It was reported by CNN on 23rd , September that the CEO of the biggest bitcoin ATM network claimed that he did not think bitcoin can grow well without regulation when interviewed by CNN.
Sheffield Clark’ company, Coinsource has installed 17 new bitcoin ATM machine in Florida recently. Clark showed that cryptocurrencies alike eth coin
and neo coin
were not the ideal and practical solution for payment, which is the the major obstacle need overcoming in the development of all areas.
Due to the time and cost of paying daily commodities with bitcoin in the current system, it is unrealistic for most people to use bitcoin payments. Paying with bitcoin currency
is not easier than traditional financial instruments, and there is no higher cost-effectiveness.
Clark believed that the best use case of bitcoin currently is to make speculative investments or use it to invest in other virtual currencies. He said that people who use Coinsource bitcoin ATMs usually convert cash into bitcoin and then invest in other altcoins, such as bitcoin cash
The CEO pointed out that the main customer of bitcoin ATM comes from one-third of people without bank accounts in the world, who have no choice but to hold cash and bitcoin. Although speculation is a good thing for traders, the instability and speculative nature of cryptocurrency make it harder for those who are forced to use cryptocurrencies.
People can help bitcoin get into the mainstream media’s field of vision and let more people know about it. But this day will not really come until people can buy daily items through bitcoin without having to bear a 20% loss of value. There is still a long way to go before bitcoin is truly accepted by the mainstream.
Clark believed that more regulation is the way to solve many of the problems in today’s cryptocurrency field. He lamented the lack of supervision in the United States, the lack of continuity between the states and the federal government, and the differences in state regulation. In Clark’s view, the lack of regulation of cryptocurrencies is a major problem that the industry is facing.
Without strict government regulation, banks can impose arbitrary restrictions on these cryptocurrency companies, so they have to accept more stringent standards than direct government regulation. This is also the advantage of the bank, because bitcoin is the competitor of traditional financial instruments in a way.
Clark said that another option for cryptocurrency companies is to operate without a bank account, which would result in higher indirect costs and higher charges to consumers. The charges of Coinsource are the lowest among all competitors, and Clark is skeptical about the fact that someone has bought bitcoin at up to 25% of the markup. He believed that this situation will be limited by a clearer regulatory framework.