BLOCKCHAIN- Why Cryptocurrency Is Booming with More to Come!!!
Everyone is talking about Bitcoin (BTC) or other Cryptocurrency in some way or another with the conversations heavily favored in one direction. Some are huge fans and this is the next ‘IT’ while others are huge critics and equating the movement to Y2K (a big big disappointment). One thing is for sure though, people are talking more and more about it and I will shed some light on WHY cryptocurrencies are gaining momentum and will change the way money moves in the near future.
The traditional, and most common, way of moving money is through your bank via wire or transfer. The expressions ‘Did you wire the money?’ Or ‘Have the funds been transferred?’ Are common and overused if you work in a bank. Just imagine how many times per day bank employees across the world hear or say these exact phrases!?!? I don’t have the actual answer BUT I can assume that the answer would be staggeringly high!
Now, imagine silence. The sound of the bank floor during the day because clients are no longer wiring or transferring funds through the bank! Imagine how much money the clients would be saving and how much revenue (rip off fees we have to pay) banks would be losing! YES- there would be a panic and huge decrease in revenues from the daily banking activities.
Enter BLOCKCHAIN. By definition a ‘BLOCKCHAIN’ is a distributed database that is used to maintain a continuously growing list of records- called BLOCKS (Source Wikipedia-BLOCKCHAIN). In plain English, Blockchain is the platform that cuts out the MIDDLEMAN. Middlemen for financial transactions are banks. For example, if your retail company needs to restock inventory, with Blockchain technology you would be able to settle your account with the supplier directly and instantaneously without any bank in the mix. Now apply this example to EVERYTHING and you will start to see the tip of the iceberg!
This technology allows end to end users to conduct and finalize business with cryptocurrency. As mentioned before in my previous article, there are several cryptocurrencies in the market place and Bitcoin(BTC) and Ethereum(ETH) are the 2 largest options available. Blockchain is the technology specifically for this currency! Now you can see why banks/middlemen are worried. Barclays has already implemented Blockchain technology in their services. Dubai, UAE, has a strategy to put all government documents on the Blockchain by 2020. Doctors and medical services will be able to help and see patient’s diagnosis and treatment history anywhere in the world without any bureaucratic restrictions. Music and Entertainment industries will finally be able to make their own deals directly without the record label gouging them on management fees. And so on, and so on, etc…
Investor enthusiasts- this is an opportunity in front of you that if you let it pass and don’t get on board you will regret it. If you could go back in time and buy APPLE stock when it was $5 a share how much would you purchase? This has the same relative potential. This is not an investment for a nice 10%, 15%, or even 20% return; this is something much bigger and it is happening live right now!
Get on board and start seeking ways to make your lifestyle merge with this technology- BLOCKCHAIN, here we come!!!