International Monetary Fund (IMF) Recognizes the Potential of Cryptocurrencies
By this point, all those concerned with the finance industry are well aware of the potential of cryptocurrency and how it could change the landscape of financial affairs in the future. While many still see this kind of concept as pure speculation, there are others that have been backing the blockchain phenomenon since it’s inception back in 2008. A growing distrust in traditional banking institutions, coupled with the ease-of-access to funds provided by online payment systems has led to many turning to Bitcoin, Ethereum, and other major crypto players as an alternative way of handling their finances.
A recent video statement released by the International Monetary Fund (IMF) served to highlight the cracks that are beginning to show in traditional banking systems – cracks which the public seems to becoming increasingly frustrated by nowadays. The fact that banking institutions are taking a cut of money transfers and forcing customers to wait outdated lengths of time to send and receive money is one of the main points of contention. It seems wholly unfair that customers can use an e-bank and transfer money instantly at no cost, but have to do quite the opposite when working with local, national, or international banks that boast more clients than any other. Customers are growing tired of this old rhetoric and want a higher quality of service, not some archaic self-righteousness.
Secondly, as the world continues to move everything digital, customers, and the public, in general, are more wary of their personal information and who sees it. With various major data breaches over the years from various top-level banks, their suspicions seem justified. The removal of the middleman is what has been the subject of contentious debate in recent years, with the old school of thought arguing the value of national banking institutions while the young generation feels this is obsolete and clients should have total control over their finances.
The idea that customers should have total autonomy over their finances is something many businesses agree with, so much so that they’re producing a range of services to help businesses and customers work with cryptocurrencies. Crypto is a complex topic and one that many have tried to explain – though, is it really that important to understand the intricate details of how the money is transferred as long as it’s safe? There are some companies that are focused on the business side of the crypto world. A company like BitPay for example. The BitPay wallet review transactions made using Bitcoin, providing Bitcoin cash payment processing services for businesses, enabling them to offer Bitcoin as a payment method for online transactions. For example, if an online retailer wants to offer Bitcoin as a payment option, they would work with BitPay. Companies like BitPay are bringing cryptocurrency to the mainstream, allowing customers access to conventional online purchasing, but using blockchain instead of long-established payment processes.