Fintech Valley Editorial
Why should we consider Bitcoin and other Cryptocurrency companies and service providers as Fintech companies? Why are they different from websites where consumers can gamble or speculate on the value of worldwide currencies (FX trading)?
Yes, some people use Bitcoin and other Cryptocurrencies as a speculation vehicle. They are probably more interested in a profit than in the innovation or evolution of monetary elements. But this should not drive us to believe that these technologies are, like FX and other trading websites, the latest trick that makes people believe that they can easily make money online. At least this is not the only intention behind cryptocurrencies.
Bitcoin and other Cryptocurrencies are opening the door and pushing the envelope, if not to
be the major or even the most important internet currency for people to invest their money and thus be part of an innovation. They make us re-evaluate and think twice, three or four times what we understand as money, gold, bills, value, etc. They also make us realise how much of the value of a currency is based on trust, on (some years ago) a gold convertibility, inflation, foreign cash reserves, oil reserves, etc etc.
This is why at Fintech we believe that these technologies do not belong in the gambling vertical, but more to the financial vertical, also because they are located in a highly innovative spectrum.
As expected, worldwide Financial hubs are the centres of this innovation: many Bitcoin companies are registered in the United Kingdom or in Hong Kong. Some Bitcoin innovative approaches also happen in these countries: You want to transfer Bitcoin to Philipines? This is possible in Hong Kong. You want to go shopping in a shop where they only accept Bitcoin? Again Hong Kong is the place to be. You are looking for a Bitcoin ATM? Where you can buy the currency at the latest value? Singapore is the place for you.
One of the companies driving innovation forward is Switchless. The Singapore based company offers Crypto-Currency solutions to Finance Institutions. It is not a matter of if Institutions will take the step, but of when they will take the step. More information under: https://switchless.com/
A new technology cannot be popular if the public does not embrace it. But people will not embrace it if the technology is not known. There are hundreds of cases, not only on the web, of technologies that actually are or were very promising, but were never embraced by the end consumer for different reasons (what was the other option to BlueRay again?). Sometimes it is about marketing, sometimes about luck, sometimes just about the word of mouth.
The Canadian company “Yes to Bitcoins” seems to push the consumer and the merchant to embrace the technology. The user seems to be able to pay, among others, at Starbucks, Amazon, Decathlon, Ticketmaster, etc. Take a look and read all about it at: https://yestobitcoins.com/
You are still not convinced?
Then we ask you to take a look at Ripple Labs. https://www.ripplelabs.com/
See how serious they follow the trend. You might not end up convinced but we can guarantee that you will end up overwhelmed and might even feel like to give any of the cryptocurrency a try. You might even make some money on the way.