Paolo Ardoino is CTO of Bitfinex. Cointelegraph en Español spoke with him to get his perspective on cryptocurrencies and the Latin American market.
Cointelegraph in Spanish: What do you think of cryptocurrencies today? Are cryptocurrencies being used more now or is it just a bubble?
Paolo Ardoino: We are seeing the rise of cryptocurrencies as a means of payment and also as a store of value. Stablecoins have become a viable medium of exchange for e-commerce and have proven to be a resource for businesses looking for a cheaper and more efficient way to make payments between buyers and sellers.
In particular, we are seeing the success of Tether (USDT) tokens as a means of peer-to-peer (P2P) payment. More and more people are starting to accept USDT as a form of payment for goods and services. USDT offers a faster, more transparent and efficient solution than fiat currencies.
Cointelegraph in English: How did you get into the world of cryptocurrencies?
Paolo Ardoino: I am a computer scientist and specialist in blockchain technology. After my first interaction with computers, I quickly became obsessed with hardware, networking, and cryptography. I joined Bitfinex as a senior software developer in 2015, tasked with developing trading engines with platform scalability and low latency. I became CTO of Bitfinex in 2016 and CTO of Tether in 2017.
Cointelegraph in Spanish: How do you see the crypto scenario in Latin America?
Paolo Ardoino: In Latin America we are seeing a growing number of people who are beginning to accept cryptocurrencies as a means of payment and also function as a store of value. It is also an excellent alternative for remittances. People who work in Europe need to send money to their families in Latin America. USDT offers a means to escape the high fees charged by traditional money transfer companies.
Cointelegraph en Español: Are there people who are not banked in the region? Are cryptocurrencies a real alternative for them?
Paolo Ardoino: The total number of unbanked people globally amounts to almost two billion. This is not their own fault, but because of the limitations of the traditional financial system. Cryptocurrencies represent a fast and cheap solution to transfer assets around the world and provide the added benefit of being a store of value. They provide a gateway for hundreds of millions of unbanked people.
Cointelegraph in Spanish: How are the banks acting? Do they put up a lot of resistance? Or are there collaborations with the ecosystem?
Paolo Ardoino: Our objective is to work with all those sectors that allow greater access to financial services, making them cheaper, more transparent, safer and more efficient. For example, right now you could send 100 USDT to a friend or family member and it would arrive in less than five minutes and cost less than a dollar. These are practical reasons that make people choose cryptocurrencies.
Cointelegraph in Spanish: What potential do you see for Bitcoin?
Paolo Ardoino: As I said last year, we could say that we are on the cusp of a technological revolution with Bitcoin at the forefront of it. Critics and detractors alike should take note of this turning point as people realize the many possibilities for a future form of money.
In recent years we have witnessed a great change in the acceptance -and usefulness- of Bitcoin in Latin America. This has contributed to economic growth in the region and has been a beacon of hope for financial freedom. Intuitively, people are seeing use cases for Bitcoin. Whether as a hedge against inflation or for remittances, we are seeing a sea change in the acceptance of cryptocurrencies in the region in countries as diverse as Argentina, Ecuador, El Salvador and Brazil.
Cointelegraph in English: What do you think of the Bitcoin price analysis?
Paolo Ardoino: It is not my job to predict the price of Bitcoin. My only goal is to be able to offer the best trading experience to our users.
Cointelegraph in Spanish: How much could Bitcoin reach by the end of the year?
Paolo Ardoino: We do not make price predictions.
Cointelegraph in Spanish: How do you see the issue of cryptocurrency regulation? It is necessary?
Paolo Ardoino: We believe that regulations are necessary and we actively engage with all global regulators. Currently, our goal is to adapt to new regulations and work with regulators to protect consumers and responsibly promote a new asset class.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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