Crypto enthusiasts, beware!
The digital assets shouldn’t be used as a “get rich quick” scheme, according to LitePay CEO Kenneth Asare. They’re also not meant to replace traditional currencies or investments like stocks.
What blockchain technology is, though, is the “internet of money”. Asare compares it to the 1990s, when internet systems were being built.
“This is the very beginning of a new way of sharing and transferring value,” he told Cheddar Tuesday. “This is the first part of a very long road that goes from 300 million people being able to be banked to everybody with a cell phone being able to be banked, which is literally 5 billion people today.”
Asare’s comments come days before cryptocurrency Litecoin is set to roll out its payment processor LitePay to 41 countries. The service target individuals who are “unbanked” but who have access to a cellular device. The new system can ease volatility in the market by automatically converting crypto into local fiat currency.
But Asare points out that current volatility shouldn’t make players in the market nervous, since cryptocurrency, like the internet two decades ago, is still in its early stages and may need some time to iron out fluctuations.
“This would be like in 1990 talking about how the early internet companies were or were not working,” he said. “They were onto something, and now we can look back and see that we have all of these products that have been built on top of it.”
For full interview, [click here](https://cheddar.com/videos/the-internet-of-money-and-future-of-crypto-commerce).
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Edward Snowden, a former U.S. National Security Agency and CIA contractor-turned whistleblower, on Thursday criticized what he called bitcoin's lack of privacy protections.
The largest section of the rocket that launched the main module of China’s first permanent space station into orbit is expected to plunge back to Earth as early as Saturday at an unknown location.
Sen. Elizabeth Warren (D-Mass.), who stopped by Cheddar to discuss her new memoir "Persist," touched on topics ranging from Facebook's ban of former President Trump to dismissing worries over inflation.
A closer look at bitcoin's experience during the pandemic reveals a handful of major developments that have helped push the OG cryptocurrency to new heights.
Peloton is recalling about 125,000 of its treadmills, less than a month after denying they were dangerous and saying it would not pull them from the market, even though they were linked to the death of a child and injuries of 29 others.
Blockfolio CEO Sam Bankman-Fried talked to Cheddar about garnering an endorsement deal with the Jacksonville Jaguar's first pick in the NFL Draft, QB Trevor Lawrence.
Sen. Amy Klobuchar (D-Minn.) joined Cheddar to discuss her new book "Antitrust," tackling the issues of monopolistic business practices, particularly in Big Tech.
Bill and Melinda Gates say they're divorcing. The Microsoft co-founder and his wife, who launched the world’s largest charitable foundation, said they would continue to work together at the Bill & Melinda Gates Foundation.
Chinese tech giant Baidu has rolled out its paid driverless taxi service, making it the first company that's commercialized autonomous driving operations in China.
