"People made a fortune with Bitcoin, some lost money, it's volatile, but people make money out of volatility too." – Richard Branson, founder of Virgin Galactic
Could one day Bitcoin replace gold as a currency standard? Certainly not the most popular idea, but Luis Buenaventure, CTO of startup BloomSolutions, believes it could do it very well.
"Personally, I like BTC," he said in an interview. "I'm a little maximalist in the sense that I think BTC is the cryptocurrency that matters most in the long run.
"I think it will eventually prove to be a real substitute for gold, this will be a common vehicle for investment and a store value for many people who do not have access to gold."
Buenaventure will speak on this subject, and others on the upcoming Blockchain and Bitcoin Conference Philippines on December 6th.
The one-day event, held at the Holiday Inn & Suites Makati, will be visited by technology developers, entrepreneurs, investors and miners, as well as the best industry experts who will discuss relevant issues regarding Distributed Ledger Technology (DLT) and the emerging cryptic world.
It is coordinated by Smile-Expo, an organizer of 47 successful Blockchain Conferences and Bitcoins in 25 countries.
Why the Philippines? For one, tHis country has a Blockchain Association of Philippines (BAP), which aims to educate the population on technology and to link crypto enterprises to further improve innovations.
In addition, the Cagayan Economic Zone Authority (CEZA) of the Philippines has already granted licenses to 19 different scams. One of these DLT-based companies is an advanced cryptographic app, Coins.ph.
According to ValueCoders, the blockchain market is expected to be over 3 trillion US dollars by 2024, with continued investment by 90% of European and North American banks.
It is estimated that banks could save 8% -12% per year using blockchain technology.
Meanwhile, the price of Bitcoin has risen by 2,000% from January 2017 to December 2017 – from $ 953 to $ 20,089 – returning to around US $ 5,454 in November. CNBC reported that approximately 9.8 billion US dollars were collected through sales of new currencies, or ICO, from 2016.
And just last week, The Independent reported that Bitcoin's recent travails could be "the calm before the storm". Despite a recent 15% decline, market analysts are expecting a substantial price increase over the coming months.
Clearly, the potential future of DLT is there for the taking, and what better setting to become part of this rapidly expanding sector than the Blockchain and Bitcoin Conference.
The event also includes a group of famous speakers, including Arvie de Vera, head of the Fintech Business Group at UnionBank in the Philippines. This is one of the largest banks in the country and has already integrated the DLT into different internal processes.
Other speakers include:
- James Florentino, CEO at MergeCommit – a company that intends to become the first organization based on the DLT in Southeast Asia by 2025.
- Lito Villanueva, President a FinTechAlliance.ph – a collaboration of digital finance experts who wish to improve the economy of the country.
- Luis Buenaventura, CTO of BloomSolutions – The firm the total volume since it was launched has exceeded $ 125,000,000 since March 2018, making it one of the world's most successful DLT remittance startups.
- Businessman at Tagcash – Mark Vernon – will explain which are the authorized blockchains and will show cases of use with MultiChain and Stellar. It will also touch shared KYC, international remittance and supply chain traceability.
- Jorge Azurin, CEO and founder of MediXserve, will describe how the DLT works in the medical industry, presents real life use cases and examines the future of health care with blockchain.
In fact, Buenaventura believes that Bitcoin has already made significant progress in global financial circles.
"I think digital coins come into our daily lives in a natural way," he said. Remember the natural clamor around cryptocurrencies in 2017, when prices were rising. No marketing could have done it.
"The BTC is being discussed on TV, in Bloomberg, almost every hour now," he added. "This is definitely what attracts new people to the market and BTC investments."
He also quotes Monero as another useful digital currency.
"Speaking of other digital coins that I like, I would mention Monero because he specializes in anonymity and I think it will always be useful, which is why I really like Monero.
"As for the others, I definitely like Stellar but not necessarily because it is encrypted, I like the stellar blockchain because it is a blockchain specialized for money transfers, my company works a lot with the Stellar Foundation and it took several hours of engineering to help Stellar improve their products ".
Buenaventura – a fintech entrepreneur and author of "Reinventing Remittances with Bitcoin" – is also keen to address legal concerns about cryptocurrencies – a problem that has damaged his progress in North America.
"Countries regulate cryptocurrencies: there are laws for digital money exchanges and for companies based on DLT," he said. "In the Philippines, there are certainly guidelines for the one published by our Central Bank, so if you are a remittance company that intends to use Crypto, there are specific things you need to do to comply with the law.
"But the good news is that the law really exists, so it's not just the Philippines, it's in Japan, South Korea, and a couple of other countries, I think in the next few years, many other countries will follow. just one thing that companies must be able to use legitimately. "
The conference program will also include a round table in which professionals will talk about smart and legal contracts. One of the participants in the discussion will be Rafael Padilla, who was one of the founders of BAP.
Innovative developments in the industry will be presented in the exhibition area and visitors will have the opportunity to discover new data mining hardware, encrypted payment solutions and DLT-based apps, as well as a network with potential new business partners.
According to Symantec, cryptocurrency mining was the biggest trend in 2017. "The increase in interest in this area was such that the detection of coin miners in endpoint computers increased by 8,500%" , wrote the security company in a blog post.
Start-ups will also have a unique opportunity to find investments, as they will share ideas and present their brands during game sessions. The most interesting initiative will receive capital for the further development of the project.
Around the world:
It is worth noting that Switzerland is considered the main country of blockchain because of its positive treatment of technology, the tax-free environment and the favorable regulatory atmosphere.
One of the reasons why the country took first place is its virtual coin center – "crypto-valley" – located in the city of Zug.
Beyond that, the country demonstrates numerous innovative applications of technology. For example, in July 2018, he tested the DLT-based voting system.
Meanwhile, according to a Guardian report, UK-based companies in the UK have received over £ 500 million ($ 637 million) of investment over the past two years.
Then, in the spring of 2018, the government of the country announced an encrypted task force to monitor cryptocurrencies and the fintech industry with the aim of managing risks related to cryptographic resources.
The Bank of England has also planned the advancement of the Proof-of-Concept (PoC) blockchain by 2020.
In Germany, BTC is considered a legitimate currency. Furthermore, in the spring of 2018, the German securities bank, Wertpapierhandels Bank, began trading cryptographic coins.
The German solarisbank supports cryptocurrencies and offers a "account blockchain company", which can be opened by DLT startups.
The German population is also positive about digital currencies: a recent report by German consumer centers in Hesse and Saxony has shown that over a quarter of young Germans are willing to invest in crypts.
In the Netherlands, the crypto investment environment is not regulated under the Netherlands Financial Supervision Act.
It also has the Dutch Blockchain Coalition – an organization that includes the insurance giant ING, the bank ANB AMRO, the De Volksbank bank, the port of Rotterdam, the Delft University of Technology and the University of Tilburg.
Divided into 20 groups, these organizations are implementing 35 separate DLT-based pilot projects, 25% of which are funded by the government.
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