Bobby Ong, the co-founder of CoinGecko recently sat down with Mint.com to give some beginners advice on cryptocurrency and what it is for those who are new to this emerging industry. Check out the first part here if you haven't read it and check out the original interview here too.
So what would you find by using CoinGecko? Ong’s response might give you some insight:
“CoinGecko is a cryptocurrency ranking website that aims to give a 360-degree overview of the cryptocurrency market. There are now over 500 altcoins in the market, and evaluating each of these coins is time consuming. At the time of writing, CoinGecko collects data for over 200 of the most important cryptocurrencies and benchmarks them against a set of standardized metrics to rank them. In determining the health of a cryptocurrency, we look at developer activity on the open-source repository, community engagement on social media channels, trading volume on exchanges, public interest and market capitalization.
Our efforts in collecting all these data have generated a lot of interest among cryptocurrency traders, coin community members and also university researchers. Traders find our price pages such as the following Dash price page beneficial in looking at historical price charts. Coin community members find the wealth of data that we have insightful in gauging the progress of their favorite cryptocurrencies. University researchers, meanwhile, find the data on our individual coin pages very useful in observing the state of cryptocurrency markets.”
In discussing what the future of cryptocurrency holds, Ong had this to say:
“We are still at the infancy of cryptocurrency and blockchain technology development. There is a lot of experimentation in general because of the permissionless innovation nature of cryptocurrencies, and there will be many trials and errors before a good use case is found.
I think in the long run, cryptocurrencies will most likely play a large role in machine-to-machine interactions in the Internet of Things future. Distributed Autonomous Organizations will also play a large role, with smart contracts executing automatically based on events. In general, I think cryptocurrency and blockchain technology hold some key ideas that will make the traditional financial systems more efficient through lower cost structures.
In the medium term, I see a very strong use of cryptocurrencies in the remittance and microtransaction industry. A lot of venture capital are flowing into Bitcoin companies that aim to reduce the cost of cross-border payments and also enable small value transfers over the Internet. Online tipping might become a norm of the future, and new business models might develop such as content creators charging small fees for consuming their articles or videos instead of relying on advertisements.”
It will be interesting to see how this accurate Ong’s prediction will be though. For more news on this and other crypto updates, keep it with CryptoDaily!