Crypto is also like Amazon and Uber and the world is transforming to it
The expert says that the cryptos are a decentralized way of parceling the service, just like Amazon and Uber.
The future of cryptocurrencies is in the balance as the Indian Government considers it as a law. The wrathful debate is on if cryptocurrencies like Bitcoin hold any real value or its is just their prices that are creating theories. If crypto advocators are made to believe in the concept of cryptocurrencies, it is no different from Uber and Amazon. The experts believed that a crypto-run economy can create a low-cost model in which services can be delivered on a large scale.
Vijay Ayyar, Head of Asia Pacific told that any centralized service like Uber and Amazon, which has a global presence, acts as middlemen. Cryptos are the same. They will create a decentralized way of delivering the services that will get developed around it. It is a long-term thought and they are closely moving towards it. They are like decentralized Amazon and Uber services.
Long-Time Revenue Generation Source for Government
Asia Pacific Head sees value in cryptocurrencies for the government. Not just it helps in attracting more investments but opens up various opportunities for new businesses.
He further adds that this could be a beneficial revenue-generating source for the Indian government. There is a good possibility that crypto is becoming the next big thing in the internet revolution, worldwide. The big institutions are looking at crypto. Major countries are regulating it and not banning it. India should be on the same path.
In fact, in immense countries like the USA, Europe, and Japan, one can avail services with one’s Bitcoins. They can pay for their meals with Bitcoin currency and it is legal. They can also use the Bitcoin app to pay for goods.
Blockchain without Bitcoin
Another government perception is that the blockchain is good, but cryptocurrencies are not.
Ayyar says that there is no doubt you can build a blockchain without a cryptocurrency, but you might end up with a random database that you can easily build with 10 computers.
He feels that this is not the real innovation. The real innovation comes from having it at a scale around a public network. It is a type of system that will allow you to manage the demand and supply of the resources that the network will be providing.
Cryptocurrency usage is still under discussion. The parties are ready to follow regulations that come up. There are two sides of innovation, good and bad, but everyone feels that cryptocurrencies deserve a chance.
The only option is to wait and watch if Bitcoin will become the next big thing in India or face an abrupt exit.