PayTabs CEO: ‘Cryptocurrency is Here to Stay’
The cryptocurrency market is notoriously volatile but still remains mainly unregulated — but that doesn’t mean it ought to be dismissed. According to the CEO of PayTabs, a Saudi-based payment processing and fraud prevention company, Abdulaziz Al Jouf states “cryptocurrency is here to stay.”
Al Jouf believes cryptocurrencies will continue to gain popularity, as none of the core problems which originally provoked Bitcoin’s creation — namely, centralization and a lack of transparency in traditional finance — have been solved. He explained to Arabian Business:
There are different dimensions and different directions where this will go. Keep in mind that until today, central banks are trying hard to ban [cryptocurrency] because they feel it is out of [their] control.
If you think back to why cryptocurrency launched, it is because of the massive collapse in 2011… [It aimed] to make sure currencies and money is protected everywhere.
While cryptocurrency is still a long way from mainstream, traditional finance hasn’t exactly regained the trust of the masses after the economic crisis — and is almost certainly never going to regain the trust of cryptocurrency proponents.
Al Jouf also believes cryptocurrency will stick around as a popular way to speculate and make money by trading in a volatile market. He explained:
People still use it for the fun of making extra bucks. Of course it’s risky and anything new is risky. There’s a lot of hype on how to make money out of it. I’m sure you heard that if you had bought x amount of bitcoin… You’re a billionaire today. But in reality, there’s a big issue on how to get this money out of the cryptocurrency industry.
Plenty of companies are already working on solving this issue — including Al Jouf’s. As more regulatory-compliant solutions come into play, cryptocurrency will only be further solidified as a viable means of value transfer, speculation, and investment.