Coinbase board members say cryptocurrency has not had its iPhone moment yet

In a recent interview between Fred Wilson and Chris Dixon, who are the members of the Coinbase board of directors and cryptocurrency enthusiasts were informed of the developments in the field of blockchain technology and what lies in store for the fintech industry as a whole. The two officials also touched upon how unexpected fields like gaming will contribute to the mainstream adoption of digital assets.

Fred Wilson went on to say that the field of software has a lot of degrees of freedom by enabling any random person to play a big part in the startup ecosystem. He also stated that the entire process of Initial Coin Offerings [ICO] was very complicated and that only people with the technical know-how could partake in the field.

The two board members also went on to elucidate on the fact that members of the cryptocurrency community combine the best of both worlds, that is the world of investing and its counterpart in use cases. Dixon added that it was not fair that creators of technological products had no role to play in the state of a product after launch. According to him, the tech industry is a great tragedy as users have the power to trash the product no matter how good it is.

The two tech honchos also spoke about how there is a distinct parallel between the cryptocurrency industry as well as the mainstream tech industry. They stated that in the realm of mainstream tech, the outlook of the product determines the state of mind of the company officials.

This, they said, may sometimes lead to infighting and falling out of officials within the company. On the other hand, if technologies such as Bitcoin [BTC] had existed back in 2005 there would have been a much more efficient alignment between the core protocol and applications, stated the two.

Wilson and Dixon also elaborated on how the gaming sector can give the fintech industry a massive push towards mainstream adoption. This argument was furthered on the fact that “the industry has not created a way to replicate digital goods in real life.”

The two stated that even though Bitcoin is at a low point now, the value of the cryptocurrency has only risen since its inception. Fred Wilson believes that the main issues that plague the industry right now are the limitations of broadband networks and slow processing speeds. He said:

“As of right now, there is a lot of potential for crypto to grow, but we have not had our iphone moment yet. I can’t wait for it to happen.”

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