PayTabs CEO: ‘Cryptocurrency is Here to Stay’
Plenty of people remain skeptical about cryptocurrency’s future. PayTabs’ CEO, Abdulaziz Al Jouf, is not one of those people.
‘It is out of their control’
The cryptocurrency market is notoriously volatile and still remains largely unregulated — but that doesn’t mean it should be dismissed as a failed project. According to the CEO of the Saudi-based payment processing and fraud prevention company PayTabs, Abdulaziz Al Jouf, “cryptocurrency is here to stay.”
Al Jouf believes cryptocurrencies will continue to exist and gain popularity, as none of the core problems which originally provoked Bitcoin’s creation — namely, centralization and a lack of transparency in traditional finance — have been solved. He explained to Arabian Business:
There are different dimensions and different directions where this will go. Keep in mind that until today, central banks are trying hard to ban [cryptocurrency] because they feel it is out of [their] control.
If you think back to why cryptocurrency launched, it is because of the massive collapse in 2011… [It aimed] to make sure currencies and money is protected everywhere.
While cryptocurrency is still a long way from mainstream, traditional finance hasn’t exactly regained the trust of the masses after the economic crisis — and is almost certainly never going to regain the trust of cryptocurrency proponents.
‘Making Extra Bucks’
Al Jouf also believes cryptocurrency will stick around as a popular way to speculate and make money by trading in a volatile market. He explained:
People still use it for the fun of making extra bucks. Of course it’s risky and anything new is risky. There’s a lot of hype on how to make money out of it. I’m sure you heard that if you had bought x amount of bitcoin… You’re a billionaire today. But in reality, there’s a big issue on how to get this money out of the cryptocurrency industry.
Plenty of companies are already working on solving this issue — including Al Jouf’s. As more regulatory-compliant solutions come into play, cryptocurrency will only be further solidified as a viable means of value transfer, speculation, and investment.
‘Blockchain is not doing anything’
Finally, Al Jouf noted his opinion that blockchain technology is currently not doing anything of value for the real world. He told Arabian Business:
Blockchain [in its current form] is not doing anything. We need to implement it somewhere on our surface. You see a lot of people talking about blockchain, but there’s the question of why do you need to use blockchain and how you can implement it in your business. In Europe, many companies completely shifted their businesses to blockchain. We need some time in the region to see [that]… I see it progressing in some areas, but it will require some time.
During that time, expect companies all over the world to nevertheless continue implementing blockchain solutions in the race to launch the first true killer app. If and when that happens remains to be seen.
Do you agree that cryptocurrency is here to stay? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, Wikipedia Commons, AdobeStock.