For the longest time now, cryptocurrency has been slowly rising and increasing its powers in the background.
Though not a lot of people have been paying attention to it lately, it’s still going strong with no signs of stopping. Because of the technology behind it, cryptocurrency has the potential to be one of the biggest disruptors in the global business process. As for the financial sector, here are some of the ways cryptocurrency can change it.
Fewer barriers to entry
One of the best things about cryptocurrency is that just about everyone can get involved. There are little to no barriers to investing or trading cryptocurrency. And as more people get involved in the crypto world, there are more tools and software to help you get started. For example, one of the many tools is Bitcoin Code System – a cryptocurrency trading system that can give you an impressive return on your investments. With its assistance option, it can help you get started from 0 and give you tips and information where needed.
This is one of the biggest advantages when it comes to using cryptocurrency compared to the traditional banking system. When sending your cryptocurrency coins, authorization and authentication of your transfers areno longer necessary. And as a result, the transfer fees are minimal. Not to mention there is an added benefit of being anonymous and privacy with cryptocurrencies. This is where banks fall short and have a trouble competing.
Did you know that so far, 10 months into 2018, a total of $6.3 billion was raised through ICOs (initial coin offering)? This is more than the total of 2017 and the year hasn’t ended yet. Gathering funding through ICOsis a popular way for startups in cryptocurrency. And if done right, this eliminates the need for venture capitalists, banks and angel investors to fund a company scaling up. All in all, ICOs have the potential to change the way startups get funded and might be the new way we do crowdfunding.
One of the byproducts of cryptocurrency is replacing cash altogether. And as more people become involved in it, the use of cash disappears as well. As a result, we’re becoming closer and closer to a truly cashless society. From cash to debit cards to cryptocurrency, people are moving on to a more convenient form of paying.
A different alternative
At the end of the day, cryptocurrency provides another alternative compared to the status quo methods. As of now, you might have to weigh your options when considering cryptocurrency as opposed to a bank, but the option is still there. Only time will tell if cryptocurrency will eliminate the need of banks altogether, and it’s always good to have an alternative. So, in the future, cryptocurrency will be a big competitor to the financial system and a whole new option with potentially better options for your money.