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Blockchain & Cryptocurrency Interest Grows in Penang

by | May 29, 2019 | Blockchain Business, Events, Featured, Law & Regulation, News, Past, Startup | 0 comments

Over the weekend we opened our doors to Penang’s blockchain community with a stellar line-up of speakers including Simon Pang (SteemXP), Jason Chew (Bitcoin Malaysia & Empower), Wei Chi Chan (Sinegy), and M Nasir (SenangBit). Thank you to everyone who showed up, filled up every available seat (with some people having to stand!) and joined us for an engaging afternoon to discuss blockchain and cryptocurrency. 

Here are some the key themes that were discussed throughout the event: 

Scams & Misconceptions in Crypto

Scams are rife in the world of crypto. But that doesn’t mean that crypto itself is a scam. There are valuable use cases to be developed with blockchain and crypto. And the first step to take is to start learning about this new technology, understanding how it works, and most importantly understanding how to protect yourself against scams.

 

Impact of Blockchain

Blockchain and cryptocurrency are already making an impact on people’s lives. Yes there is a lot of hype. But there is measured impact. Simon Pang (SteemXP) showed us how content creators are earning cryptocurrency rewards for producing content. While only a few are making significant money, even earning US $1 a day has a tremendous impact on people who are living in unstable regions or who have few ways of earning an income.

 

Blockchain Adoption

We are still a long way off from mass adoption for Bitcoin and other cryptocurrencies. But there are positive signs. Regulation is coming. As Wei Chi Chan (Sinegy) pointed out, regulation when done correctly won’t stifle innovation. It will accelerate it. In order for us to witness true adoption of blockchain technology and cryptocurrency, one other factors matters most of all.

 

Crypto Useability

M Nas started his talk with a strong but very valid statement. There is no useable cryptocurrency in existense today. And he’s right. The process for buying cryptocurrency, creating a wallet, and storing your cryptocurrency is complicated, cumbersome, and not user friendly. The next evolution for the crypto space must focus on making their platforms and products as user friendly as ordering a Grab, buying a product on Lazada, doing a Google search. Until we reach this inflection point, mass adoption cannot be achieved.

It’s really exciting for us to witness to growth of the blockchain and crypto community here in Penang. We have more events planned so be sure to join our Facebook group to make sure you don’t miss out.

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