World of Wonders: Crypto Treasures — From Trading to Transactions and Taxes

Today, we are looking at the debates, drama, and details of the many different web3 applications and use cases worldwide. I continue to hear the common theme of exclusivity, rare, and treasure. However, I have to ask — who values this and why is it so exclusive? Let’s talk about the tech, whether you see the value in a digital currency, virtual property, or digital membership to a club.

Moving to Decentralization

The shift of centralization is moving around. This term applies to various technologies and techniques used in business, from transactions to the trade and exchange of values and information. Ownership is up to the individual and owner of the information, insights and ideas in the different areas. The management and control is a shared ecosystem on the blockchain, such as Bitcoin, where there is no control by a government or bank. Where this might evolve over time — we are all watching. We should expect to achieve more together in the future.

Capturing Value in Digital Assets

The ability to control your personal information and preferences is a complete 180 move from the web2 world of social media and online communities, where the world is free and accessible. Still, your personal data, traffic, transactions and more are often the primary value to the platforms. The asset can vary from your identity, purchases, personal brand and data. In some markets, the opportunity might exist where the consumers can only provide their personal information for a reward or return on the investment. The value back to the traditional and physical world we live in today will most likely involve some transaction fee until the day when everyone is accepting many more currencies in their payment and financial transactions with the same price and t. We might see the early adopters across categories and countries today, but we are far from the majority application and availability.

Valuation is also important. Crypto assets have increased in popularity in the markets where the most money and participation is present and in markets where the currency and economies are not stable. They are still consumers and investors with a unique experience and exposure to spending and saving. They clearly can find a more opportunistic look at the crypto investment as they can now participate, trade, and grow their assets with their own controls. The fluctuation in the crypto world still can be seen as minimal compared to controls and takeovers in a mix of markets. Last but not least, we should consider the youth. The young customers are looking to start their savings and spending, but they might not have access to traditional financial services in their home country to save, withdraw or invest with a bank.

Directing the Controls and Conversations

A valid question is who will maintain and monitor this information and insights to provide safety and security for others? Where are the boundaries for trade, transactions and traffic overall? At this time, it is chaotic and crazy. We have a mix of standards and regulations across industries, and the question is where a blockchain solution is appropriate. There is a high rate of fraud and false identity out there. Some are looking to hide and avoid any link to their true identity in the world of web3. However, global regulations and sanctions are pushing in the other direction. Is there an opportunity to find a new level of ID Verification, Credit/Risk Scoring and more in the new environment? How will this be connected to the legacy fiat and economy? We must ask ourselves who we are trusting and testing this with — as several nations are investing more in the tax and regulatory services to address this.

Moving forward, where will we all be? Is this an extension of our remote work environment working with global team members? A new income source for those in need? Or simply another platform play that the same leaders and investors are present? People might be so excited due to the new wave and hype. Still, we should consider how existing ecosystems and economies can address this, if possible, in a more efficient manner. Overall, blockchain offers hope — everyone with a tech mindset will see the challenges and opportunities, both for evolving into a more open and accessible environment and the possible limits and controls that might apply in each market.

Share your thoughts, ideas and insights in the comments below….and stay tuned for more updates and insights from the world of web3 and crypto.

— Christina shares candid insights and ideas based on her work, network and passion for mobile, payments and financial services. She focuses on the latest innovations from products and growth to people during the day while teaching students and mentoring entrepreneurs at night. Connect with her on LinkedIn or Twitter. All views are my own. —