While Wall Street seems more interested in the idea of permissioned or private blockchains these days, the point of Bitcoin in developing countries has nothing to do with the technology underpinning the decentralized payment network.
According to Snapcard Co-Founder and CEO Michael Dunworth , people in developing nations are more interested in bitcoin as a currency than those in more developed countries. While there are some niche use cases for Bitcoin in places like the United States, it seems clear that owners of credit cards with cashback programs are not going to switch to the digital currency at any point in the near future.
Michael Dunworth recently sat down with Bitcoin Magazine to discuss some of his thoughts on the Bitcoin versus blockchain debate, and he explained why Wall Street is focused on blockchain technology, while the developing world has its eyes set on bitcoin.
Some Countries Would Still Like a Decent Currency
Dunworth understands the current trend is a move away from bitcoin and toward the blockchain, but he does not see the same phenomenon in the developing world. During his conversation with Bitcoin Magazine, the Snapcard CEO said that some parts of the world still have interest in bitcoin as a currency:
“Right now, everyone is talking about the blockchain. It’s not bitcoin, it’s the blockchain. That’s very USA bubble. If you go to Brazil, Nairobi in Kenya or Argentina, they still need a decent currency. They don’t have a Chase Rewards card that gives them one-and-a-half percent back on everything they spend.”
In accordance with Dunworth’s vision, Snapcard has made Brazil one of its main areas of focus. Dunworth gave a presentation to a variety of government officials and central bankers at the Central Bank of Brazil in November, and the company has also partnered with PagPop , which is […]
