As part of our digging deep into the crypto space to hear from the people who make the big decisions, E-Crypto News reached out to Robert Beadles President of Monarch and one of the heavyweights who bared his mind on several issues concerning the crypto space. here is what he had to say:
Robert Beadles, President and Co-Founder Monarch
2019 has been a year that has been full of events for the crypto space. What do you think will happen in the next couple of years?
Robert Beadles, President of Monarch: Yes, there has been a lot of attention on cryptocurrency in 2019, and I expect that to continue into the new decade. In the next couple of years, I expect cryptocurrency adoption to grow as companies deliver products that make it easier to use. People are starting to see the value that cryptocurrency brings to the world, and the power it holds in allowing them to control their financial futures.
E-Crypto News: Talking about the adoption of blockchain technology, where are we right now globally in the issue?
Robert Beadles: Globally, there is massive interest in blockchain technology. Earlier this year, Facebook announced LIBRA with much interest and fanfare. Now, we’re seeing some LIBRA partners back out, which raises questions about where Facebook will go from here, and how other businesses will approach cryptocurrency. We’re also seeing Congress and governments outside the United States wrestle with how to understand and regulate blockchain technology and crypto companies. Some governments, like Malta, are very friendly to crypto innovation, and others are cracking down.
E-Crypto News: What is Monarch as an organization doing to improve the crypto space?
Robert Beadles: Monarch combines all your favorite blockchain services in one place, with one login and KYC process. The key differentiators are security, ease of use, and decentralization.
Right now, cryptocurrency users need an average of nine applications to manage their digital assets, with each service requiring its own login and KYC process. Without a simple, streamlined application to access their digital assets, cryptocurrency users are left vulnerable to hacks, identity theft, SIM swaps, and more.
Monarch eliminates the need for multiple applications and improves security with a single wallet, delivering every service needed to buy, sell, trade, and manage digital assets. Monarch delivers a better, more secure user experience than its competitors by allowing users to access all the best services while safely storing their crypto with their own seed and keys.
In addition, we’ve launched the world’s first decentralized recurring crypto payments. Until now, there’s been no way to automatically pay merchants in crypto on a recurring basis. We developed a patent-pending, permission-based smart contract system that pays one wallet address the same amount of cryptocurrency on a daily, weekly, monthly, yearly or other recurring basis. This smart contract allows any merchant to start accepting recurring payments, and any user to start paying onboarded merchants with the supported cryptocurrencies.
E-Crypto News: How can Governments and the crypto space work well together?
Robert Beadles: Governments need to provide clear regulatory guidelines that promote innovation rather than inhibit it. The crypto space holds tremendous potential, and government leaders should feel a responsibility to foster economic development and allow people to develop financial services that work for them. Leaders in the crypto space should also promote transparency for the good of their users and the broader community.
E-Crypto News: What is the single biggest threat to the adoption of cryptocurrencies?
Robert Beadles: There are many challenges facing the crypto space right now, perhaps the biggest being regulatory uncertainty. Governments are still trying to figure out cryptocurrency enough to regulate it, and that makes it more important than ever for people investing in cryptocurrencies to understand how to manage and protect their digital assets. In addition, most blockchain services currently are not as user-friendly as centralized counterparts, which inhibits mainstream adoption.
E-Cypto News: On a scale of one to ten, how are cryptocurrency organizations doing when it comes to transparency and corporate governance?
Robert Beadles: I’d say about a five, because we see some crypto organizations being very open and transparent, and others with questionable business practices that run the risk of giving the industry a bad name.
E-Crypto News: Are cryptocurrencies going to take over the world?
Robert Beadles: Yes, cryptocurrencies are already changing the world. We’re already seeing how decentralization and peer-to-peer transactions are providing an alternative to traditional banking structures, and that will continue. We’ve won, and now governments and enterprises are starting to implement their own cryptocurrencies.
E-Crypto News: As new technology comes to cryptocurrencies — are we seeing another fluke or are cryptocurrencies the real deal?
Robert Beadles: The Bitcoin white paper came out 11 years ago, so it’s fair to say cryptocurrency has gone way beyond a fluke or trend. Its premise and underlying technology have inspired thousands of other cryptocurrencies. Bitcoin ushered in an entirely new way to think about money and our financial structures. It remains to be seen which cryptocurrencies prove their value and utility in the long term, but in one form or another, cryptocurrencies are here to stay.
E-Crypto News: In your opinion what will the world be like in the next twenty years in a world where cryptocurrencies and blockchain technology have gained some form of adoption?
Robert Beadles: In 20 years, I predict that people will use cryptocurrencies as both a store of value and for everyday transactions. People will hold different cryptocurrencies for different purposes. Crypto wallets will be just as popular as bank accounts. Our dependance on traditional banks will be much lower, if not obsolete.
E-Crypto News: If you had three wishes for the crypto space and there was a genie who could grant these wishes, what would they be?
Robert Beadles: I would wish for:
1) The U.S. Government to make regulations clear, and to embrace this new technology and the entrepreneurs developing it.
2) A 10% flat tax on all cryptocurrency uses and gains.
3) The Monarch Wallet to be the blockchain wallet for the world being used by everyone, everywhere.