CryptoArticles Part 3: Bitcoin Is Not the “Holy Grail” Solution

CryptoArticlesCoin News Asia correspondent has managed to discuss with Serge Schout regarding how a Bitcoin enthusiast navigates around the market. This is the final part of the exclusive coverage. You can also check out Part 1 here and Part 2 here.

On the Greatest Accomplishment

The most fun of course is meeting people in the crypto world. If you contact people or chat with them online it is hard to imagine who they are and how they look like. The conferences that I went to were great because I could actually meet people from the community and hear what they had to say. This usually resulted in an article or two and sometimes an interview.

As for “revolutionary characteristics”, first of all I don’t like that word. I would call it evolutionary characteristics, mainly when it comes to unbiased reporting, which is on the rise since the creation of CryptoArticles. I will not be presumptuous to claim that I was the only one who was doing it at the time, but I see myself as helping the “crypto-journalism” evolve along a bit, along with certain others in the community.

On Regulation

Should cryptocurrencies be regulated? Personally I think that both sides have great arguments to validate their standpoints. However I feel that regulation and legal action should be taken into consideration, at least to a certain extent. Legislation is also about consumer protection.

Having said that, any legislation or regulatory action shouldn’t limit the growth, innovative progression and drive that the crypto community has built up. However, any legislation can provide the mainstream some security. That might provide the opening that Bitcoin needs to break through into the mainstream.

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You also have to see it from a mainstream business standpoint. It isn’t profitable if a government can go back 5 years and levy taxes for every BTC transactions. Since there isn’t such a regulation, there are some in the works, mainstream companies will not commit. Still I’m generalising a bit. Belgium’s stance on Bitcoin trading and taxes are that they will be following the EU and as such they won’t tax Bitcoin and companies that do trades in Bitcoin. France on the other hand had a hard stance on Bitcoin and crypto but is slowly picking up on the positive aspects of Bitcoin. So yes there are some great initiatives that some governments put forth or will put forth in the near future.

On the Superior Coin

Each and every one of those BTC believers may have had some bad experiences. There are around 1400+ altcoins created and of that number maybe +- 100 altcoins are “active” in some form or another. So the Bitcoiners that are critical about altcoins have valid reasons to be suspicious and critical about altcoins.

However Bitcoin is not the “holy grail” solution. Bitcoin has some problems and will be addressed accordingly. Sometimes some altcoin ideas can be implemented and even solve some of the current Bitcoin problems. So people that dismiss certain innovative ideas or solutions, just because they are “altcoins”, are making a mistake. Agreed there are a lot of pump and dump schemes out there, but that can also be said by the 20-75$ fluctuations we’ve seen in the past November-December 2014.

I think that we should respect each other opinions but we need to remain critical and suspicious. There have been too many scams, pump and dumps, etc. in the altcoin community that we need to be critical. However we shouldn’t just dismiss altcoins just because they are altcoins. If we do that we possibly miss an opportunity to streamline and better Bitcoin.

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I think that the Bitcoin price will continue to fluctuate a bit until we have some certainty about the direction of the regulation and laws that will be coming in 2015. For example the Bitlicense, Australia’s deliberations, the UK, etc. will all play a role for bitcoin price.  If I really had to pin a number on the Bitcoin price for 2015, I think that it will reach the 500$ mark or even higher, depending on certain factors.

Final Thoughts

I suggest that everyone should do research for themselves, regardless if they “get” Bitcoin or not. The best way to do that is going to conventions and meet-ups. I also suggest that if you want to know more, you could contact investigative journalists like me and others in the sector.

I also would like to mention that if you want to invest or buy altcoins, you should do as much as research as possible.  You could also get into contact with the developers and ask them questions. If you feel that it is too good to be true or that there is something off, you should do a bit more digging. I know that that isn’t as fun for some but if you won’t be scammed it is a must. If you are still unsure you could always drop me a question or even other journalists.

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