Making Crytocurrency Mainstream How do you buy a Bitcoin?

Since Satoshi Nakamoto’s thesis in 2008, cryptocurrency has transformed the financial landscape completely. Its first manifestation— the Bitcoin, has become a ubiquitous household name, a darling of speculation, the new reaper of profits. Coin prices have risen (and fallen) like the peak and troughs of a massive oceanic wave. Volatility stands at an all time high, but therein lies an opportunity to make a fortune.

“Look at the Winklevoss twins! They made a 100 000% profit after buying the Bitcoin!” Everyone seems to understand it and everyone wants in.

But enigmatic code and perceived esotericism of the field remains to be a daunting barrier of entry for most. After all, this institution finds its roots in the word “crypt” — a mysterious catacomb built away from the public eye. It is no surprise that the blockchain technology remains inaccessible to date.

Technology exist for the betterment of humanity. Though the prototype was a currency-focused protocol, Nakamoto’s blockchain was developed to unlock a whole new way of defining human interactions. A reversion to peer to peer exchanges that were underwritten by trust. The blockchain also returned the power to the people — a key feature that made its success inevitable given the context of 2008’s banker-led financial crisis.

In the beginning, tech solely exists within the minds of nerds and scientists. Look at the computer. Don’t let the intuitive operating system deceive you of its history — the computer began an obscure military project. Cellular data also finds homage in abstruse protocols that took forever to navigate. But gone were those days.

Any sufficiently advanced technology is indistinguishable from magic.
Arthur C. Clarke
Its not enough for the technology to be advanced; it has to be intuitive. We tend to forget this but technology is created to be used by humans. As futurists, if we want to make blockchains (and cryptocurrency) mainstream, then we need to really consider our options in making it accessible and easy-to-understand.

My contention that there are a few necessary evolutions to make cryptocurrency mainstream. First, the currency has to be fluid and instinctive. Transactions should be as easy as physical exchanges of fiat cash, and in fact, some companies are already doing it.

Second, the complex underlying piece of code has to be hidden from view. Arcane field-specific language has to vanish to make crypto seem more affable and user-friendly. Go to any cryptocurrency website and terms like “hashrate”, “nodes” and “keys” will surely stand out like a rose in a sea of thorns, confusing even the most well-meaning of readers with no computing background. So we really need to get rid of that.

Third, there has to be greater stability in the market. The money spent buying the currency cannot vanish like how traditional banks keep but a reserve of their debt to the customers. In the event of a sudden rush for fiat cash, people have to be assured that there is enough liquidity for them all to receive their dues.

Fourth, and perhaps most importantly, a legitimate crypto exchange has to be established. This will be the ultimate panacea to help draw the curtains on this peculiar asset. People need to know where they can go to buy crypto, instead of having to trawl through Google searches to find a trustworthy marketplace.

An example of this is Asia’s NuMoney. Registered in the crypto safe-haven of Singapore, this OTC-turned exchange startup aims to revolutionise Asia’s crypto scene.

See, the stereotypes ring true, we Asians are hesitant to try new things. Creativity, out-of-the-box thinking and idealism are traditionally frowned upon and “left to the Westerners”. Of course, I’m not discounting all the wonderful innovations pioneered on our turf, but one cannot deny that it is in our cultural DNA to stick to the beaten track.

So it isn’t surprising that the cryptocurrency craze hasn’t really seeped into our consciousness just yet. What we need is a big player to make crypto mainstream.

Launching in a few days time, NuMoney’s objective is quite simply to be a user-friendly exchange that is accessible for all. They have a physical storefront with real people who are willing to explain what cryptocurrency is all about (I just went there a few days ago). They will allow easy cash-to-crypto conversions, one simply need to open an account and deposit a sum of money and boom, start trading in a few days.

The cash that users deposit will literally kept in safe deposit boxes with armed security guards. Here, one might stop to ask, is that really necessary? Hacker turned crypto-aficionado founder Steven Goh sure thinks so. Apparently, in an attempt to preserve their traditional roles, banks have shut down the accounts opened by some crypto exchanges, leaving customers with illiquid assets. He thus believes it is imperative that the exchange maintains liquidity in the form of real fiat cash to support withdrawals. Talk about institutional paranoia.

They will also support a wide range of cryptocurrencies in the future to meet the growing demands of a still nascent market, are looking to expand into the other Asian tiger economies (APAC) like Hong Kong and India and support international investments.

To meet this aspiration of growth, NuMoney will also be organising an IEO (similar to an ICO) and will be launching their tokens (the NMX) to augment their exchange. I will be watching this keenly.