The conference of BinanceTurns3: Off The Charts, in celebration of the 3 years of the world’s largest exchange, it is loaded with panels that reflect the evolution of the world. It can be seen in the exhibition they made on the future of digital payments and crypto, being a particularly important topic for Binance and its new projects.
Digital payment platforms with cryptos
This is a topic that we have exposed on various occasions here in CryptoTrending, because the future of digital payments determines the adoption of crypto. For this reason, being such an important topic, the people of Binance brought us high-quality experts.
Starting with Sean Rolland, representing the legendary platform that has fought for crypto adoption since its inception, BitPay. Which brings us to another representing of cryptocurrencies, which has fought for the union of the traditional world with the Blockchain, being John Khenneth Parungao representing SwipeWallet.
Returning from fighters for the future of digital payments, we find Tyler Spalding, being the founder of the payment network, Flexa. Finally, we have the support of an expert in the area, moderating the panel, Kristina Lucrezia Corner of CoinTelegraph.
From cash to digital
To start the panel, Rolland begins by posing the idea that the world is evolving, and the current situation is an accelerator. By this we mean that, years ago, thinking about paying with something other than cash was impossible. However, with the passing of the years, we have been able to see that the world has been changing, either for pleasure or necessity.
“With the world in the current pandemic situation, where they might not accept your cash out of fear, it causes the world to be more exposed to the world of digital payments” Sean Rolland – BitPay.
In this way, Rolland argues that the situation of the Coronavirus is accelerating the adoption of alternative means to cash. Highlighting that, even paying by card, you have to mark the pin and so on.
Spalding reinforces this idea from the other point of view, that is, it is accelerating the adoption by the tastes and the demand of the people, and not by necessity. By this he means that people want to be able to trade anywhere in the world.
“In Mexico they don’t want Euros, and Europe doesn’t want Pesos. So a digital medium is needed to exchange securities, even if assets are also digital.” Tyler Spalding – Flexa.
In addition, it stands out because cryptos have become so strong, since they manage to satisfy this demand of people.
“So people in the crypto community find value in tokens, because they work in any country.”
Tyler Spalding – Flexa
The future of digital payments: The role of banks
Continuing with the discussion, they came to a topic that could be considered delicate for some, being about what will happen to traditional banks. Panelists agree that they will not disappear, rather, they will adapt and function as the transition bridge to adopt crypto.
“Banks have a fundamental role in accepting crypto, functioning as the first steps to digital platforms.”
John Khenneth Parungao – Swipe
Although, it should be noted that banks will not be as we know them, since they must evolve in parallel to these new digital platforms, accepting the variety of assets. This includes crypto, digital money and all the alternatives that society demands.
“… Therefore, it is a matter of time for society to change. Causing banks to change their role, allowing people to directly interact with their digital assets, which could be the same crypto” Sean Rolland – BitPay.
In addition, an important comment from Spalding can be highlighted, which could calm people who think that banks should completely disappear.
“Cryptos can work behind the scenes, as people adjust to seeing Bitcoin instead of the dollar. Its function is, and always will be, a balance for the world” Tyler Spalding – Flexa.
What would happen to current platforms if PayPal starts accepting Bitcoin?
This was the question Corner asked the panelists to guide them to a rather controversial topic. To which Rolland responded unexpectedly, since one is not used to hearing that PayPal is small.
“PayPal is a giant as a brand, but a dwarf in the world of payments … Crypto worldwide allows for alternatives, so there will always be competition” Sean Rolland – BitPay.
In this way, Rolland poses a fundamental crypto principle, which has existed since the creation of Bitcoin. There will always be competition and cryptocurrencies can never be centralized. It doesn’t matter if PayPal accepts Bitcoin, because there will be Binance to compete, and there will be Coinbase, and there will be BitPay. And so the list goes on.
To wrap up the Binance conference panel, Corner asks the question of “How do we expand trust in digital payment platforms and crypto?”, referring to people who do not yet trust crypto.
For this Parungao proposed a plan:
“A training process is necessary, allowing people to know that there are alternatives, far beyond banks.”
John Khenneth Parungao – Swipe
Whereas Rolland summed it up in one sentence:
“In one sentence we can summarize how to increase confidence: more businesses accept the platforms.”
Sean Rolland – BitPay