Fiat money and traditional banking both make up an old concept that cannot efficiently support a continuously evolving economic system.
A new system is needed to replace the ageing one. This new system has to achieve neutrality, borderless, and be a frictionless system. These are all characteristics of the decentralized peer-to-peer electronic cash system, Bitcoin.
Conduct an in-depth analysis of the Fintech sector today and you’ll discover the potential for cryptocurrencies functioning as an alternative to fiat currency.
The reason for our conclusion is the growing number of daily active consumers using Fintech platforms in the world. More and more people are getting connected to the internet, luring people to digital banking services, digital funds transfers, forex, and cryptocurrencies.
According to a report by the European Parliament, the number of people using Fintech services currently sits at 33% in Europe, with the UK and Spain leading. The number is expected to rise even further as more people become aware of these services.
The report goes further to identify Bitcoin and Blockchain-based technologies as hugely disruptive and innovative technologies. As more and more startups are launched that offer consumers more cost-effective services for banking, investing and other services in comparison to traditional finance sector organizations, many of them are being pushed out with Millennials beginning to lose trust in them.
The permission-less nature of distributed ledger technology has significantly lowered the barriers to banking that had previously existed. This breakthrough has allowed virtually anybody to participate in the blockchain ecosystem without regulatory oversight. The potential for growth is even greater given that a majority of the world’s population don’t own a bank account.
Ultimately, the cryptocurrencies will grow into a strong competitor to incumbent financial services. The highlighting fact that will fuel this expansion is that blockchain platforms offer more efficient, lower-cost alternatives to traditional models.
While the EU parliament recognized the disruptive nature of cryptocurrencies, they don’t appear to have regulatory issues unlike their American counterparts.
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