany. It was organized by Paranoid Internet. It was the first C3 event and Denis Weidner, CEO of Paranoid Internet, said that he wants to put Berlin on the top list of cities embracing blockchain and cryptocurrencies.
We don’t have a major hub for blockchain or crypto enthusiasts in Europe. You can go to London, the financial center, for many conferences about fintech, there is a big crypto community in Gibraltar, great events in Amsterdam. But Germany is a leading economy in European Union, and Berlin is a technological city. It attracts many developers and creative individuals.
Just do it. Move to Berlin and take your chance. There is no better place to fail than Berlin.
We really like this attitude and the enthusiasm that all the organizers had during the event. We have been to Berlin for the first time, and the C3 Crypto Conference offered a warm welcome.
No doubt Berlin will take the lead in crypto-related business in Europe. Just one month after the C3 Crypto Conference, Berlin will host another big event. Blockshow Europe 2018 is coming to Berlin on May 28-29. This blockchain event is organized by Cointelegraph, the most visited website on cryptocurrency news. You shouldn’t miss it!