Need for water would inadvertently increase the demand for pots. The growth of cryptocurrency is directly proportional to the growth of wallets.

Joining in for an ensemble panel discussion for the final day of CoinAgenda Global 2019 were Nimrod Lehavi, Co-founder & CEO of Simplex, Steve Beauregard, Co-founder & Chairman of GoCoin, Robert Beadles founder and president at Monarch and Paul Puey, the Co-founder of Edge.

Their discussion could be summed up as how vital wallets are for the growth and adaptability of cryptocurrencies for the general populace.

What are Wallets:

Even with the presence of some of the brightest blockchain personnel on stage and off stage, the panel kicked off the discussion with the basics. Consensus rested to the fact that wallets are where your value rests.

Musing at a few times of how the dollar note itself is a wallet, the foundations of building a wallet that attracts return users is at its core. The consensus agreed that to build a great wallet, our first question needs to be “what do you want to do with your money? Do you want to make a payment? Do you want to buy something? Sell something? Or simply use the wallet to store your value for a later usage?” These questions fuel the usage and spread of your product to the general populace.

Best Experience and Functionality:

Continuing about the crucial elements of product, the panel also discussed on how important are features to the usability and experience of a wallet. Quoting facebook as an example, they examined how Facebook offers the best experience even though it offers multiple functionalities. The key was to have a lot of options and yet focus on a single thing.

Facebook may have a lot of functionalities as a platform but all of their functionalities have different apps. There is the messenger, facebook app and their marketplace changes every day. The app success is vital for the growth of the platform to larger audiences.

How easy is it to use your wallet?

A best wallet is not the one that has the best of everything in a single place but something that has everything you need in a single place, eventually. Focus on solving a single problem at first and then hop on to solving more.

Another thing crypto entrepreneurs need to understand here is the fact that we, as makers, need to be absolutely conscious about the lines of privacy. The line between letting merchants and customers’ transactions. Our role and limitation in facilitating these.

Taxation and Crypto wallets:

One of the major aspects discussed today was the issue of taxation. Conventional money is comparatively easier to tax than that of crypto. The best way to wiggle out of crypto taxation with ease is to track every payment.

Carefully stressing on this, the consensus talked on the importance of tracking your payments. A simple tag on your payment when you pay, buy or store would help your CPA to take things forward with ease. Instead of getting taxed for money that simply changed your own pockets, now get taxed for only stuff you actually need to get taxed for. One of the best companies out there for this is Cointracker.

Future of digital wallets and Cryptocurrencies:

Pondering on the future of crypto currencies, the panel agreed that different filed currencies would still be an issue in the future. These again include issues of global taxation and offshore focus etc., If we are able to tackle these issues, wallets could truly help pave a better way for financial globalization and the future of safe and secure digital payments with no digital or physical barriers.

Thank you for reading this article.

Binance now allows Lending with interest rates of up to 15%. Open your Binance account.

Consider subscribing to get ONE email per week with all the important curated information, tax alerts and free eBooks.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.