CoinFlip CTO, Art Malkov explains the path to onboard the next 1 billion crypto users

CoinFlip CTO, Art Malkov explains the path to onboard the next 1 billion crypto users

Jason Lau, CoinFlip CTO Rory Herriman and Columbia University Lab to Market Blockchain Accelerator advisor Art Malkov discussed the path to onboard the next one billion global criptocurrency users at the Benzinga Future ofCryptocurrency Conference in New York on Wednesday.

Accessibility is a key to increasing mainstream use of cryptocurrencies, according to Herriman.

We are dogged believers in self-custody. When you hold your keys, you inherently minimize the risk, and you inherently minimize the risk, Herriman said.

A Different Kind Of Crypto User: Herriman said that one of the challenges of onboarding additional users is that they won't be technically savvy in the same way that the first wave of users of cryptocurrencies were.

Malkov said that despite the negative headlines during the winter of 2022, cryptocurrencies are not an inherently scary technology. The average investor may not have an in-depth knowledge of the technology, but they may be aware that the prices of Bitcoin BTC and Ethereum ETHUSD fell 63.8% and 65.7% in 2022, respectively.

Dealing with the recent blowbacks of large exchanges going under, I think there is going to be a way to restore the trust of the people because for people to come back and feel comfortable in the space they have to come into, according to Malkov.

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The underlying technology of the criptocurrency did not falter during the volatile and chaotic winter for Lau, and that is a message that the community needs to convey to the rest of the world.

It worked flawlessly, did exactly what it was supposed to do, Lau said. We've run into all these trust issues despite the technology itself solving exactly that, and the irony is that it's a solution for trust. Sources Of New Crypto Users: Another major issue that the market is facing is to determine where the next billion users will come from and what it will take to get interested in the technology.

Gaming and social media are two of the biggest sources for onboarding new users of cryptocurrencies, according to Herriman.

Once you're on the blockchain, it's easy to traverse all of the possible use cases, said Herriman, a firm believer.

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Malkov said that it may take a while for the average person to realize that the technology and market for cryptocurrencies may still work properly after the FTX bankruptcy.

It's like a forest fire and you need a bit of a brush fire to have the new, stronger trees grow, Malkov said.

There are still billions of people around the world who don't have access to banking or even a stable internet connection that could benefit greatly from access tocryptocurrencies, according to Lau.

There's a long way to go, but one way we've identified is to make sure thatCryptocurrencies are inclusive right from the start, Lau concluded.

Learn more about this and other upcoming BenzingaCryptocurrencies events at this link.