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August 22, 2018

MyBroadBand Forum Members ask Coindirect’s Stephen Young 58 Cryptocurrency Questions

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On Wednesday, the 22nd of August 2018, MyBroadBand hosted Coindirect’s Co-Founder and Chief Product Officer, Stephen Young. Here, members of the MyBroadBand Forum could ask the cryptocurrency and “financial veteran” anything about the company’s cryptocurrency exchange, cryptocurrency wallet and peer-to-peer marketplace offerings; as well as anything that had to do with cryptocurrency, markets, prices, predictions, graphs and influencers around the world. A total of 58 questions were asked.

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Stephen Young responded:

“South Africa is not ahead or behind in the cryptocurrency revolution.

Everyone across the world has access to the technology and many people from many places are working together to take things forward. There are places where cryptocurrency is accepted as a form of payment; The Alexander Bar in Cape Town is one such example. There are others dotted through South Africa and the world.

No one can really say how long it will take to become a widely accepted form of payment but in my opinion, we need to see the crypto market grow to a significantly larger size (1 Trillion USD or more) before using cryptocurrency as a payment mechanism becomes practical. With the current size of the crypto market “whales” (High net worth individuals) have the ability to move the entire market.

Until we see more stability the complexity and risk for retailers to accept cryptocurrencies is still too high. On top of this, we need to see major improvements in the user experience of buying, storing and spending cryptocurrencies for everyday users.”

To track the answers to Young’s 58 questions, visit the MyBroadband Forum link here.

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