Joey Krug: BTC will not become money

Joey Krug: BTC will not become money
Jan 15, 2019 by Rico Wise

Krug points that cash and payments are not the basic areas for blockchain innovations to be revolutionary. Despite the fact that BTC might turn into a digital equivalent of gold, it is incapable of succeeding as money due to its instability. Furthermore, BTC lacks a lively monetary policy, which can surely be seen from how unstable the asset is.

Krug also pointed that the Beam Network, in fact, has a good potential of solving the money problem. Led by Joey Krug, and Ryan Breslow, the creator of Bolt, Beam intends to go after the initial concept of digital currency payments.

BTC pioneered the option of making international transactions in an uncostly and simple way, with no need for any intermediaries.

According to Krug, one of the key issues is the liquidity, and its importance cannot be overstated. It is crucial in terms of luring new customers in, which is a major problem for some of the DEXes these days. As soon as the issue of liquidity finds its solution, mass adoption and utilization will dramatically increase.

Krug underlines the role of firms akin to RedHat, which offer value added services to digital currency customers. Interactions with decentralized protocols are quite difficult for a common customer. This is where the said firms come in. For instance, Veil is building over Augur and improvises based on the customer experience. Such firms can become crucial in terms of adoption growth, taking into account that they operate as the gateway or some kind of an interface for a variety of protocols.