Coinbase President: Crypto Currency’s Current State Is Comparable To The Early Cell Phone Days

A lot of people feel like they may have missed the train.

Still, others offer a different take; The Coinbase President, Emilie Choi is one such voice. She points out that crypto needs to move to a more user friendly experience overall citing the current crypto landscape as “clunky.”

We are essentially in the baby days of crypto according to Emilie Choi. More hesitant participants are still waiting to be tapped. Due to all these clunky user interface, network, and overall user friendly related issues though, many remain on the sidelines.

A sizable market is certainly there waiting to draw in new and fresh participants; we recently reported on The NYDIG report indicating that nearly 50 million Americans owned Bitcoin.

So Americans are definitely adopting, but we still have not seen the mass adoption levels many visionaries seem to think we can be.

Take a look:

Crypto, including BTC is in its infancy and as further mass growth and adoption occurs then we will see some stability gradually take hold. Any disruptive paradigm shifting technology is going to go through some growing pains. Some thrilling years ahead!

— Apoc (@BTCryptoMatrix) May 18, 2021

Sure In that sense Gold or any risk off asset is also a store of value, but their price is also subject to market variation. Crypto is still in its infancy so is prone to more volatility, though in the long term it will decrease and then we may consider it like a “store of value”

— deemzie (@deemzie1) May 18, 2021

Coin Telegraph reported Emilie Choi’s words:

“It’s about, you know, how do we create the most user-friendly experiences for folks,” Choi told Bloomberg in a May 13 interview when asked about any notable uncertainties regarding crypto’s future. She added:

“In many ways, I always kind of take the analogy of like the old mobile phones, right, that had these clunky clunky interfaces. We’re in kind of that phase of crypto, so we have to make it more usable. We have to make it more accessible. We have to have more regulatory certainty for certain folks to get off the sidelines and participate.”

A vast number of solutions exist for people to become involved in the crypto space — from trading apps, to payment facilitators such as BitPay, to asset availability on PayPal. Interacting with crypto assets directly, however, can be a cumbersome task for new folks, depending on how they approach it. Spending crypto assets also remains potentially convoluted when it comes to considering the possible tax implications involved in each transaction.

As if that doesn't take time. But BTC is layer 1, like gold was. You don't touch layer one… The ecosystem is in its infancy. Barely a toddler..this goes for any crypto

— fluxtras (@fluxtras) May 18, 2021

Crypto currently is comparable to the early days of cell phones, Coinbase President says Crypto needs to be more user-friendly, according to Emilie Choi. https://t.co/sQKIoAaKhc

— BitRss News (@RssBit) May 15, 2021

In some related news Coinbase reported record revenues and will soon list DOGE according to Crypto Potato:

Coinbase has had a spectacular 2021. The company announced $1.80 billion of revenue, $585 million more than the fourth quarter of 2020, and $191 million more than its results from a year ago.

Much of these numbers are driven by the growing interest in cryptocurrencies. 56 million users and 6.1 million monthly transactions put the company right on the money radar, primarily since Coinbase benefits from the fees generated by every trade made on its platform.

The IPO was also good news for Coinbase, which has benefited from increased confidence in its brand. Being fully regulated, Coinbase has become a benchmark for U.S. institutions and investors looking to increase their exposure to cryptocurrencies.

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