Premium Club Talk “Cryptocurrencies — Come To Stay”
On the stage for Premium Club, Vienna- Austria are four members: Rainer Borns (Volksbank), Thomas Nägele (Nägele Attorneys at Law), Tomislav Matic (Crypto Future), and Sven Wenzel (castellocoin.com). They are discussing and answering many interesting questions considering crypto, the technology behind it, and the gate to the future it opens.
What does a currency need to function as a currency?
Understanding cryptocurrency calls for thinking about fiat currencies and the concept of money and value. It is not impossible to understand, but it does require thinking about what the world population takes as a given. Thomas Nägele names the following three central points: transport, storage, and calculating function whereas the latter remains the reason why cryptocurrencies are not broadly accepted.
Future with crypto
Tomislav Matic, the CEO of Crypto Future as the name of this company states sees the future colored with crypto and blockchain technological innovation. He also emphasized that this is a complex topic and that it should be said — above all else — that the network is very secure as long as you keep your private key safe.
Thomas Nägele further emphasized that the EU commission is talking about the “token economy” where the world economy is to be digitalized and how the legal system for this would work.
Austria and Crypto
Specifically, in the case of Austria, Matic explains that the direction in which this state moves regarding cryptocurrencies is a clear one as it is taking taxes from the 1st of March 2022 on cryptocurrencies.
Buzzword “Crypto”: more than just currencies?
Sven Wenzel pointed out that the crypto world is much more than just currencies. Whereas a general term remains digitalization and technological advancement. As of date, there are many different cryptocurrencies. Wenzel views the aspect of trust in developers of said currencies as important as it is imperative to the decision-making process of buying a certain token. He makes a further interesting point about a discourse barrier between the IT experts and the rest of the population: currently, it is necessary to build a bridge and share expert knowledge in a way that is accessible to a wider audience.
Rainer Borns in front of Volksbank made a differentiation between fiat and crypto values as fiat values having banks as guarantees that that currency is indeed worth a certain value. Further calling Goethe’s distinction in money value in Imperium und Imaginarium he points out that there must be a collective agreement of accepting a certain payment method for it to work.
If I may add: with fiat values, this used to be the gold standard developed by Isaac Newton. But governments have since abandoned it, instead preferring to let the market decide the value of currencies. In the wake of the 2008 financial crisis, Nakamoto promised to change this, hoping that bitcoin could become a new and improved gold standard.
The Future we want
Discussion about crypto is ongoing. We live in a time on a brick of diving into the future. Noone can assess with 100% certainty what will happen and how will this future look. But, how can we make sure that this future will be the future we want? Well, definitely not by taking things as a given but by staying informed and in the loop with the Zeitgeist.
Stay curious, stay hungry for knowledge.
