i3 - March/April 2016 - 31

use of Wi-Fi and CRM systems would work hand-in-hand
with payments to create an emotional connection with a
new generation of shoppers.
The later sessions took a bit of a Rod Serling departure to a
different world-digital currencies. The passion of the afternoon speakers was palpable. Matt Roznak from Tally Capital,
a digital currency venture firm, said, "Bitcoin is one of the greatest
technological, political, financial, industrial and humanitarian inventions of
our time... and that's a bold statement for a technology that's been available for
just seven years." Roznak predicted that 2016 will see the first unicorn blockchain company, and that the adaption of blockchain technologies by longstanding banks and financial institutions is a guarantee.
Bitcoin, while not the only digital currency, has become associated with the
characteristics of a distributed digital payment process. After just seven years
in development, Bitcoin boasts three million users. Brock Pierce, who heads up
one of the largest bitcoin investment services, recounted how he took his inspiration for Bitcoin's importance from early games like Second Life and World of
Warcraft that incorporated serious virtual economies. Charles Lee, one of the
creators of the most popular alternative to Bitcoin, LiteCoin, sees the variations of currencies as a place for experimentation with the blockchain system.
It's an experiment that has achieved remarkable monetary success. Of course,
market volatility, misuse of Bitcoin for money laundering, terrorism and drug
trafficking have tarnished its reputation. The debate about the demise or rise
of Bitcoin shows no signs of abating.

Regulatory issues also pose big
hurdles. Perianne Boring from
the Digital Chamber of Commerce
and Scott Schwaitzberg from Tusk
Strategies pondered the difficulty
of getting law and policy makers to
rise to the challenge of disrupting money.
"The thing that's being disrupted has to have a
win for the consumer, Uber being a good example,"
said Schwaitzberg. "Right now, government is not
incentivized to meet consumer demand for a more
frictionless, transparent system, and digital currency is a complicated issue not easily presented to
Congressional aides over a lunch time chat," added
Boring.
The Digital Money Forum confirmed three
things. First, change is inevitable. Second, by 2017,
consumers will become increasingly adept and
vocal in their demands for new ways to transact
and manage money. And finally, wild ideas like a
peer-to-peer marketplace, immediate transactions,
and complete transparency are quickly becoming
reality.

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i3 - March/April 2016

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