In spite of the fact that the government is still in a dilemma to use cryptocurrency or digital currency in the economy at large, several industries have already started using it for various purposes and reasons.
If you look at the wake of the Crypto Big Bang, you will notice that there is a lot of use of Bitcoins and Shitcoins. There are thousands of forms of new cryptocurrencies emerging in the market and all of these have diversified this ever growing cryptocurrency market. Today, the internet uses blockchain technology and crypto rampantly making it to be the hottest trends in this modern era.
However, over the past several years of its use, there are several industries that have experienced disruption in their services due to the introduction of cryptocurrencies as a resource of transferable value.
The effects in the finance industry
The banks still hope that the crypto hype will pay off after the emergence of cryptocurrency.
As of now, it has already disrupted the operation and has changed the entire finance industry. This is because of several reasons such as:
- More people are now beginning to get access to different banking facilities as well as transferable digital assets
- The effect is highly noticed in the people who live especially in underdeveloped regions and countriesand find their access to traditional banking limited.
The apps used for using the digital currency
serve as the invaluable tool for several businesses that have the means to store value and transfer the assets
flawlessly across borders. This has incited the recent flood of digital wallets through the world.
In addition to that, there are several prominent banks and financial institutions that are improving their services and update their systems to better their operation in order to complement the emergence of the cryptocurrencies.
- Several banks have announced starting a Bitcoin trading desk along with their basic operations to deal with the cryptocurrency market and this new asset space that may mark the future fintech trends.
- Most of the major banks have already heard about or seen the numbers that the companies using this digital currency are putting up. It is these rising figures that raise the concerns of the banks that they might be overtaken by these companies in the near future. It is for this concern that banks feel that they must also get into this marketplace.
Therefore, in the near future, you can expect a lot of changes in the finance industry coming your way with the emergence and rapid movement of cryptocurrencies
especially when adoption to it by the financial institutions becomes the more common and only alternative.