Crypto currencies re-engineered the banking and finance industry from top to bottom. The fundamental changes have a deep impact on the financial systems and might also affect out daily life’s in the near future. Bitcoin is already running and further currencies are just implemented. Although the Facebook’s Libra has to face certain problems and criticism the tendency towards modern currencies that are not affected by exchange rate instabilities seems really strong. The question still is which currency will win the race and if maybe more than one currency will survive the future challenges….
Bitcoin still is the big star of the branch. Undoubtedly Bitcoin was able to spread high amounts of money across the world and besides managed a tremendous increase in in its price. There seems almost none invention that makes people think more about the future when they are confronted with Crpyto currencies. Crypto currencies are the draft of a new decentralized banking system which offers more security and less exchange instabilities. That’s why Moneygram already followed Ripple an exchange currency technology that allows lower trading fees for international payments. And many more advantages are not even used and implemeted yet. Most services have not even have the ability to use Bitcoin or other currencies like Ethereum, Libracoin e.g…
Great changes of the financial system are still to come
The overwhelming changes that have already and will affect the finance sector are still to come. The first impact has been the high rise of the Bitcoin price. China is also deeply interested in Bitcoin and new Crypto Currencies. So there might rise another run and new merchants are likely to jump on the crypto currency train.
No strategic answers of the big banks yet
Although the whole Bitcoin and the blockchain technology were already identified as disrupting technologies that might have deep impacts on the financial system most of the banks did not start to set up there own crypto currency strategy. It seems like only Moneygram reacted with a technological shift and implemented Ripple. The future development of many banks is not tied to the Crypto Currency but if banks fail to implement crypto currencies in their portfolio there might occur a bigger crisis in the next 3-5 years.