João Canhada, CEO of FoxBit, opened the panel explaining that cryptocurrencies are experiencing a moment of rise and can consolidate themselves as a great alternative due to their efficiency. “Foxbit was responsible for R$12 billion last year, this was more than the seven years of business combined. Indeed, the sector is growing exponentially, it is undergoing extensive development in Brazil, and it should move towards regulation this year. As a means of payment it is an important alternative to the legal system. Crypto brings efficiency to the whole process.”
Complementing Canhada's data, Fábio Tibéria, Business Developer at FT Consulting, stated that electronic currencies worldwide have already conquered their place among payment methods, noting that Bitcoin is already the third most used method by consumers.
“We know that bitcoins are the third largest payment system in the world by transaction volume. The first is the Visa card, then the Mastercard and in the third place, the bitcoin. It surpassed Paypal, which has already integrated crypto into its system as a test in the United States, reaching 360 million users. It is evident that crypto assets are no longer an idea, but a reality,” he detailed.
Tibéria also opened the list of advantages that the use of cryptocurrencies can bring to gaming operators, pointing out that they represent a significant cost reduction. “The average cost of a company with the payment of payout in PIX is 5%. With blockchain technology, meeting certain requirements, we know that the cost per transaction will be 0.007. That is, on R$1 million, the cost with PIX would be R$50,000 and with crypto it would be R$70; an inexpressible value. The difference is huge. And that’s just with reference to cost,” he pointed out.
The second benefit was raised by FoxBit CEO João Canhada, who pointed out the dynamism of the cryptocurrency operation as a great ally for the payment systems. “We are talking about an asset that does not have a bank domicilie, where you are the custodian in a portfolio that you can own from your computer, without dependence on an intermediary. With that, that amount of active crypto is on the internet and you have a key that gives you access to use your funds. The advantage is that you can transfer from one wallet A to B in real time, regardless of the location of the second wallet.”
Nick Rupe, Financial Manager at Pay4Fun, stated that the security guarantees that the use of crypto brings will be the most prosperous way for this form of payment to fall in the taste of users. “Safety is the main point. Regarding technology, there is no history of someone who managed to rake or hack. So, what we need to do for crypto to become more popular with users is to demonstrate the comfort of operating crypto using a means of payment or assets. Until recently, people were afraid to use PIX because they only knew that it was linked to the Central Bank. So how do we bring all these guys to crypto? I think it's through security. The first step is to bring that comfort to the public,” he said.
Finally, Canhada estimated the evolution of cryptocurrencies throughout the financial market, believing that 2023 will be a year of great growth for virtual currencies. “The turning point for the institutional market was in 2021 when it started to look at crypto seriously, regardless of price. Once it understands that crypto is here to stay and that it is a long-term process, I would say that 2022, 2023, are years in which it starts to be credible, take shape and large institutions will have their foot really positioned in cryptocurrencies,” he concluded.
Source: Exclusive GMB
