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According to Emilie Choi, cryptocurrency should be more user-friendly.
Since the introduction of Bitcoin in 2009, the crypto business has come a long way in terms of adoption, products, and services. However, Coinbase’s president and chief executive officer, Emilie Choi, believes that cryptocurrency use should be simplified.
“It’s about, you know, how do we create the most user-friendly experiences for folks,” Choi told Bloomberg in a May 13 interview when asked if there were any significant questions about the future of cryptocurrency. She continued, saying:
“In many ways, I always kind of take the analogy of like the old mobile phones, right, that had these clunky clunky interfaces. We’re in kind of that phase of crypto, so we have to make it more usable. We have to make it more accessible. We have to have more regulatory certainty for certain folks to get off the sidelines and participate.”
There are many ways for people to get interested in the crypto space, ranging from trading applications to payment facilitators like BitPay to asset availability on PayPal. Interacting with crypto assets explicitly, on the other hand, can be a difficult challenge for newcomers, based on how they handle it. Spending crypto assets is also potentially complicated by contemplating the future tax ramifications of each sale.
Choi’s remark reminds me of the days when small-screened flip phones boasted little to no internet accessibility in comparison to today’s mobile phones. Such vintage phones often involved texting using a keypad that included both numbers and letters. This is in contrast to today’s smart phones, which have large windows, internet connections, and a variety of keyboard functions.
“With so much participation now, we feel like there is just a great opportunity ahead of us,” Choi said of cryptocurrency. Over the last year or so, the crypto industry has gained increasing media attention. Such speculation has coincided with substantial price increases in Bitcoin and other cryptocurrencies.