Steve Jobs once mentioned that individuals who are crazy enough to hold the belief that they can make an impact in the world are usually the ones who
Steve Jobs once mentioned that individuals who are crazy enough to hold the belief that they can make an impact in the world are usually the ones who do so.
Somebody seriously took up that ideology and made a significant contribution to the world of finance by coming up with an unregulated tech-based currency in the first quarter of the year 2009. The currency in question was the development of yet another technology that has proved to be revolutionary for lack of a better word. The new technology is now making headlines since it has an array of uses that surpass trading unregulated online money. In fact, it has become the topic of discussion amongst a majority of business and financial executives in most recent times.
In the past year, the Vice President of design for Facebook was of the idea that the main stage of the TNW Conference was the most exemplary that she had ever been on before in her entire life.
Bitcoin can be defined as a Cryptocurrency which is created and thereafter stored electronically in a virtual wallet or on a PC. It cannot be controlled by anybody as it is completely decentralized. This means that no institution, person or bank can control the currency.
Bitcoin came into the financial scene back in the year 2009. Soon afterwards, computers in the entire globe commenced operating programs that are sophisticated. Programs that have the capability of mining large quantities of bitcoins via finding the solution for mathematical equations that are very complex.
It is possible for trading to be executed anonymously online in a quick and hassle-free manner far from exchange and regulatory bodies. It redefined the financial world with regard to flexibility experienced because of the simplicity of use that it exhibits and there being lack of a trail. However, despite its numerous benefits, Bitcoin was overtake by another technology. This was mainly due to the fact that it’s completely unregulated and since it is anonymous. These two reasons facilitated illicit transactions to be made using the currency and that was undesirable to a majority of people.
Unlike Bitcoin, Blockchain is a technology that promotes transactions that are permanent and transparent in nature. This innovation has become more famous compared to Bitcoin and it’s completely its opposite. Blockchain is characterized by permanent records of all transaction blocks. Blocks are basically what is used when making reference to portions of value. Any changes that are made can be tracked in real time on the online platform. The transparent nature of Blockchain is what makes it quite attractive to users. Furthermore, it has the ability to effectively transferring currencies, stocks and even property rights without the involvement of a middle man or a clearing institution such as SWIFT. What makes the deal even more interesting is that it still offers all that for similar amount of safety, at lower costs and higher speeds. This means that it will help businesses make huge savings.
Blockchain has received overwhelming support from several financial institutions that had some involvement in its design. Bank of America, JP Morgan and Goldman Sachs are now part of a coalition that desires to implement Blockchain into banking practices and have therefore indicated great interest in it. Other financial players such as Citi, NASDAQ, and Visa among others have also accepted to be clients for the services and technologies that are associated with Blockchain. The hype about the technology is understandable as banks can facilitate transactions that are more efficient and people can engage in currency transactions of high value.
Startups for Bitcoin and their dynamic strategies
Most companies that started utilizing Bitcoin have changed to Blockchain. Bitreserve had its name altered to Uphold allowing currency to be deposited in any form. Similarly, Circle has changed to permit the use of debit and credit cards for depositing money, holding it as well as sending it anywhere on the globe.
A good number of startups that that were created with Bitcoin in mind are now changing tact in a bid to allow for alternative currencies as well as to pass the message that they are not Bitcoin-dependent across.
Impact on businesses
For any serious player in the financial sector, it would be wise to start considering the benefits of Blockchain. Bitcoin is popular with the general public but Blockchain is the one creating ripples in the finance sector. In addition, Blockchain offers a rare chance for modern value transactions to be revitalized. Individuals who will manage to get their stakes in prior to that will have the greatest opportunity to control what happens next.
Changing the course on which a company is on for a technology that is quite new may seem absurd but who knows? It might just pay off in the long run if Steve Job’s quote about the crazy people is anything to go by.