Jimmy Nguyen: Bitcoin Cash Will Make bCommerce Successful
From the success of Bitcoin commerce to the inevitable risks in ICO investments, the first Blockchain & Bitcoin Conference in the Philippines explored key topics and innovations relevant to the Asian and global markets.
Zach Piester, co-founder of Intrepid Ventures, introduced the audience to the world of Bitcoin, blockchain, and ICOs, preparing everyone for a day loaded with information on these three topics. a roster of industry experts followed, showcasing new solutions and key technologies to further market growth alongside blockchain.
With the increasing popularity of ICOs, Nithinan Jessie Boonyawattanapisut, CEO and founder of HotNow, gave light on three major risks in ICOs. Jimmy Nguyen, CEO of nChain Group, on the other hand, introduced bCommerce—the future of ecommerce.
Bitcoin Cash is Vital to bCommerce Growth
On a more Bitcoin-related topic, Nguyen highlighted how bCommerce is how ecommerce should be in the next years. As both young and old consumers find online purchasing more convenient and faster using credit cards, the next step is for the market to indulge in Bitcoin payments.
The success of Bitcoin integration into the marketplace, however, continues to be marred by the slow processing times and higher transaction fees of Bitcoin nowadays—both of which are caused by the 1mb block size limit of the Bitcoin used now.
Bitcoin Cash, Nguyen said, is the answer to this problem as the Bitcoin hard fork’s 8mb block size limit ensures much faster transactions that come with a lower fee. With Bitcoin presented back in 2008 as a “peer-to-peer electronic cash system,” Bitcoin Cash becomes the better option to make Satoshi Nakamoto’s goal possible, which will only be more feasible by on scaling Bitcoin Cash.
In fact, nChain Group is working with partners to push the growth of Bitcoin Cash. This year, the block size limit will increase from 8mb to 32mb. But the company, he said, has projects to take the limit to 1gb or even 1tb.
Nguyen added that merchant adoption and security improvements will help make bCommerce succeed in today’s market. Add to the equation a better user interface for using Bitcoin Cash and sensible regulations. He said these five factors will make bCommerce thrive sooner.
Meanwhile, with the more attractive features of Bitcoin Cash, more merchants begin to warm up to supporting the cryptocurrency. Even some Bitcoin casinos have started accepting Bitcoin Cash alongside Bitcoin and fiat payments.
Joining ICOs Comes with Risks
On another hand, initial coin offerings are the next best thing and more upcoming projects and companies use this method to raise funds. Not all ICOs, however, are of high quality let alone safe and secure.
Boonyawattanapisut pointed out that technology, market, and execution risks are the common factors investors should look out for before joining an ICO. Interested individuals and companies should see first if the team behind the ICO has all the needed technology to run the project. At the same time, keeping track of the target market or the potential impact of the project on the industry is vital.
Meanwhile, she added that too much token minted for an ICO raises a red flag, together with a whitepaper focusing on potential, goals, or speculations rather than on the technology. On top of intensive research on the team behind the ICO, investors should be wary of these signs, she said, as these are characteristics of ICOs that are not worth investing in.
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