Within the cryptocurrency community, entrepreneur, senior executive and consultant Anthony Di Iorio needs no introduction. With his extensive experience in the field, he provides guidance for companies that are aiming to get into the space. Di Iorio is CEO of Decentral Consulting Services, a tech consulting firm. He is the co-founder of Ethereum, which uses a similar technology to bitcoin but with expanded functionality. Di Iorio is also the founder of the Bitcoin Alliance of Canada, a non-profit organization that has tried to widen awareness about the digital currency.
In a wide-ranging interview, he presented his view on bitcoin, blockchain and the industry as a whole.
TheStreet: Why are you interested in bitcoin and blockchain technology?
Di Iorio: I am interested in the three key benefits to this emerging payment technology: Its secure, fast and has negligible fees.
1. Secure. Digital currency, like bitcoin, is the most secure form of currency. It is much more secure than credit cards, EFTs and cash. There's no personal information tied to Bitcoin unlike credit cards and banks that hold your personal information. It knocks out identity theft and fraud completely.
2. Fast. Transactions are instantaneous, just as fast as it is to send an email. It is a faster way to make payments on the Internet, and it allows people to easily and quickly send money anywhere in the world.
3. Negligible fees. It reduces the need for third parties such as banks and credit cards. It reduces the need for traditional infrastructure and the high costs associated with this infrastructure. You can literally send $1 million anywhere in the world for a fraction of a penny in fees.
TheStreet: What is your view on the regulatory landscape of these technologies?
Di Iorio: My view is that governments should be cautious with regulations and fully understand the positive impact this technology will have on the world before deciding how to regulate it.
TheStreet: What are your thoughts on bitcoin as an investment for private investors?
Di Iorio: I do not give advice on Bitcoin as an investment. For me, the value of the technology is much more important than that value of bitcoin as an investment. Regarding my own personal view of its value as an investment, I do believe that since it has a fixed and limited supply and its very useful as a technology, that as more and more people begin to use it the value will go up. I do caution people, though, to do their own research and learn as much about it before buying.
TheStreet: What are your thoughts on bitcoin as an investment for institutional investors?
Di Iorio: It is really up to the institution to decide such things. I do not like to give advice on investing.
TheStreet: What are your thoughts on investing in bitcoin to diversify your portfolio?
Di Iorio: It is up to the individual or institution.
TheStreet: Are you invested/would you consider investing in bitcoin?
Di Iorio: I am invested and have held since 2012 and have started businesses in the space.
TheStreet: What is your opinion on the current price of bitcoin?
Di Iorio: It is what it is. I really don't follow the day to day price. I am long bitcoin.
TheStreet: What is your opinion on the price of bitcoin in a longer time-frame?
Di Iorio: I am long bitcoin
TheStreet: What are you negative about regarding this industry?
Di Iorio: I am not. Very positive.
TheStreet: What are you positive about regarding this industry?
Di Iorio: The amount of investment coming into the space, the growth of the technology, and blockchain being used for much more that payments and currency. ie. Ethereum. Additionally, big financial institutions are investigating in the technology and beginning to experiment with it.
TheStreet: Do you believe banks and financial institutions will be able to adapt to the technological shift that blockchain represents?
Di Iorio: Possibly. Some will be able to understand and react quickly, others will continue to ignore and be left by the wayside. Those that still have yet to react face more and more of an uphill battle. These institutions should be building the technology into their culture, educating their staff, and preparing to utilize the technology once the 2.0 platforms are ready to deploy.
TheStreet: If you were put in charge of adapting a big financial institution or bank to the future, which would be your first orders of business?
Di Iorio: Education and getting buy-ins from top level management. Working teams need to be set up, initial projects and test cases designed.
This article is a commentary by an independent contributor. At the time of publication, the author has long positions in bitcoin.