The space of Bitcoin and blockchain technology is gaining recognition very fast. One of the most famous and recognizable shows on the Bitcoin which focuses other than the price aspect of the digital coins is Let’s Talk Bitcoin. The podcast is immensely popular among crypto enthusiasts and features a discussion with veterans who talk about the various issues and challenges related to cryptocurrency space.
In the latest episode of the show, one of the cryptocurrency and blockchain industry veterans, Alex Petrov, shed light on the crypto space besides highlighting his own journey and experience in the field of the financial technology domain. Just so you know, Petrov is Chief Information Officer of Bitfury, one of the leading blockchain technology development organizations in the world. The discussion in the show was freewheeling, covering a lot of aspects related to the digital currency, including the likes of cost of mining, trust and secrecy, and, more importantly, the future prospects for digital currency and technology.
One of the primary issues that popped up during the conversation was related to mining and cost challenges. It is important for the organizations working in the crypto space to maintain a minimum level of profitability to fund their expenses in the long term. Replying to the safety and trust, which are very critical issues related to cryptocurrency, Petrov said that technology needs to be strengthened in this regard so that incidents related to crypto fraud, forgery, and other ill-conceived notions will not find a prominent place among headlines. Even one small hacking incident related to Bitcoin is bad enough to spoil the reputation of the whole crypto world.
The exchange of thoughts also happened about smart contracts and their usability. The concept came into the discussion as the conversation steered towards the reasons why many entrepreneurial projects failed to get the desired results in crypto space. Petrov contended that most of the startups in the cryptocurrency space don’t look beyond the profit-making and rather investing the money to scale their entrepreneurial project; they tend to spend it in an unproductive manner.
The need to develop more tools to facilitate transactions related to Bitcoin and other digital currencies also figured in the discussion. The existing set of tools might not prove sufficient enough to address all the transactions, and hence, it will be good for the overall crypto and blockchain domain to keep up investing the money and resources to come up with even more innovative tools and procedures for facilitating money and assets transfers. That said, the need to use the money productively has also been equally emphasized in the discussions.
Towards the end, Petrov focused on the importance of time management, scheduling, and organizing the work in teams to get better results from the project. It requires comprehensive evolution of the organization, which will ultimately make things successful for the company. Although bringing this kind of comprehensive cultural and procedural change is not easy and requires a strong commitment from the top management but once successfully done and implemented, this could help an organization to reap great benefits on almost all parameters of performance and growth.