The growing popularity of cryptocurrencies is revolutionizing the financial industry.
With the rise of bitcoin, cryptocurrencies and blockchain technology, there is no denying fintech is taking on an entirely new meaning.
This article discusses how cryptocurrency is reshaping fintech and the world economy at large. If you're looking to stay ahead of the curve, then read on!
Digital currencies are now worth more than fintech companies
While the combined valuation of the top 100 fintech companies was at circa $1.82 trillion USD at the time of publication, the total market capitalization of the top 100 cryptocurrencies stood at around $2.44 trillion USD.
It begs the question: what else might cryptocurrencies accomplish in the future if it can already outpace fintech companies by more than $620bn USD at such an early stage?
According to Stephen Pair, co-founder and CEO of BitPay, "Crypto usage has increased exponentially because it disrupted traditional financial systems. The ability to accept cryptocurrency expands a business' sales opportunity into international markets where accepting traditional credit cards is not practical. Credit cards were not designed for the Internet, and crypto has proven to reduce high fees, increase payment transparency and efficiency while also eliminating fraud risk. Similar to paying in cash, the consumer sends the exact amount needed for the transaction."
The rise of cryptocurrencies has also been driven by a desire for decentralization and trustless transactions, two features currently lacking from the legacy financial system, but mastering this new technology will not be smooth sailing.
Continue reading: https://fintechmagazine.com/crypto/how-crypto-reshaping-finance-and-world-large
With the rise of bitcoin, cryptocurrencies and blockchain technology, there is no denying fintech is taking on an entirely new meaning.
This article discusses how cryptocurrency is reshaping fintech and the world economy at large. If you're looking to stay ahead of the curve, then read on!
Digital currencies are now worth more than fintech companies
While the combined valuation of the top 100 fintech companies was at circa $1.82 trillion USD at the time of publication, the total market capitalization of the top 100 cryptocurrencies stood at around $2.44 trillion USD.
It begs the question: what else might cryptocurrencies accomplish in the future if it can already outpace fintech companies by more than $620bn USD at such an early stage?
According to Stephen Pair, co-founder and CEO of BitPay, "Crypto usage has increased exponentially because it disrupted traditional financial systems. The ability to accept cryptocurrency expands a business' sales opportunity into international markets where accepting traditional credit cards is not practical. Credit cards were not designed for the Internet, and crypto has proven to reduce high fees, increase payment transparency and efficiency while also eliminating fraud risk. Similar to paying in cash, the consumer sends the exact amount needed for the transaction."
The rise of cryptocurrencies has also been driven by a desire for decentralization and trustless transactions, two features currently lacking from the legacy financial system, but mastering this new technology will not be smooth sailing.
Continue reading: https://fintechmagazine.com/crypto/how-crypto-reshaping-finance-and-world-large
