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How the cryptocurrency could drop fiat currencies in the future

In the future, Johnathan Turrell, CEO of Cryptonomy, plans to move from centralized services like Facebook and Gmail to a decentralized platform that does not use blockchains that "rewrite the Internet".

He was one of the first to adopt cryptocurrency when he first discovered the existence of Bitcoin in 2012 and contacted his friends who worked in the City to enthusiastically extort his virtues. "So what?" They were some of the answers he received.

Likewise, he got the same answer when he called some of his computer friends.

Those who did not say "So what?" They are working with him at Cryptonomy, he adds, ironically.

Competence in cryptocurrency

Cryptonomy, founded in 2012, is made up of a mix of IT specialists, business strategists, development architects, financial analysts, marketing and legal professionals, all of whom have one thing in common: blockchain and cryptocurrency.

They are three separate companies under a single umbrella offering cryptographic advice, software development and compliance and are based in London and at the Sussex University in Brighton, where it was founded by Turrell.

He defines himself as "a policeman, who likes biology, esoteric physics and bitcoin".

Cryptonomy worked with the Royal Mint, which was using decentralized Ledger technology to make gold available to its investors. He says the Mint was aware that the global demand for physical currencies was decreasing year on year and he was trying to realign his business.

They work with Ethereum, Cardano Foundation and IOHK, as well as with customers all over the world and provide development and support for cryptocurrencies on Ledger devices and the BOLOS platform.

Regulatory arm

In recent times, his company's regulatory arm has grown at the fastest pace and is a big supporter of regulation in space as it moves towards mass adoption.

When the reason for their cryptography is often asked, he says: "We're going around – because it's fiat? Over the centuries, there have been many attempts at fiat-based economies and they have always collapsed.

"The evidence suggests that it is not about" if ", but when, all our global economy is based on a fiat strategy, so from this point of view things do not look good".

Really useful

He says: "What we will see is that people use decentralized consensus systems like blockchain more and more to get systems that are really useful for people.

"Rather than having a reversal of governments as we used to be 100 years ago, we will have a slight revolution in which people are enthusiastic about technology and migrate to it while it works for them there is gradually a natural change in which people I graduate from this technology that has come out silently.

"It's exciting by itself."

Larger photo

When asked about the fall of the market with cryptography, he claims to be more interested in the "bigger picture" and the market is cyclically in its nature and repeatedly follows the same pattern it has over a certain number of years "and every time explosions, the quantity in circulation and the value increases ". It is not clear, he says, if he has yet reached the "rebound of the dead cat".

It can be "easily liquidated" by those who do not understand it, but has not yet reached a mature phase that could be many years away. Ultimately, "Bitcoin could be replaced by something better".

True innovation

He adds: "There is real innovation here in the computer science: cryptography.This type of technology is new and revolutionary and it is very different from everything we have seen before." It is a real innovation here that will remain faithful.

"We're going to see incumbent businesses that have not innovated over a long period of time and that have been challenged and users are moving fast enough to these services, which would not surprise me at all."

He says that the scammers and criminals who were attracted to the cryptocurrency during the price bubble were the result of "human nature and psychopaths who were attracted to new frontiers". He compares it to the gold rush in America.

Decline Fiat

Fiat currencies are in decline and could collapse, he warns. It just says because it did not happen, it does not mean it will not. He cites the collapse of the economy in Greece and hyperinflation in Venezuela.

It helps people to "get a small amount of cryptocurrency" to protect themselves from this possibility and even to get rid of some gold. "I would say Bitcoin is probably a lot safer than GBP, USD and EUR," he adds.

It also predicts that there will be a reduction in the number of companies using blockchain, as it has sometimes become a commercial term and not a necessity for organizations.

"There are some companies on the blockchain bandwagon that do not need them as a technical requirement for their organization," he adds.

By Emma Thompson – December 27, 2018

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