In recent months, crypto-currencies such as bitcoin, dogecoin and bitcoin have dominated the conversation, with major companies like Elon Musk and central banks like England’s Financial Services Authority voicing their opinions on the direction of this specialized technology. In this sea of opinions, there is a huge divide between Bitcoin supporters, who see these currencies as the way forward forFiPs and funds, and those who see them as a glamorous game that has no place in mainstream finance.
Who is right, and how should we prepare for this uncertain future? The crypto-currency industry already has a lot to think about as it recovers from the COVID-19 disaster, but it shouldn’t be defeated by the potential of crypto-currencies.
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Hidden potential
Despite the volatility of Dogecoin and others, there is no denying that crypto-currencies took off in their early days. What started as a speculative fundraising tool has become a mainstream technology used by many retailers and consumers.
Regardless of what Twitter says, crypto-currencies have become a mainstream medium and are quickly taking a growing share in the real estate industry. The crypto-currency market is expected to reach 2.2 billion by 2026, growing at an annual rate of 7.1 percent.
New Technology
As with any new specialized technology, the potential of crypto-currencies has yet to be fully realized. However, the winds of change are blowing. Financing is only a small facet of what bitcoin and cryptocurrencies enable.
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The unique potential of a programmable currency device and the knowledge ecosystem built around it allow for many new use cases. Fast, small-dollar funding options like Lightning Community on Bitcoin and fast liquid secured loans are beginning to create opportunities beyond the base point of Bitcoin and other cryptocurrencies.
But the best benefit that something like bitcoin can bring to global collaboration is design. That is, a financial assurance that is established, defined and predetermined. An example of a monetary instrument that can be transferred in a totally decentralized and unauthorized manner, with equal participation from all participants around the world. It is an existing fair monetary instrument that can provide reliable cooperation and open up new opportunities for global trade like never before.
How financial institutions are reacting
Despite the backlash, crypto-currencies will inevitably grow in popularity. If existing financial institutions don’t find a way to incorporate this know-how into their options, other financial institutions will, and their businesses will be at risk. Thanks to COVID-19, many have been forced to question their current business models and run their companies in a more efficient and environmentally friendly manner. Thanks to crypto-currencies and the underlying blockchain technology, we are on the cusp of a true gold rush.
The obvious path for financial institutions is to create more and more bitcoin-based monetary devices. Many are beginning to offer escrow services and additional funding options, either immediately or through institutions such as funds, trusts and ETFs. Financial institutions may also offer bitcoin mortgage point systems, which can then be used to pay various exchange fees.
To Understand and Imagine How This New Experience
But the most important choice is to understand and imagine how this new experience can open up entirely new supply and monetization opportunities. This can be compared to the early days of the internet, when people were learning to become web service providers. Banks and exchanges are now treating bitcoin the same way that Internet service providers treat “web portals.”
Throughout history, the new business models born on the internet have probably had the most potential. We cannot predict what form these revolutionary new services will take, but when they appear, we will be amazed at how we could live without them.
Crypto-currencies are not a passing fad due to their volatility. Quietly but surely, they’re asserting themselves in the financing and trading realm, and their underlying know-how is bringing a significant change in financial coverage. This impression can affect more than just finance. The pioneers who have discovered its potential now have the opportunity to dominate the brand new business world.
