This is a transcribed excerpt of the "Bitcoin Magazine Podcast," hosted by P and Q. In this episode, they are signed up with by Rafa Cordon to discuss Ibex is constructing Lightning Network payments facilities and what he believes the future holds for bitcoin.Watch This Episode On YouTube Or Rumble
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Q: It's constantly fascinating to see and have these discussions around today day utilize cases for bitcoin since there is a level of advantage, specifically Americans, get to have in concerns to cash. You turn around and you leave America and you begin to truly see how and why they require cash in genuine time.
In these interactions or in your own individual experience, exist things you wish to see additional industrialized or provided for individuals to be able to utilize their bitcoin?
Rafa Cordon: I believe banks getting onboarded onto bitcoin.That's a huge part of our like sales or business effort is not to onboard people or little merchants, however to onboard these huge business that have countless users on their app and simply including bitcoin into an app like these.
There's this propensity today of this thing called very apps. An incredibly app is an apps that does whatever, like WeChat in China, KakaoTalk in Korea. There's numerous extremely apps showing up in various nations. Our focus is assisting these very app business incorporate bitcoin within their apps which's one single effort that you require to do to offer direct exposure to bitcoin for like 5 million, 10 million individuals in one store.
That's what we're concentrating on and I believe more banks are getting more comfy with bitcoin every day, specifically here in Guatemala, we're beside El Salvador. A great deal of organizations are inquiring about it.
That's what requires to occur from a regulative viewpoint. There is no legal meaning for bitcoin in a great deal of nations. I believe just El Salvador is the nation that has a law that states what bitcoin remains in a particular method. It requires more information, however there's like a legal meaning of what bitcoin is. I believe we require to specify what bitcoin is from a legal viewpoint, not always like laws gone by Congress, however things like jurisprudence, like having history of analyses of what bitcoin is. There's like a basic concept from a legal point of view of what bitcoin is. I believe that requires to take place in these nations for more banks to get comfy with it. At the end of the day, it's about the individuals, like how individuals are gon na see bitcoin, how they're gon na utilize it.
We're doing some user research study with individuals who squander remittances, and it's been intriguing on how you require to alter a frame of mind. I believe everybody Bitcoiners, we altered that frame of mind. It took us a very long time, however we altered that frame of mind. How can we alter the frame of mind for millions of individuals in one shot?
For example, we produced a mock bitcoin wallet and we were revealing it to individuals who heard the squander remittances. They got remittances and transformed it to money and among the very first things that showed up is, the very first pieces of feedback resembled, "Hey, I do not need to produce an account here? Like I do not need to put in my e-mail and password?"
That was unexpected. They resembled, "Oh, I'm unsure I wish to utilize it since I do not trust it." Since they're utilized to developing an account similar to a savings account, like a Facebook.
P: Oh, wow. That's so fascinating. Wait, so simply repeat that.
Cordon: That was unexpected.
P: I wan na ensure I comprehend what you're stating. You're stating that since individuals are so utilized to being KYC' ed (following know-your-customer guidelines to provide individual info), which I deem like a criminal offense, the reality that when someone wishes to engage with monetary services, they need to totally dox themselves to whatever services they're utilizing. You're stating that due to the fact that your users didn't need to do that, they resembled, "I do not understand if I can trust this monetary act.
Cordon: Exactly. Precisely.
P: Wow! Male, that is screwed up.
Cordon: It is. That's what I'm speaking about, like altering a psychological design. Since a great deal of individuals who get remittances most likely didn't get a high school education or college or anything.
They're utilized to developing an account. The majority of them have a Facebook account or a Twitter account. "Any brand-new service that I'm gon na utilize, I require to produce a represent." That's the sensible sort of thinking and when you state, "Hey, you can simply utilize it, get bitcoin, you do not need to develop an account," they're like, "Uh, wait a minute, what is this?"
That was an intriguing thing, so we're considering how we can inform the user to break those paradigms that bitcoin makes it possible for. Those are the important things. It's more things that need to alter sort of in individuals's mind or mindset or the manner in which they've been utilized to take in internet-based services into how Bitcoin works.
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