What is Bitcoin, cryptocurrencies, and fintech?
Bitcoin is a revolutionary technology that many believe is about to disrupt the world’s currency system, the banking industry, the international remittances industry and many more industries.
Bitcoin is a type of digital money/currency, but the technology behind bitcoin, the blockchain, can be used in many other areas. Blockchain could make virtually any situation that requires some kind of contract between two or more parties cheaper, faster and probably more reliable. For instance, blockchain could be used for real estate contracts. Read more about the different areas of use for bitcoin here.
Some companies have tweaked, copied or built upon bitcoin’s technology to develop new products and services. These companies' digital assets are called cryptocurrencies and you can read more about them here.
The fintech industry is a new industry that not only includes bitcoin, blockchain and cryptocurrency but a whole host of other companies developing different technologies that are believed will revolutionize the financial services sector. Learn more about the future of finance here.
Why Invest in Bitcoin, Cryptocurrencies and Fintech?
There are a few good reasons. To start with, many industry insiders argue that the banking sector is in big need to getup-to-datee with technology. The current systems and processes used in the banking world are decades old, outdated and slow. Yet the banking industry relies more on IT than other industries.
But more importantly, along with globalization, the number of international monetary transactions has exploded, putting pressure on the banking sector’s technology to allow for fast, cheap and safe transfers across the world. As anyone who has tried to transfer money abroad or who has worked with consumer goods will tell you, the world really needs to be able to handle these transactions more efficiently. Read more about the benefits of bitcoin here.
Also, many people believe that there are better ways to handle money than to give commercial banks and central banks as much power and trust as we give them today. The bitcoin and blockchain technology offers a more democratic monetary system with no central authorities (banks) making big profits.
The ‘believers’ in bitcoin, blockchain, and fintech are convinced that the world stands before one of the biggest industry disruptions ever, and with it there is an equally large chance for investors to profit. We will let it up to the reader to judge if this is true or not. But in 2017 it is clear that many of the old institutions in the banking industry are cautiously watching the development in fintech and in many cases also participating in the development, which we have written more about here.
So for investors, there is a potential chance of huge future profits in the bitcoin, blockchain and crypto currencies (yet like any emerging technology, there is also a very big chance of loss). The one thing we can be sure of is that the confidence in the bitcoin technology, and with it the price of the currency, has sky-rocketed since bitcoin was invented in 2008, the price has gone up 7,787,933% between August 2010 and August 2017.
If you are one of the bitcoin/blockchain/crypto currency believers or someone who wants to spice your portfolio with some high-risk securities, bitcoin/blockchain/crypto currency are currently the hottest investment areas right now. And BlockBull Review is here to provide reviews and information about best bitcoin exchange, safest bitcoin debit cards, crypto currency & more for you.