A nice article and so very true about the lack of innovation within the financial sector.
In the past 50 years or so, there has been little to no innovation worth mentioning in the financial sector. Things have gotten progressively worse in the past two decades, though, ever since credit cards became a commonly used payment method for online shopping. As a merchant, waiting 30 days or more for funds to appear in a bank account.
Most banks are currently jumping on the blockchain wagon but I do not think this will solve the problems as mentioned in the article as we will then still have the problems of converting currencies from one to another at increased costs. All the blockchains will do for the bank is speed things up and save them some costs and thereby increasing their profits.
I have to agree with the writer's comment in that things could change in a blink of an eye and I guess that is the moment we are all waiting for. When it comes 'it's going to big and it's going to be quick'.
Until there is a regulatory framework put in place, virtual currency adoption will increase at a slower pace. But once the lines have been drawn, and Bitcoin can operate within certain borders in every country on the planet, things could change in the blink of an eye. There has never been a better time than now to get involved with Bitcoin and virtual currency; this is one revolution you don’t want to miss.
