The last eight years for cryptocurrency has been a roller coaster ride. But, now things have evolved to an extent where they pose a threat to banks and even the centralized control systems, we’re talking about major stuff here! All the law firms, insurance companies and the government are sweating their palms.
Who would’ve thought this day would come? We can’t really blame the traditional financial industry for ignoring this technology for so long. After all, all the money was passing through their channels. They wouldn’t have imagined in a millions years that one day they’ll be facing a very tough competition from a currency which is not only digital but also unstable and relies on some nerdy digitally distributed ledger technology.
We’re sorry to break it to all the bank officials, cryptocurrency is here to stay for good! The early adopters have been able to make millions and the people who showed up late to the party are only able to talk about the limitations of the crypto-world. All they babble about how it’s already jeopardizing the financial system gradually. Perhaps, the greatest fear of the financial system and the government is becoming true and they can’t do a thing about it!
It’s just counterproductive to turn a blind eye on cryptocurrencies, after all they promise a great deal. The global economy and the humanity as a whole will benefit from it after all.
Acceptance is Key
Many countries are not much into the idea of the blockchain technology. So, what does it mean for cryptocurrency? Isn’t it obvious? There are only red flags. But, it’s good to know how some countries such Russia and Netherlands have a far open-minded approach to the new technology. They are the winners!
Fun fact? Netherlands have created their very own cryptocurrency which can be internally circulated. The country wants are eager to study how it functional it is in the real world. All we know, if an action is not taken soon enough. The digital currency will have be the monopoly of the financial world.
Policy? No Policy?
All the central banks still have their doubts about stability, value, vulnerability to cyber attacks and fraud. But, with all these limitations the digital money has not ceased from developing. It’s a pretty clear and crisp picture.
At one point or the other, the government will have to face the facts and there will be a need for clear policies to address the various issues of using cryptocurrency. We say, the sooner the better.
We know that the blockchain technology is in it’s infancy stages. But, we can’t overlook all the potential there is. It’s awesome for small business as they often face a very tough competition for corporations.
A blockchain makes it possible to cut out the middlemen from the larger picture (lawyers, courts, insurance agencies) and makes a reduction possible in the operational as well as the frictional costs. All of this simplifies the day to day business processes and makes it possible to run things smoothly.