Exploring the Impact of Blockchain and Digital Currency with Steve Vallas

The Smartest Podcast

Exploring the Impact of Blockchain and Digital Currency

with Steve Vallas

In recent years, blockchain and digital currency have been hot topics among tech enthusiasts and investors. These innovations have the potential to disrupt traditional systems and revolutionize the way we live and work. I had the pleasure of sitting down with Steve Vallas, Managing Director at Blockchain APAC and a leading blockchain technology and digital strategist, to discuss the impact and future of these exciting technologies. Read on to discover our conversation on blockchain, digital currency, and the fascinating insights we gained.

Link to Video ---> https://www.youtube.com/watch?v=qETXBbR1mIA

0:39 John Introduces Steve Vallas

2:30 John asked Steve about Crypto

5:15 John and Steve talks about Blockchain

9:58 Steve talks about Bitcoin and Crypto Being Adapted in Australia

13:57 Future of crypto as a currency

15:58 Why Crypto is not a Scam / Pyramid Scheme

25:52 Blockchain as Being Implemented and Implemented Well

30:45 Are Your Skills Readily Transferable Into This Demand

32:00 Steve Vallas contact information

During a conversation with John, Steve agreed that the challenge with discussing blockchain and cryptocurrency lies in the perception people already hold. Some view cryptocurrencies as shaky investments that could leave them penniless, and others view it as the path to financial freedom. However, Steve separates the ecosystem into two groups: those who believe in cryptocurrency as a new form of money that can fix the existing financial system and those who view it as a libertarian wonderland free from government intrusion.

Steve's focus on building value-adding relationships signals his belief that blockchain technology is here to stay, and Australia could lead the way in its development. Steve also shared the view that as a society, unique challenges continue to impede the adoption of blockchain and cryptocurrency. However, he noted that building trust is a gradual process that relies heavily on understanding the technology, having transparent communication channels, and a robust international regulatory framework.

John, who had known Steve for over a decade, decided to ask him about his thoughts on cryptocurrency. Steve highlighted a major challenge they face while discussing the subject matter- people's views are already formed, which makes it difficult to get them to resolve from it. Steve, however, separates the ecosystem into two parts: true believers and the cryptocurrency view of the world.

The true believers are the ones who believe in the power of blockchain technology and how it can revolutionize industries. They do not necessarily believe that the traditional financial system is broken; they want to establish blockchain as a complementary system that could add value to current systems. On the other hand, the cryptocurrency view of the world is libertarian in its approach. They believe in a world where governments have no control, and everything is done through decentralized systems like blockchain. Steve acknowledges that this view might not be practical today, but that doesn't mean it won't work in the future.

The Rise of Blockchain

But what exactly is the blockchain? It’s a ledger of transactions that are recorded on a decentralized network, making it nearly impossible to tamper with the information in the blocks. It is a way of creating a secure record of the transfer of value without the need for banks or other financial intermediaries. This eliminates the need for a central authority to authenticate, verify or process transactions, saving time and reducing transaction costs.

Steve went on to say that the blockchain technology is reinventing the way we view traditional finance, and while many people are skeptical of this new form of financial service, it does have the potential to change the way we conduct business in the future. The technology has created opportunities for businesses to make transactions here and now with the certainty that the transfer of value occurred.

The conversation then shifted to social media platforms and how they have been introducing their own versions of blockchain technology. Facebook, for instance, made a bold move some years ago when they launched Libra, which was designed to act as a digital currency. This innovation by Facebook was a step closer towards mass adoption of blockchain technology.

The blockchain technology is creating new business models and startups that are branching into a decentralized economy. It's a new paradigm that allows for a level of transparency, security, and decentralization. In essence, it is a tamper-proof environment that will revolutionize how entire sectors operate, from finance to government to healthcare.

The Rise of Bitcoin and Crypto in Australia

One of the significant reasons why cryptocurrencies have gained popularity in Australia is because of their convenience. With the increasing number of merchants accepting Bitcoin payments, it has become easier for users to buy goods and services without having to convert their digital currency into fiat. Moreover, Australians tend to be early adopters of new technologies, and the high fees associated with traditional banking services have encouraged many to switch to cryptocurrencies.

Australia has traditionally been cautious when it comes to embracing new technologies, and cryptocurrencies have not been the exception. However, the country has recently adopted a more progressive stance towards digital currencies, with the Australian Securities and Investment Commission acknowledging Bitcoin as a legitimate form of payment. Additionally, the Government has launched several initiatives to promote the use of crypto, such as the National Blockchain Roadmap, which aims to develop blockchain technology across different fields.

