Cryptocurrencies are becoming a matter of interest for banks and governments all over the world. Not long ago, bitcoin was only a mere nerd-y topic, but now it is making headlines on all the papers. The main economic institutions are preparing to introduce regulations, and investors are at its highest strong betting hefty for their rapid growth. All of this is happening while the volume of the crypto market cap has reached more than 500 billion dollars. We are overseeing, indeed, a monetary revolution.
The crypto world became so important that last week Barclays’ CEO for personal and corporate banking, Ashok Vaswani, revealed the lender had opened discussions with UK regulators about adopting digital currencies.
According to The Guardian, Mr Vaswani said, when attending a conference in Copenhagen, Denmark, that “We have been talking to a couple of fintechs [financial technology companies]and have actually gone with the fintechs to the FCA [the Financial Conduct Authority, the UK regulator] to talk about how we could bring the equivalent of bitcoin, not necessarily bitcoin, but cryptocurrencies into play. Obviously [it’s] a new area, obviously an area we’ve got to be careful with. We are working our way through it.”
Vaswani’s comments came after several central banks from across Europe and Asia said they were looking into establishing digital-only currencies in addition to traditional denominations.
This just reinforces what it is already known, cryptocurrencies have become a mainstream topic. Its importance is due to the potential cryptocurrencies have in tumbling the current monetary model and the capitalist system itself.
But not only good things are to be expected with cryptocurrencies. Experts and opinion makers all over the world, have warned about their dangers while boosting their potential. Indeed there are perils and danger inside the crypto world and a new investor should proceed with extreme precaution.
A conference about the future of cryptocurrencies and blockchain will be held by blockchain expert Dinis Guarda on Wednesday, 20 at 5.30pm in London.
At the 3, Noble Street, Dinis Guarda and top experts Martin Bartlam, Jonny Fry, Derin Cag, Genevieve Leveille and Athanassios Kollyris will discuss the crypto world and the future of the democratization of investing and trading.
These conferences and events just show how big the crypto world is getting to. If the market cap has recently reached $500B is because there are hundred of thousands of investors behind it, supporting its growth and have seen such a breakthrough in the blockchain technology.
The Democratization of the Monetary System
Indeed, cryptocurrencies hold a series of characteristics that make them almost stronger than any other physical-money based currency already out in the market. Its key, being created out of the next revolution happening in the always-evolving digital world is the blockchain.
The blockchain, the back-end technology where all -or almost- cryptocurrencies are based, implies a democratization of the monetary system that can hardly be seen in recent times. Everyone can access to this code behind a specific currency and thus everyone can watch that no one is taking shortages towards their own benefit. These two traits are core to crypto money, and their growth and development in the near future is inevitable, to say the least.
Nonetheless, tech expert Harold Stark wrote not long ago the following:
“There’s a number of reasons why cryptocurrencies are so inherently popular. They are safe, anonymous and utterly decentralized. Unlike conventional currency, they are not controlled or regulated by some singular authority, their flow is determined entirely by market demand. They are also nigh impossible to counterfeit, thanks to the paranoidly complicated code system that encrypts each and every transfer, ensuring complete anonymity and utter safety to each and every user. They even make for a genuinely rewarding, if risky, investment endeavor, despite the fact that any financial advisor in their right mind will caution you against them.
Therefore, despite the admittedly high stakes that this sort of dealing entails, not to mention the lack of any government agency to lend credence to them, cryptocurrencies can only thrive and multiply.”
Blockchain, an opportunity for a better future
In this cryptocurrencies fever, both investors and entrepreneurs are taking over the financial sector, and hundreds of new start ups are flourishing unsurprisingly following the cryptocurrencies main pillar, democratization.
In fact, if the democratization of the monetary system is driven for the humanity’s well-being, blockchain can change and redistribute wealth worldwide, helping those that are most in need. Actually, that is one of the goals that top blockchain expert Dinis Guarda aims for:
“Cryptocurrencies can better adapt to the prevalent challenges of both funding and the emerging digital economy in addition to being a way to engage communities through P2P tech and crowdfunding platforms.”
The cryptocurrencies are setting off and they cannot be stopped. Governments and banks are trying to follow this since it has become mainstream, and have tried to regulate it. We will need to wait and see, bearing in mind that, as we have seen with the Internet, how people creatively keep claiming what its theirs, since it doesn’t belong to anyone and is at the same time, from everyone.
That is, the power and promise of blockchain.
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Hernaldo Turrillo is a freelance journalist working now for IntelligentHQ. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. He was born journalist and became a thinker. Knowledge has no limits.