VIRTUAL CURRENCY: THE NEXT DISRUPTOR IN PAYMENTS

Transcription

1 VIRTUAL CURRENCY: THE NEXT DISRUPTOR IN PAYMENTS

2 VIRTUAL CURRENCY TODAY Virtual currency, such as Bitcoin, is the next disrupter in payments. Adoption is on the rise and consumers want places to spend their bitcoin. Some retailers, such as Overstock, Dell, Microsoft and DISH, have already started accepting bitcoin payments. Accepting bitcoin improves the retailer s profit margins by eliminating processing fees associated with other types of payment. But is that enough to get more merchants on board? And is it right for your business? What does it take to get started? The Virtual Currency Today Summit will help you answer these questions. You ll hear about merchant adoption, consumer adoption, privacy, regulation and the future of virtual currencies. In this e-book, you ll get a preview of insights from some of our speakers, including: Judd Bagley - Overstock.com Byrne Reese - Bitreserve David Long - Northern CA Fraud Prevention Solutions George Peabody - Glenbrook David Wilford - Wave Crest Robert Wilkins - Ziftr We hope to see you on April 29 in Boston! David Drain Senior Vice President of Events at Networld Media Group 2

3 BRAND CONTRIBUTORS 3

4 Those who confuse the price of Bitcoin with its value are missing the point. Judd Bagley 4

5 Judd Bagley director of communications Overstock.com Having experienced Bitcoin, it s difficult for me to imagine a future without digital, stateless, decentralized currencies. The efficiencies this technology introduces into commerce are so extreme as to make it seemingly vital to true globalization. But even more importantly, I see the technology that drives Bitcoin, namely the Blockchain and Blockchain-like technologies, becoming integrated into more business processes than we can even imagine today. Someday, that currency was the first application of Blockchain technologies will be the surprising answer to a business trivia question. Those who confuse the price of Bitcoin with its value are missing the point. There will be ups and downs in the day-to-day price of Bitcoin and all the other altcoins, but the technology that underlies them is not going away and, indeed, daily there are new business practices being adapted to and piggybacking on it. Don t get hung up on Bitcoin as an investment. Instead, invest in the technology. In a world where the vast majority of writing on the subject of virtual currencies comes either from those who don t understand it or geeks who understand it far too well, getting a handle on the space can be very difficult. The presenters at this summit are not down in the weeds. They are business people and communicators who understand the business arguments for and against and can present them in ways that business people will understand. 5

6 I want consumers to feel safe using digital money, and to know that they are in good company when they choose to use digital money in their everyday lives. Byrne Reese 6

7 Byrne Reese vice president, product Bitreserve It is easy to think of virtual currency as a thing. I believe virtual currencies and the world of digital money are *products* products that in the future will bring a level of value and utility to the consumer and businesses that traditional currencies are simply unable to provide because they are a *thing*. They are dumb and they are static by their very nature. My vision therefore is to develop forms of value that give consumers a compelling reason to hold them in the first place; reasons that go beyond speculation, and beyond novelty. If we as an industry are focused on anything else, then the promise of digital money will fall short. I want consumers to feel safe using digital money, and to know that they are in good company when they choose to use digital money in their everyday lives. In our professional community I want to challenge us all to question the notion that virtual currencies are inevitable. I want to see digital money revolutionize the financial services industry, as well as transform the world just as much as the next person. But I have seen too many truly amazing technologies in my lifetime fail because the people and communities behind them failed to connect these products with people in a meaningful way. 7

8 One of the major misunderstandings surrounding digital currency is that its overall long-term viability is dictated by short-term fluctuations in value. David Long 8

9 David Long principal and senior consultant Northern CA Fraud Prevention Solutions One of the major misunderstandings surrounding digital currency is that its overall longterm viability is dictated by short-term fluctuations in value. That is not to say, however, that adoption might likely be slower in countries with less volatile fiat currencies. However, in countries subject to wild currency fluctuations, digital currency may actually have a more stabilizing influence. This event will expose attendees to a variety of ideas as to how virtual currencies may transform the payments arena as well as how the underlying technology promises to fundamentally alter ways of doing business across a myriad of industries. 9

10 With the mobile-drive explosion in Internet users and the development of the Internet of things, virtual currencies may change how internet relationships are monetized. George Peabody 10

11 George Peabody senior director Glenbrook What s your long-term vision for virtual currency? Virtual currencies will enable ownership and value transfer of all kinds of assets, disrupting the business of custodial functions like trusts, title insurance, and more. With the mobile-drive explosion in Internet users and the development of the Internet of Things, virtual currencies may change how Internet relationships are monetized, shifting a measure of control back to individuals and businesses away from giant online intermediaries. What common misunderstanding about virtual currencies do you wish you could correct? Where do I start? How about: they re only good for Silk Roads or money laundering? That they re utterly untraceable? That they will replace sovereign currencies entirely or threaten the US dollar? This is a misconception-rich area. Why should people attend this summit? We tend to overestimate the near term effects of a new technology - and underestimate the long term impact. Staying current while taking a look down the road is the right reason to attend the summit. 11

12 Virtual currency is not new or out of left field. It has been part of an evolution of the payments system. David Wilford 12

13 David Wilford general counsel & chief compliance officer Wave Crest My long-term vision for virtual currency is to see it become more accessible and easier to integrate within our existing payments systems that are safe, secure and appropriately regulated. Digital currency unlocks great potential for consumers and businesses to easily hold and liquidate different stores of value. This is vastly different from today s system where holdings points, gold, bitcoins, cash in various currencies etc. cannot be converted in an immediate manner to make a payment. If we can figure out how to make this happen while utilizing the existing payments ecosystem, virtual currency could become a very real and useful tool. Virtual currency is not new or out of left field. It has been part of an evolution of the payments system. It is also an open system for instance, the Blockchain makes all Bitcoin transactions publicly available on a shared ledger. This summit will provide practical strategies and lessons learned from real-world virtual currency applications. It s a must-attend for any payments professional who wants to be on top of this innovative payments development. 13

14 Virtual currency is truly a game changer especially for micropayments and the unbanked. Robert Wilkins 14

15 Robert Wilkins Founder & CEO Ziftr I know that the technology behind virtual currency has the potential to be truly game-changing. It s similar to how I felt about the internet in the early 1990s. The big obstacle right now is that consumers and merchants aren t yet comfortable with virtual currency as a method of payment, and part of Ziftr s goal is to change that by onboarding the next 10 million cryptocurrency users. There s a common misconception that virtual currency is a currency for drug dealers and gamblers. The reality, however, is that virtual currency extends far beyond the infamous cases that have hit the mainstream news. Respected innovators, entrepreneurs, investors and other forwardthinking individuals continue to populate this industry every day and these are the real virtual currency users we should be focusing on. Virtual currency is truly a game changer especially for micropayments and the unbanked. This is still a small industry at this point in time. Genuine, long-lasting innovation comes out of learning and collaboration and this event and others like it create an opportunity to network with other individuals who have similar goals and strategic plans for achieving these goals. 15

16 WANT TO LEARN MORE ABOUT VIRTUAL CURRENCY? Explore the many factors that will shape the adoption and growth of Bitcoin and other digital currencies. VIRTUAL CURRENCY TODAY SUMMIT APRIL 29, 2015 BOSTON REGISTER TODAY SAVE 15% WITH COUPON CODE VCTEBK15 REDEEM THIS CERTIFICATE FOR PERCENTAGE OFF SUMMIT EXPERIENCE. NO CASH VALUE. 16