One example of Australia's readiness to adopt cryptocurrencies is the acceptance of Bitcoin as a valid form of payment by some vendors. Some prominent Australian companies such as Microsoft and Webjet have begun accepting Bitcoin payments. Australian citizens can now use Bitcoin to buy goods and services such as airline tickets, car rentals, and even coffee. This unprecedented acceptance of crypto signals a future where financial transactions are no longer exclusive to traditional financial institutions.

One of the main reasons why Australia has been open to Bitcoin and crypto is the country's desire to become a hub for innovation and technology. With a rapidly growing startup and tech industry, Australia has recognized the potential of cryptocurrency as a means of innovation and economic growth. This has been reflected in the government's decision to create regulatory frameworks that are transparent and fair for crypto-related businesses. The government has also been proactive in tax treatment of Bitcoin and other cryptocurrencies, making it easier for people to invest in and use digital assets for day-to-day transactions.

Australia has also seen an increase in mainstream adoption of cryptocurrencies. This has been partly driven by the growth of crypto-related businesses and exchanges within the country, as well as major companies such as Microsoft and Expedia accepting Bitcoin as a form of payment. Additionally, Australia has a large number of tech-savvy individuals who are open to the idea of exploring and investing in cryptocurrencies.

Finally, Australia's forward-thinking approach towards crypto has also been reflected in its regulatory approach. Unlike many other countries, Australia has taken a 'wait and see' approach to cryptocurrencies, focusing on creating regulatory frameworks that promote innovation and growth while protecting consumers. This has resulted in a more business-friendly environment, with startups and entrepreneurs able to operate with greater freedom and clarity over the regulatory landscape.

The Future of Crypto as a Currency

The first thing to understand about Bitcoin is that it is not just a store of value, but also a means of exchange. While it is true that the vast majority of Bitcoin transactions are currently used for speculative or investment purposes, that is slowly changing. In fact, several companies such as Tesla and PayPal are already accepting Bitcoin as payment for goods and services. As more companies follow suit, the demand for Bitcoin as a currency will only continue to grow.

Bitcoin is often referred to as digital gold or a store of value. It has the biggest market cap and is the most robust cryptocurrency. It is also the most recognized and respected brand in the world of cryptocurrency. People who are not interested in cryptocurrency are still familiar with Bitcoin. This means that Bitcoin is the default crypto currency for many people.

One of the main benefits of Bitcoin as a currency is its ability to be used across borders without government intervention. This is particularly important for countries with volatile currencies or high inflation rates, as Bitcoin can serve as a more stable alternative. Additionally, the ability to use Bitcoin for peer-to-peer transactions without the need for intermediaries such as banks or payment processors can save users time and money.

The future of crypto as a currency is bright, with Bitcoin and other cryptocurrencies poised to play an increasingly important role in the global economy. The ability to use these digital assets for peer-to-peer transactions and across borders without government intervention is a game-changer. While there are still challenges to be overcome, such as scalability and regulatory issues, the benefits of crypto as currency are clear. As more companies accept Bitcoin and stablecoins become more prevalent, it is only a matter of time before these digital assets become a mainstream medium of exchange.

The advantages of using Bitcoin are endless. Bitcoin is borderless and can be used anywhere in the world. It is not restricted by traditional banking hours, and the transaction fees are often lower than those of traditional banks. Bitcoin is also highly secure, with transactions being recorded on a digital ledger known as the blockchain. This allows for transparent and tamper-proof transactions.

It is NOT a scam. It’s important to understand what cryptocurrency is. Cryptocurrency is a digital form of currency that is secured by cryptography. Its decentralised nature means that there is no central authority governing the system, and instead, all transactions are recorded on a public ledger called the blockchain. This makes it impossible for anyone to manipulate the system, and any attempt to do so would immediately be rejected by the network. Furthermore, unlike traditional currencies, cryptocurrencies have limited supply, which means they cannot be subject to inflation.

One of the main reasons why cryptocurrency is not a scam or pyramid scheme is that it provides value to its users. Many cryptocurrencies have real-world use cases and can be used to pay for goods and services. Furthermore, their value is determined by the market demand and supply, rather than any central authority. This means that the value of cryptocurrencies is based on market sentiment, rather than manipulation by a single entity.

Another reason why crypto is not a scam is that it has been gaining mainstream adoption. Cryptocurrencies have been around for over a decade now, and during this time, they have gained recognition from many large corporations, including Microsoft, Tesla, and PayPal. Furthermore, many countries have started recognising cryptocurrencies as a legitimate form of currency, and some even allow it to be used for taxes and government services.

