Bitcoin and crypto have become mainstream, but misconceptions remain about their true potential. 

Host of The Wolf of All Streets, Scott Melker, and Mo Shaikh, CEO of Aptos, dive into whether Bitcoin is merely a speculative investment or a technology poised to transform the world. As Melker notes, many are wary due to past challenges in adopting crypto, from losing keys to getting scammed, but Shaikh sees parallels with the early internet, where fear was overcome by advancements in security and trust.

Shaikh argues that blockchain technology, particularly Aptos, is addressing these challenges. “We’re at the same trajectory where maybe it was tricky holding your Bitcoin, but today it’s a little easier,” he explains. He highlights how traditional payment systems like Visa and PayPal still have delays and high fees.

In contrast, Aptos can settle transactions in under a second, making it a more efficient option. “That makes a much more efficient economy,” Shaikh adds.

Scott Melker pressed on the need for innovation beyond existing digital payment systems, to which Shaikh responds with Aptos’ latest product: The Aptos card. “You don’t have to worry about managing your private keys,” Shaikh says, emphasizing that the card allows users to move money instantly without relying on a phone or wallet. He believes this approach will bring crypto payments closer to the familiarity of credit card usage.

As the conversation turns to competition, Shaikh notes that Visa processes 700 million transactions at peak capacity, but Aptos is not far behind. “A game on our network pushed us to 500 million transactions in 24 hours,” Shaikh reveals, comparing Aptos’ potential to major players. He sees this as a sign that Aptos is poised to compete with global payment networks, stating, “500 million transactions costing about $5,000 is mind-blowing.”

While acknowledging that traditional payment companies may be slow to adopt blockchain, Shaikh expresses excitement about the collaboration with forward-thinking partners. "If you're a payment company and want to compete in tomorrow’s market, we're happy to have a conversation,” he concludes, hinting at the growing role of blockchain in reshaping payments.

Source : TheStreet - Oct 1, 2024