When it comes to the traditional financial world as we know it, things will have to change sooner rather than later. Keeping up with the growing demand for new technologies and services is not an easy task, yet there are three main identifiers for financial institutions to address. Getting involved in blockchain technology development is not included in the list, as there is no real need to state the obvious.
Financial services are popping up all over the world, as various companies try to tackle different issues that need to be addressed. One aspect of FinServ that will always be far more important to consumers than anything else is the option to compare prices. Especially in the United Kingdom, price comparison websites are dominating the search rankings for financial products.
The concept of money has been proven to be difficult to grasp for most everyday consumers. In fact, we have no idea how money came to be to begin with, although one could argue the concept of “money” is older than even language itself. Have we been using money incorrectly all these years, and if so, what can we do to adapt?
The relationship between Australian banks and Bitcoin companies is one of the most uneasy ones in the world today. Over the past few years, Australian Bitcoin users have faced a lot of scrutiny. Even though taxation of Bitcoin income gives digital currency a more legitimate appeal, the decision was met with a lukewarm reception. Now that some Australian banks have decided to close accounts of Bitcoin startups, things have gone from bad to worse.
Make sure to read: Bitcoin Price Increase Doesn’t Tell The Whole Story
Emerging and developing markets, such as India, for example, are warming up to the idea of using decentralized payment solutions such as Bitcoin and other digital currencies. Looking at this from a financial point of view, India, together with China, are two countries working very hard to drive the growth of non-cash payments. Only time will tell if this move will help foster Bitcoin adoption in both countries.
If we want to grow the Bitcoin ecosystem, proper steps have to be taken to raise awareness about virtual currencies, and the reason why they exist. Targeting younger audiences seems to be the way forward, as students are a perfect demographic for the disruptive effect of Bitcoin and other digital currencies. Or we can just take a page out of Clever Kash’s book, and directly target young children.
Bitcoin is a powerful tool to accomplish just about anything in this world and one of the options to harness that power is by creating a local ecosystem. Not only can underbanked nations benefit from Blockchain technology, but people in remote areas are a catalyst for Bitcoin adoption. A local farming Bitcoin ecosystem is not something most people would have envisioned, but in Australia, they are somehow making it work.
Bitcoin enthusiasts all around the world rejoiced at the news of major banks experimenting with blockchain technology. Even though most of the media has been focused on the major banks, such as Santander and Barclays, there are quite a few other institutions exploring the option of blockchain technology.
The United States and Australia – Growing Interest in Ripple
Even though most of the Bitcoin efforts (in terms of education, conferences, and whatnot) are focused on the US market, the number of banks adopting blockchain technology is still rather low. In fact, there are only 4 US institutions who have [openly] admitted they are working on blockchain implementations.
Many people around the world see Bitcoin as the most disruptive financial innovations in years, which is destined to overthrow traditional financial institutions as we know it. But in some parts of the world, it seems as if Bitcoin is trying to solve a problem that is not even there. In fact, in the United Kingdom, most people are happier with their banks now than they have been in years.