As said via an Ask-me-anything (AMA) live session this week, Brian Armstrong – CEO of the US-based digital currency exchange Coinbase – has shared his idea of the key success factors for cryptocurrency to achieve mass adoption.
The issue was addressed by a crypto enthusiast during the 45-minute long AMA live session. Armstrong has then outlined 3 primary factors that he believed to be vital for cryptocurrency widespread adoption, which is expected to be the sustainable development path for the field – scalability, usability, and volatility.
In terms of volatility, Armstrong believed that the erratic pattern in cryptocurrency price in 2018 is preventing deeper involvement from investors in the field. Therefore, the industry needs to find a way to balance the price, nominally through stablecoins, which can also help minimize investment risk.
Armstrong notified that no less than 10 companies, the Lightning Network , for instance, are putting time and effort in enhancing the trading speed for crypto transactions, via scalability solutions. These solutions have helped digital coins to 500 to 5000 transactions per second, which can rival Visa or Paypal.
Finally, Armstrong expressed criticism towards usability, by pointing out how difficult the process is for users to perform cryptocurrency investment or transfer. He believed the current protocol has too many unnecessary steps, and suggested the popular Chinese app WeChat for a retail model worth following, as well as a nice case of usability.
The Coinbase CEO also spent time commenting on the #DeleteCoinbase movement, as well as his stance towards Bitcoin. He found Bitcoin interesting and wished to see it thrive in the future, but admitted to have become too involved around 4-5 years ago in its potential growth.
“I totally underestimated how controversial this idea might become in BTC community,” He said.