Brian Armstrong, CEO of the largest US stock exchange cryptocurrency Coinbase, believes that the use of cryptocurrency mainly depends on the volatility, scalability and usability. Armstrong made a statement during the Ask All (AMA) session on April 2.
On Tuesday, Armstrong spent the 45-minute AMA, responding to selected questions submitted by the crypto community. Responding to the first question about the possibility of mass implementation of cryptocurrency, Coinbase CEO said that cryptocurrency can achieve mass implementation, improving scalability and usability, while reducing volatility.
According to Armstrong, according to volatility, if crypto markets continue to fluctuate sharply, it will be difficult to attract more traditional investors. Thus, the industry needs more stable prices, achieved, for example, through stable coins, and more use options to attract people, he concluded.
Armstrong also added that up to ten teams are currently working on scalability solutions, such as the Lightning Network, to increase the speed of crypto transactions. Thanks to the development of these solutions, cryptocurrency can reach 500-5000 transactions per second and start working on the volumes of Visa and PayPal.
Armstrong continued: He argued that there are currently too many steps that a user must take to invest in cryptocurrencies. Armstrong suggested that cryptocurrency for retail investors should work very easily, using the popular Chinese application WeChat as an example of usability.
Armstrong also commented on recent skepticism regarding Coinbase in the community, apparently referring to the #DeleteCoinbase latest movement as an example. The campaign was launched in early March in response to the acquisition of Coinbase by a company run by former spyware developers.
Answering another question, the entrepreneur said that he likes Bitcoin (BTC) and wants him to succeed. Nevertheless, he regrets that at some point in 2013–2014 he was too active in promoting BTC, believing that the coin could become a scalable payment network for everyone. “I completely underestimated how controversial this idea can become in the BTC community,” he admitted.
When some accused him of adding value to the coin, Armstrong finally decided to be an agnostic to all coins and cryptographic protocols and support them all. According to him, Coinbase decided to support everyone, and not to choose the winners.
Armstrong has repeatedly recognized his affection for BTC. For example, in a series of tweets dedicated to the 10th anniversary of the coin this year, Armstrong wrote that BTC was his “first love”.