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Bitcoin Blindness

Next generation, cutting edge technology is leaps and bounds ahead of those who choose to hide behind traditional thinking and old-fashioned methods. The Wizkid youths of today’s smart forward thinking risk takers plumet their resources into ultramodern ideas that blow the mind.

Imagine when crypto took the stage via blockchain technology, a peer-to-peer network that sits on top of the internet. It was introduced in October 2008 as part of a proposal for bitcoin, a virtual currency system that eschewed a central authority for issuing currency, transferring ownership, and confirming transactions.

Since Bitcoin dozens of cryptocurrencies have appeared, some have done better than others, and then we have shitcoin. The term shitcoin refers to a cryptocurrency with little to no value or a digital currency that has no immediate, discernible purpose. The word is a pejorative term often used to describe altcoins or cryptocurrencies that were developed after bitcoins became popular.

A couple of points to remember with this equation is that Bitcoin is a digital currency that allows people to make payments directly to each other through an online system. Cryptocurrencies have no legislated or intrinsic value; they are simply worth what people are willing to pay for them in the market.

With this point in mind, you have to ask yourself, will everyone believe in it and will all commerce accept it into their monetary system? That’s a good point as the time since its conception is over ten years. There has been much skepticism and disbelief from the general public, and just by looking at the chart above it becomes apparent, contrary to what those invested would have the market believe.

You see, the concept is good, however the reality of going against the tide is arguable. If you missed the early morning swell, waiting until the tide goes out at sunset can make for some memorable surf sessions. Depending on the surf spot, sunset surf sessions with an outgoing tide can expose a sandbar and or reef break. If the conditions aren't too choppy, you could surf until nightfall on decent waves.

The theory is good and yes, some results can be achieved. However, banks have been on its radar since the beginning. Think of it from a logical sense, would banks want to allow an unconventional monetary system that cuts them out of the equation. No, of course not! What if banks had their own system to use blockchain technology.

There are many roles of blockchain technology in the banking sector. It is undeniable that the technology is bringing a lot of innovations in the sector around lowered transaction cost, expedited transaction processing, and better data verification. It has even meant that banks are able to reduce personnel which is part of the cost savings.

In order for a bank to truly become a name in the future of blockchain in banking phenomenon, they could partner with a blockchain development service provider. A service provider that best understands the multi-faceted approach of integrating the new-gen technology in the banking domain. Open link for assistance in services provided!

Itaú Unibanco, one of the biggest Brazilian banks, has announced it will offer cryptocurrency custody services in 2023. Itaú Digital Assets, the cryptocurrency unit of the company, will be responsible for this offering, which will be first available to customers of the bank, and then to third parties as a service.

This article was written from a lot of research and analysis including my previous blogs which have warned readers about the dangers of investing in cryptocurrencies. It is simply an account of my observations and not written in stone.

Have a great day!

Prof. Carl Boniface

Vocabulary builder:

Eschewed (v) = deliberately avoid using; abstain from. (syn) shunned, abjured, have nothing to do with, steer clear of, turn your back on. “He appealed to the crowd to eschew violence."

Pejorative (adj) = disapproving, judgmental, harsh, scornful, derogatory, uncomplimentary, negative, depreciatory, critical, sneering, belittling

Swell (adj) = great, super, fantastic, phantastic, tremendous, excellent, terrific, really nice

Not written in stone (idiom) = My observations are exactly that; if additional information that encourages a different opinion then I could change my attitude. These new rules are not carved in stone; if they don't work, I'll change them.

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