Cryptographic currency is not a new term in the digital era and to the digi geeks. It is becoming quite popular across the world and is slowly entering India. The new e-currency can change the way monetary transactions take place and this could bring in a new change in the society. With Deuscoin set to be launched soon in India, director of Bitlox Bitcoin and developer of Deuscoin, Dane L Coe spoke to News Today and shared his thoughts on crypto currency and more.
Q: How does Deuscoin work?
A: Deuscoin is a distributed cryptocurrency running off a shared ledger, also known as a “blockchain.”
Q: How different is this from bitcoin?
A: The settlement times and difficulty times are adjusted for faster, more consumer-friendly use in this. For example, a transaction is confirmed under one minute with Deuscoin.
Q: How have you planned on percolation of Duescoin in Indian economy?
A: The coin is initially available to members of the SVD network, it is their mission to promulgate it.
Q: What can be bought using this?
A: Since we are just starting out, it is up to the free market and individuals to decide to accept Deuscoin.
Q: Do you think crytpographic currency will change the traditional payment method?
A: This will change it completely. The hardest thing to get is the inherent independence of cryptocurrencies. Each person can hold or sell entirely at their own discretion.
Q: Market value of bitcoin is not stable. Is it safe, your thoughts on that?
A: Markets adjust prices according to the supply and demand. The only place I recall where prices never change is the old Soviet Union.
Q: What are the factors that decide the value of crypto currency?
A: The value is determined by how useful it is. This in turn is reflected in the market price, the purest denominator of value that one can get.
As you know a thing is only worth whatever someone will pay for it.
Q: Is it true bitcoins are used in black markets?
A: Yes, it is. But as everybody knows even Dollar, Rupees, Rubles, RMB are also been used. Are we banning those or restricting that.
Q: Major role of these currency is to keep anonymity over transactions. Will Deuscoin offer better anonymity and security?
A: Actually, that is not true. Cryptocurrency offers pseudo-anonymity. Once a transaction is on the blockchain, it is there for everyone to check and trace. It is when a person has to register with an exchange to move money into or out of the fiat system that a person’s ID may be linked to a crypto transaction chain.
Q: Through bitcoins, there are chances that black money increase. So will it help a country’s economy?
A: I believe in a fundamental question that ‘is a person allowed any privacy?’. There are those who would demand that every single aspect of our financial lives must be under 24/7 scrutiny from the State. I am fundamentally opposed to such financial surveillance.
Q: Refresh us with your past workings with other countries.
A: With my company that produces a hardware wallet (https://bitlox.com) I have worked with people from around the world, with customers in dozens of different countries. We are excited in that it will also be supporting Deuscoin. We have done previous projects of a Deuscoin scale in Vietnam and Malaysia.
Q: Do you expect any special challenges in India? How are you working around it?
A: India is a huge and thriving market, with many challenges in bridging culture and language gaps. We hope that by having the people of the local community using and spreading the word for Deuscoin, it may be popular from its own merits.
Q: On investment of Deuscoin in India…
A: Deuscoin is being promulgated by a separate company, named SVD, with a large marketing effort aimed at networking. I am not personally involved in this aspect of the Deuscoin project.