Many people also confuse cryptocurrencies with pyramid schemes. However, this is not the case. Pyramid schemes are based on the idea of recruiting individuals into the scheme and taking advantage of their investments. Cryptocurrencies, on the other hand, are based on market demand and supply, as we have already mentioned. Consequently, while you can make money by investing in cryptocurrencies, it is not dependent on recruiting others into the system and taking advantage of them.

It is used by many people across the globe as a means of transferring money. Unlike traditional finance institutions that charge high transfer fees and have long waiting periods, cryptocurrencies allow for almost instant and cheaper transfers. This makes it ideal for people who are looking for a fast and cost-effective way to transfer funds, especially across borders.

How Blockchain Is Being Implemented and Implemented Well

Steve believes that payments are one of the most suitable areas for blockchain adoption. Unlike supply chains, which are complex and difficult to streamline due to numerous parties involved and paperwork, payments are straightforward for a blockchain solution. By creating software that allows quick and secure transactions, blockchain can transform the payments landscape. The network effect that comes with it ensures rapid adoption and usage.

The economic opportunity for blockchain in payments comes from the creation of a liquid market. If more players adopt blockchain technology for payments, this automatically leads to an increase in market liquidity. With increased market liquidity comes increased efficiency in payments, significantly reducing transaction times and costs. As a result, the use of blockchain in payments can create significant value, leading to more adoption in the long run.

Blockchain is being implemented effectively in payments, and the opportunities are vast. By creating software that allows secure and quick transactions, blockchain can revolutionize the payment space. The network effect ensures rapid adoption, leading to an increase in market liquidity and efficiency, ensuring that payment records are accurate and secure, and creating exciting possibilities for micropayments. With more players adopting blockchain technology in payments, it is clear that there are immense benefits to be had.

Are Your Skills Readily Transferable Into This Demand?

The blockchain and cryptocurrency industry is exploding, and it is becoming more and more mainstream by the day. It is a relatively new industry that is attracting the interest of several people from all walks of life. From individuals to companies and governments, everyone is looking to get in on the action. This is where your skills can come in handy.

Marketing skills are highly sought after in the blockchain and cryptocurrency industry. Companies in this industry need to showcase their products, differentiate them from their competitors, and target the right audience. With your marketing experience and skills, you can easily take up a marketing role in the blockchain and cryptocurrency industry, and help facilitate the growth of new companies or existing businesses in this field.

Another area where your skills can be beneficial is in the area of business development. With the continuous rise of cryptocurrency and blockchain, companies are searching for new partners and collaborators to help them build and expand their ecosystem. This is where your business development experience and knowledge come in handy. You will be tasked with creating new partnerships, reaching out to potential investors, and ensuring the long-term growth of the business.

One key thing to note is that the blockchain and cryptocurrency industry is relatively new, and it is rapidly evolving. Therefore, companies in this field are looking for individuals who are versatile, adaptable and quick learners. As a marketer or business development professional, you will be well-positioned to assist businesses in this area by analyzing new trends, researching new products, and staying ahead of the competition.

There is no better time to be involved in the blockchain and cryptocurrency industry. The rise of these technologies is creating an unprecedented demand for marketing skills and business development experts. Companies are looking for individuals who can drive growth and help take their businesses to the next level. As you consider whether your skills are transferable to this new field, it's imperative to keep in mind that the blockchain and cryptocurrency industry is still relatively new and rapidly evolving. If you have a passion for learning and a desire to succeed, then the opportunities in the world of blockchain and cryptocurrency are truly limitless.

Conclusion

The conversation between John and Steve about crypto and blockchain was insightful, informative, and compelling. It shows how far the technology has come and gives a glimpse of where it's heading. The idea of a world where every business accepts cryptocurrencies used to sound like something out of a sci-fi movie, but it’s becoming more and more of a reality each day. As Steve mentioned, being aware and adapted to this change is the key to staying ahead. I hope this blog post has given some valuable insights into crypto and blockchain and encourages you to stay curious and keep learning.

If you are interested in blockchain and cryptocurrency, then connecting with Steve Vallas is an excellent way to learn more and stay ahead of the curve. Whether you follow him on LinkedIn, Twitter, or attend his speaking engagements, Steve is an engaging and knowledgeable expert in the field. He can help you navigate the complexities of this cutting-edge technology and achieve your blockchain goals. So why not take the first step and connect with Steve today? You won't regret it.

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